£800k loss

[Ozyhibby]

http://m.edinburghnews.scotsman.com/...800k-1-3659213

[Geo_1875]

Not a surprise given the circumstances of last season. I was expecting it to be worse.

What is shocking is the TV income considering the amount of games and dodgy kick-off times that we were involved in. Maybe time to have a look at how the money is distributed.

[Billy Whizz]

Can't see it being much better this year, with reduced attendances, unless we get to the cup final

[jacomo]

Yes, some were (quite reasonably) expecting a loss of around £1m, so not as catastrophic as that. However, turnover fell to £5.8m (drop in ticket sales being a major factor here) so in % terms that loss is pretty heavy. A fairly awful set of results however you cut it.

Also, the pay off (or extended gardening leave) for Butcher isn't covered by these results, although any compensation paid to ICT will be. Salary costs will be up again this season with all the new staff on board. Credit to Pat Fenlon for not waiting around for a pay off too - a man of integrity, regardless of any shortcomings in his tenure as manager.

[HFC 0-7]

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Yes, some were (quite reasonably) expecting a loss of around £1m, so not as catastrophic as that. However, turnover fell to £5.8m (drop in ticket sales being a major factor here) so in % terms that loss is pretty heavy. A fairly awful set of results however you cut it.

Also, the pay off (or extended gardening leave) for Butcher isn't covered by these results, although any compensation paid to ICT will be. Salary costs will be up again this season with all the new staff on board. Credit to Pat Fenlon for not waiting around for a pay off too - a man of integrity, regardless of any shortcomings in his tenure as manager.

Turnover fell 2.2 million partly because of the outsourcing of the club store. I wonder if the savings by outsourcing reflected the drop in turnover? Probably never know unless you know the previous turnover of the store i suppose.

[Andy74]

Debt was £6.3 m to bank and £3 m to holding company.

Anyone still think the bank have written anything off?

Looks like £5 m debt continues and £4.5 m swapped for equity so there doesn't seem to be any hit for the bank.

[madhatter]

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Can't see it being much better this year, with reduced attendances, unless we get to the cup final

The attendances haven't been that much lower. From recollection last 15 games at least excluding Killie, Hamilton and Hearts games were around the 10-13k mark. We have been continuously around the 8-11k mark this season. Not a massive change and I would suspect wages offered have been changed accordingly. Our squad is also thin and u20s is the smallest I've seen it for a while.

I'd be very disappointed if we registered a high loss this year with our current squad size and our exceedingly expensive ticket prices (£405 ST and £20-22 per game).

Having said all this, performances must improve (drawing 3-3 at home against Falkirk and dropping 7 out of 9 points to them is not good enough). We have the ST prices of a top 4 team in the Premiership and we have the results of a half-decent Championship club. Performances ultimately in sport define the financial side of the business.

[greenginger]

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Debt was £6.3 m to bank and £3 m to holding company.

Anyone still think the bank have written anything off?

Looks like £5 m debt continues and £4.5 m swapped for equity so there doesn't seem to be any hit for the bank.

These figures are as things were at 30th June 2014.

There might be an after end of year note in the accounts when they are issued.

[Keith_M]

No big surprise at the level of the loss but I can't help thinking it'll be much worse in the next set of accounts.


The pathetic level of money we currently get from TV and lack of a League Sponsor contributes to the problem but there's little the club can do about this on its own. If the Head Honchos at the SFA/SPFL concentrated a bit more on selling our game and a bit less on predicting Armageddon, we might not have this problem.

[NAE NOOKIE]

Kind of shows how important a good run in the cups has been, and will be, to us. If we don't go up this season we will probably make it though another one, but failure to go up then will be a disaster.

The question is, if we are doing this badly what's the score with other clubs? If the SFA / SPFL don't get the finger out full time football is going to be restricted to a handful of clubs. Its time to reorganise the leagues and give summer football a shot. The last two games at ER its been freezing. Following a humping of the Zombies and a decent showing at the Wonga dome a crowd over 11K wouldn't have been unreasonable, I cant help thinking folk were put off by the cold.

[The_Sauz]

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Not a surprise given the circumstances of last season. I was expecting it to be worse.

What is shocking is the TV income considering the amount of games and dodgy kick-off times that we were involved in. Maybe time to have a look at how the money is distributed.

Petrie said 2 years ago that Hibs lost money on the games that were covered by the TV and that the deal did not cover for the lose

[ScottB]

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Petrie said 2 years ago that Hibs lost money on the games that were covered by the TV and that the deal did not cover for the lose

Said before Scottish football might benefit from no live TV, as the switch to presumably consistent 3pm kick offs and the like would help boost attendances.

[greenginger]

Track side advertising and shirt sponsorship would be less if no live TV.

A few sums need to be done.

[Mon Dieu4]

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Debt was £6.3 m to bank and £3 m to holding company.

Anyone still think the bank have written anything off?

Looks like £5 m debt continues and £4.5 m swapped for equity so there doesn't seem to be any hit for the bank.

I do, the words having reached a settlement with bank of Scotland were used again, I genuinely can't see them having stumped up the full amount and just because the equity swap is at the same figures doesn't mean that's what was paid to the bank

[Squealing pig]

Be a lot more next year with being out the big league

[Ozyhibby]

Has the financial genius that is Rod Petrie now posted losses in 3 out of the last 4 years?

[Brightside]

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Has the financial genius that is Rod Petrie now posted losses in 3 out of the last 4 years?

Thank god for this thread eh.... You;ve been struggling to have a pop recently.

[Andy74]

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I do, the words having reached a settlement with bank of Scotland were used again, I genuinely can't see them having stumped up the full amount and just because the equity swap is at the same figures doesn't mean that's what was paid to the bank

The holding company were owed £3m. That changed to £9.5m.

We will have made some additional losses since then but it suggests tge bank got all or a very large chunk of their money.

[Ozyhibby]

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Thank god for this thread eh.... You;ve been struggling to have a pop recently.

Not really considering we fell another 2 pts adrift again at the weekend. What is it now? 21 pts? I imagine you think it's all good though. :-)

[Brightside]

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Not really considering we fell another 2 pts adrift again at the weekend. What is it now? 21 pts? I imagine you think it's all good though. :-)

So the 3-3 draw was Petries fault too? Its time to move on. Petrie admitted his faults, has got someone better in and we are moving forward. You cant move forward though if you keep looking back.

[CropleyWasGod]

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Has the financial genius that is Rod Petrie now posted losses in 3 out of the last 4 years?

The new financial genius that is LD will preside over a loss in her first year. 100% record, in other words.

[Mikey]

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Looks like £5 m debt continues and £4.5 m swapped for equity so there doesn't seem to be any hit for the bank.

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I do, the words having reached a settlement with bank of Scotland were used again, I genuinely can't see them having stumped up the full amount and just because the equity swap is at the same figures doesn't mean that's what was paid to the bank

I reckon STF stumped up around half, so that's about £2m - £2.5m.

[easty]

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I reckon STF stumped up around half, so that's about £2m - £2.5m.

Less than £2m I'd say.

[Ozyhibby]

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So the 3-3 draw was Petries fault too? Its time to move on. Petrie admitted his faults, has got someone better in and we are moving forward. You cant move forward though if you keep looking back.

I'm looking at the here and now and we keep dropping points to far smaller clubs than us, we've lost money last year and we will lose money this year. Can't get much more in the present than that.

[CropleyWasGod]

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I'm looking at the here and now and we keep dropping points to far smaller clubs than us, we've lost money last year and we will lose money this year. Can't get much more in the present than that.

So blame LD, not RP.

And, while you're at it, give him the credit for the £500k parachute payment that will offset our loss this year.

[Mikey]

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Less than £2m I'd say.

Closer to £1.872m maybe

[easty]

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Closer to £1.872m maybe

Aye somewhere round about that figure...

[Andy74]

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I reckon STF stumped up around half, so that's about £2m - £2.5m.

Not sure how that would work through. The holding company ended up with £9.5m debt and so £6.5m was added on top of the £3m already due to holding company.

The £4.5m is effectively being written off as the shares it is being swapped for are not worth a whole lot.

[ballengeich]

The loss is bad news and will restrict us in future. It looks like the proceeds of the share issue to fans will be used up in covering operating losses for this and last season. Even if we manage to get promotion this season there won't be much left for spending on players.

[Mikey]

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The loss is bad news and will restrict us in future. It looks like the proceeds of the share issue to fans will be used up in covering operating losses for this and last season. Even if we manage to get promotion this season there won't be much left for spending on players.

Surely this loss was all squared away with the restructuring, this is the position as of the middle of summer.

It's not £800k added to the £5m parent company debt.