Hibs Accounts - Year end June 2023

[Alex Trager]

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Yes, and doing this whilst simultaneously spending on the playing squad is why we build up the new debt (which has been absorbed by owners).

Which one of these two should we not have spend money on?

Easy to say the playing squad because the current squad have not worked out but that’s easy to say with hindsight.

That’s all fine and well if it had been a success but they’ve come in and ripped up the model that was working (we finished third the season prior to BK arriving) and replaced it with whatever we have now.

They’ve bought players for a development squad which has disappeared into the ether, as well as by all accounts spending big money on the likes of Mueller and Tavares who have about 4 goals between them.

They’ve run a mock at the club in the footballing department for the last while so they absolutely should be taking their financial hit.

But as far as I understand it, they have (or will shortly) absorb they costs by diluting the power that the fans have to protect the club.

I could be wrong, but some initial research suggests that only Romanov and Mike Ashley have been involved in share issues. Perhaps the huns have been doing that recently but by all accounts they have an owner who is happy to take the hit for they costs.

[superfurryhibby]

Most of us haven't really got a clue, but we recognise concerns and no matter how "optimistic" the club are, there's no doubt things are changing after the relative stability of the STF ownership.

There was always potential growth at Hibs commercially, for any competent owner. It's not some miracle gifted to us by the grace of the Gordon regime.

If the ownership showed any hint of knowing what they're doing on the field we all might be swallowing all of this less challengingly. The things that stand out most are debt, wages to turnover, the fact that we have actually raked in good money on transfers and that isn't so common and the directionless football team.

The implications of Foley, this is new territory in many respects for Hibs, but there's many questions too.

[Not In The Know]

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What part(s) do you disagree with?

We were told to be patient many times previously, when we were reducing the debt / upgrading the stadium / building the training centre - when can we expect to ‘compete’ ?

We 100% have to generate more money - to then spend it on the pitch. Thats what the Gordons have done.


Have heid the baw managers spent it wisely? nah! But thats not an excuse to stop generating it or trying to generate more.

[Ozyhibby]

So we are losing money hand over fist and the football is crap.
And that’s after the CEO has been here three years?
If I was employing him it would have to be some sales pitch to keep him in position.


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[Tyler Durden]

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So we are losing money hand over fist and the football is crap.
And that’s after the CEO has been here three years?
If I was employing him it would have to be some sales pitch to keep him in position.


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Or alternatively playing devil's advocate, he's overseen a massive growth in turnover. We've invested in longer term income streams and they're effectively now paid for with the owners absorbing those costs.

He's played an integral role in bringing in new multi million investment with no discernible downside. Those are the points that would be argued in his defense.

Get the right people on the football side, and we've never been in a stronger position.

[greenpaper55]

How much did it cost to get rid of our manager ? With these losses getting rid of our present one looks out of the question but so does relegation !

[Hibby Bairn]

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£326,818 pay and £25000 pension for Ben Kensall over the year

Incredible package for a small business with £12m of turnover. Only in football.

[Billy Whizz]

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Or alternatively playing devil's advocate, he's overseen a massive growth in turnover. We've invested in longer term income streams and they're effectively now paid for with the owners absorbing those costs.

He's played an integral role in bringing in new multi million investment with no discernible downside. Those are the points that would be argued in his defense.

Get the right people on the football side, and we've never been in a stronger position.

That’s a bit of a fallacy
Our turnover in 2018-19 was £10.8m
Turnover in the latest account is £12.4m
That’s an increase of just over 14%, not earth shattering

[Glory Lurker]

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Or alternatively playing devil's advocate, he's overseen a massive growth in turnover. We've invested in longer term income streams and they're effectively now paid for with the owners absorbing those costs.

He's played an integral role in bringing in new multi million investment with no discernible downside. Those are the points that would be argued in his defense.

Get the right people on the football side, and we've never been in a stronger position.

We'll only know if this is right in a few years from now but I agree it's the reasonable way to look at it at the moment.

[ShetlandHibby]

How can we lose so much money and have such a poor product on the pitch?!? I’d love to optimistic about something here but I honestly see nothing.

[sesoim]

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We managed to compete (with a smaller budget) with Aberdeen and hearts when we were being run as a football club, not buying this nonsense that we need to have x number of hospitality lounges to have a prayer of competing. Just need someone competent running the club.

As for the Gordons absorbing the losses? Too right they should, they have created this mess. In addition to that, the proposed share issue will dilute the shareholding of fans wishing to safeguard the future of the club. To me, that is the club losing out.

And the Foley investment - expect yet more infrastructure to simply boost the value of the club (for the owners benefit) with a few token loans thrown in.

These accounts just show in black and white what a mess our owners / CEO are continuing to create. All very bleak IMO.

Totally agree.

[WhileTheChief..]

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That’s a bit of a fallacy
Our turnover in 2018-19 was £10.8m
Turnover in the latest account is £12.4m
That’s an increase of just over 14%, not earth shattering

Inflation probably accounts for most of the increase!!

[Yorkshire HFC]

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Which is broadly what Ron Gordon said when he arrived. Leanne failed utterly off the field. Wasn't she on higher wages than BK as well.

I think I'm the only person that couldn't care less what happens off the field. I'd rather have a decent striker than a nice lounge.

I've got more than enough worries with my own finances to start worrying about a football clubs.

[Glory Lurker]

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That’s a bit of a fallacy
Our turnover in 2018-19 was £10.8m
Turnover in the latest account is £12.4m
That’s an increase of just over 14%, not earth shattering

Or, .5 million up on the previous year, despite achieving less in the football department. I know, I know, that's the department we care about and it's unlikely to be better this year but I don't think we need to hit the panic button yet.

[CropleyWasGod]

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Or, .5 million up on the previous year, despite achieving less in the football department. I know, I know, that's the department we care about and it's unlikely to be better this year but I don't think we need to hit the panic button yet.

I think it will be better.

A wee run in Europe, sell-out v Villa, semi-final at Hampden.

BK has already said it will be record-breaking.

[Glory Lurker]

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I think it will be better.

A wee run in Europe, sell-out v Villa, semi-final at Hampden.

BK has already said it will be record-breaking.

Good points, thanks.

[Billy Whizz]

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I think it will be better.

A wee run in Europe, sell-out v Villa, semi-final at Hampden.

BK has already said it will be record-breaking.

Think the rumour was it is around £15m for this financial year
Can’t see our costs being much lower though

[Tyler Durden]

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That’s a bit of a fallacy
Our turnover in 2018-19 was £10.8m
Turnover in the latest account is £12.4m
That’s an increase of just over 14%, not earth shattering

It's not earth shattering. But the increase this year would need to take into account the Cup performance where we didn't get out the LC group stage and we had one game in the Scottish Cup.

So with those football receipts down, the commercial revenue increases would have helped offset and contributed more proportionally to overall Turnover.

[CropleyWasGod]

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Think the rumour was it is around £15m for this financial year
Can’t see our costs being much lower though

Again from the Club. Wages to turnover is currently at 65%

That's a pretty huge drop. Possibly £3m, plus an increase in turnover of £3m. Almost wipes the trading losses out.

[TrinityHFC]

People wanted us to invest, to spend more on the team, to develop other parts of the club. The owners have done that and they are picking up the tab. That all gets accounted for as losses. We’ve now attracted further investment. That is all positive.

We’d prefer the product on the pitch to be better but the numbers are what they are and don’t think it is in any way worrying.

[JohnM1875]

Doesn't make great reading, especially for folk like me, who don't really have a clue about it or begin with.

But will that mean that next years will include the European run, LC semi final, money owed from Doig and the sell on plus the fee received for Melkersen?

[Stairway 2 7]

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Again from the Club. Wages to turnover is currently at 65%

That's a pretty huge drop. Possibly £3m, plus an increase in turnover of £3m. Almost wipes the trading losses out.

That would be good although you'd expect it could change in many ways in the summer

[Renfrew_Hibby]

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Think the rumour was it is around £15m for this financial year
Can’t see our costs being much lower though

So when do these results get released, this time next year?

[CropleyWasGod]

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People wanted us to invest, to spend more on the team, to develop other parts of the club. The owners have done that and they are picking up the tab. That all gets accounted for as losses. We’ve now attracted further investment. That is all positive.

We’d prefer the product on the pitch to be better but the numbers are what they are and don’t think it is in any way worrying.

This touches on a point which comes up for me every year.

These accounts are for a period starting 18 months ago. They were ready in October. Why couldn't we see them then, and avoid everyone losing their **** when they're already months out of date? (I know the reason, btw, but it doesn't negate the point of the question)

I'd prefer to focus on what's happening business-wise just now, which is why the AGM notes that have been published are IMO far more newsworthy and relevant than the accounts.

[Billy Whizz]

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So when do these results get released, this time next year?

Yeah, still got to the 30th June this year
A wee Scottish Cup win in May would help massively

[Scotty Leither]

It’s lucky for Kensell that his tan will hide his red face at the AGM.

How many dud signings, hiring and firing crap managers, and the invisible development team have contributed to that loss?

Maybe we can get an audit on that?

[Bakerman]

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Again from the Club. Wages to turnover is currently at 65%

That's a pretty huge drop. Possibly £3m, plus an increase in turnover of £3m. Almost wipes the trading losses out.

If I remember correctly, many clubs have a lot higher ratio than 65% wages to turnover. That's actually impressive, and should serve us well going forward. I suspect a lot of clubs would be envious of that figure. If it wasn't for Anderson, Hearts would be running a big deficit. Anyone know Hearts wages to turnover ratio?

[CropleyWasGod]

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If I remember correctly, many clubs have a lot higher ratio than 65% wages to turnover. That's actually impressive, and should serve us well going forward. I suspect a lot of clubs would be envious of that figure. If it wasn't for Anderson, Hearts would be running a big deficit. Anyone know Hearts wages to turnover ratio?

75%

[the_ginger_hibee]

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It’s lucky for Kensell that his tan will hide his red face at the AGM.

How many dud signings, hiring and firing crap managers, and the invisible development team have contributed to that loss?

Maybe we can get an audit on that?

His main KPI, 'bridges walked under while holding a beer' is showing a 100% increase. 'Interactions with a faux ultras mob' also high this quarter.

[marinello59]

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His main KPI, 'bridges walked under while holding a beer' is showing a 100% increase. 'Interactions with a faux ultras mob' also high this quarter.