AGM Announcement

[Iggy Pope]

Announced as 7th April through a virtual webinar.
This years financial statements with it, bit of a cutback there for a start, no glossy brochure this year.

I’m sure the team we have on here will expand on the report, decrease in turnover, wages to turnover ratio, operating loss etc., but in short it looks like we need a good 21/22 season ticket campaign more than ever.

[Hibbyradge]

This is the first one that I can attend and there's no pies.

Petrie!

[Peevemor]

Hibernian FC today reported its financial figures for the year ended June 30th, 2020 – highlighting the ongoing impact of the global Covid 19 pandemic and the restrictions taken to tackle it.


And figures for the current year also highlight the continued financial stress being suffered by professional football clubs caused by the inability to have supporters return to stadiums.


The financial statements cover the suspended 2019-2020 playing season. The suspension had a negative impact on the Club’s financial performance, with turnover down 17% to £8.9m from £10.8m the previous year. This decrease in turnover increased the Wages to Turnover ratio to 74% compared to 59% for the previous year. However, the Club received approximately £0.5m of income from the United Kingdom’s Coronavirus Job Retention Scheme, which adjusted the wage to turnover ratio to 68%.


Although some operating costs were cut due to the early conclusion of the season, the Club still recorded an operating loss of £1.4m, and ultimately a net loss of £1.2 million in the year. While the loss during the year was significant, the Club held a cash position at 30th June 2020 of approximately £5.3m. This position marked a slight decrease from the previous year end position of £5.5m. Cash received from historical player sales and season ticket revenue brought in during the final three months of the season boosted this position.


The annual report also points out that the pandemic impact on the current season has been significant, through a combination of increased Covid-19 compliance cost and lack of revenue from game day fan attendance. This left the Club’s cash balance at £2.6m as of 31 December 2020, highlighting the importance of a successful season ticket campaign for the upcoming 21/22 season.


The 2021 Annual General Meeting of the Club will be held on Wednesday 7 April 2021 at 3:00 pm through a virtual webinar.


In his letter to shareholders, Chairman Ronald J Gordon said: “Although we would all prefer to hold the meeting at Easter Road Stadium, current restrictions to stop the spread of the Covid virus do not allow for us to welcome you back to the Club’s home yet.


“We will do our best to make sure the virtual meeting runs smoothly. We also intend to provide shareholders with an update on progress on implementing the strategic plan we outlined at the previous AGM. “


“Your Board and I would like to thank all those who supported the Club during the 19/20 season, especially in view of the challenges imposed on the Club and football in general by the Covid-19 pandemic. We are particularly grateful to our season ticket holders, the players and coaching staff, and the entire team at Hibernian FC for their tireless work behind the scenes to help the Club navigate the public health and financial challenges of the ongoing pandemic. Gratefully, the vaccine programme combined with the restrictions of recent months are bringing the pandemic under control, and the outlook for football in 2021 is starting to look brighter. We believe that in the foreseeable future we will be able to welcome you back to Easter Road. That will be a very special and wonderful day for us all.”

https://www.hibernianfc.co.uk/articl...w-covid-impact

[danhibees1875]

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This is the first one that I can attend and there's no pies.

Petrie!

They're the best bit too.

Hibs have missed a trick not sending out frozen pies with the accounts.

[danhibees1875]

Do we usually publish a post year end cash balance update? Don't think I've seen that before - does anyone know if they put a PY comparative next to it within the statements?

[Brightside]

Good job we built up good cash reserves.

[jacomo]

Brutal numbers.

Thankfully we’ve got good leadership in place.

[Barney McGrew]

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Do we usually publish a post year end cash balance update? Don't think I've seen that before - does anyone know if they put a PY comparative next to it within the statements?

It’s not something that’s been generally disclosed, but I guess they want people to understand the position that we’re in because of Covid.

[Hibs90]

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It’s not something that’s been generally disclosed, but I guess they want people to understand the position that we’re in because of Covid.

Every other club will be in a similar boat with a couple of exceptions.

Hopefully a third place finish and European football with fans returning will be a huge selling point for ST's next year.

[Lendo]

For comparison, what was Aberdeen’s Wage/Turnover ratio again? 90% roughly?

The numbers, whilst not good, are surely entirely predictable. I was expecting worse if I’m honest.

Can the Admins edit the thread name to put a U in Announcement too

[Hibs90]

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For comparison, what was Aberdeen’s Wage/Turnover ratio again? 90% roughly?

The numbers, whilst not good, are surely entirely predictable. I was expecting worse if I’m honest.

Can the Admins edit the thread name to put a U in Announcement too

Aberdeen's figures below;

The annual accounts show a decrease in turnover of £1.59m from £15.928m to £14.335m with an operating loss of £2.92m compared to £1.03m the previous year. Wages rose from £9.24m to £9.77m during the period, increasing the wages‐to‐turnover ratio from 58% to 68%

Celtic - £6m loss
Huns - £15.9m operating loss

I probably don't need to go around the rest of the clubs. If I recall Hearts made a small profit due to Budge and or Anderson chucking them some extra cash to make the figures look better. I think without that they would have made a significant loss.

In other words as expected across the board. Every club is going to suffer financially especially in Scotland with no matchday revenue. Clubs in Scotland rely heavily on match day income and every teams financial results show that.

[Stuart93]

Took the £1.8m loan from the Government as well, over 20 years 0% interest so would’ve been silly not to

Probably shows the importance financially of (hopefully) finishing 3rd this season

[Up The Bracket]

Really needs to be full stadia next season, none of this pissing around with 1000 maximum and social distancing, once everyone’s been vaccinated there’s no reason for it not to be full, as we’ve seen this year with recent events, outdoor transmission is next to non-existent anyway.

I know the club have no say on this but we really need it or Hibs and many other clubs are gonna be ****ed.

[Hibs4185]

Not as bad as I expected.

New TV deal has started
European football on the horizon
Turned down £3 million for two players

Whilst a loss is a loss, given the exceptional circumstances and the positivity around the club then it’s not too bad.

This period had been the worst worst case scenario so if we can survive the truly terrible times then it shows we are set up to prosper in the good times.

GGTTH

[DarlingtonHibee]

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This is the first one that I can attend and there's no pies.

Petrie!

Nae luck 😊

[Stuart93]

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Not as bad as I expected.

New TV deal has started
European football on the horizon
Turned down £3 million for two players

Whilst a loss is a loss, given the exceptional circumstances and the positivity around the club then it’s not too bad.

This period had been the worst worst case scenario so if we can survive the truly terrible times then it shows we are set up to prosper in the good times.

GGTTH

These accounts are for the previous year, so 2019-2020. I’d imagine the accounts for this season will be even worse but won’t see them until this time next year.

[hibee-boys]

And that’s only the impact of around 3 months of last season, will be grim viewing this time next year, most clubs will be in the same boat. I’m guessing more overheads/expenses will have been cut in the next set of figures so hopefully help limit the losses, I wonder how the cash position looks now. Surprised we’ve not had any update around season tickets for next year as yet.

[Hibby70]

Could do with John McGinn being sold for Megabucks soon.

[SeanWilson]

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Good job we built up good cash reserves.

Forgive me if him wrong but are the cash reserves not just Ron's injection after debt payment?

[nonshinyfinish]

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Forgive me if him wrong but are the cash reserves not just Ron's injection after debt payment?

Given that the accounts run to 30th June, it's mostly ST money isn't it?

[Lee Marvin]

Hibs are in a relatively strong position but I cannot get my head round Abwrdeen having a turnover over 50% higher than us. No wonder they performed much better then us over the last decade

[Since452]

Actually quite surprised and relieved it isn't worse. Should hopefully make that loss back next season

[lord bunberry]

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And that’s only the impact of around 3 months of last season, will be grim viewing this time next year, most clubs will be in the same boat. I’m guessing more overheads/expenses will have been cut in the next set of figures so hopefully help limit the losses, I wonder how the cash position looks now. Surprised we’ve not had any update around season tickets for next year as yet.

We’ll have ppv money included in those figures, hopefully that will have helped offset some of the losses.

[Peevemor]

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Actually quite surprised and relieved it isn't worse. Should hopefully make that loss back next season

Those are the figures for last season. I'd imagine 20/21 will be a lot worse.

[danhibees1875]

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Actually quite surprised and relieved it isn't worse. Should hopefully make that loss back next season

That was the loss for the period up to 30/6/2020.

[hibbysam]

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Hibs are in a relatively strong position but I cannot get my head round Abwrdeen having a turnover over 50% higher than us. No wonder they performed much better then us over the last decade

100% no? £7m us £14m them.

[superfurryhibby]

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Hibs are in a relatively strong position but I cannot get my head round Abwrdeen having a turnover over 50% higher than us. No wonder they performed much better then us over the last decade

They don’t. The Sheepish turnover was 14.35 million, our was 8.9 million.

Actually, arithmetic wasn’t my strong point at school.

[superfurryhibby]

The figures don’t include the prize money and tv revenues from our Scottish Cup run, which would ordinarily have been part of 2019-20 season. That must surely be worth a decent amount?

[Andy74]

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Hibs are in a relatively strong position but I cannot get my head round Abwrdeen having a turnover over 50% higher than us. No wonder they performed much better then us over the last decade

I’m no accountant but turnover isn’t profit. Turnover figures can depend what goes through their books I think so if they have all catering and merchandising in house for example then all that activity creates turnover.

[hhibs]

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Those are the figures for last season. I'd imagine 20/21 will be a lot worse.

Against that, if ,as most seem to believe, Hibs were insured, then that will mitigate losses in the 20/21 accounts.


As an aside John McGinn played his 100 th game for Aston Villa recently would it be too much to think that might be another trigger point for another payment ?