Hearts reveal £20.8m record turnover as staff costs increase £4m

Aided by the team's qualification for Europe and participation in the Conference League group stage, Hearts posted a turnover of £20.8m, a £6.1m year-on-year increase. The accounts show the club earned more than £7million in UEFA solidarity and prize money.

With further investment in the men's first-team, B team and the women's team, staff costs rose by £4.1million to £15.3million, while the club's commercial operations saw an increase of £2.1million thanks to record-breaking sales in sponsorship, advertising, retail and hospitality as well as a sold-out allocation of season tickets with a lengthy waiting list.

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The accounts also reveal £6.1million in donations with £4.5million coming from benefactors and another £1.6 from the Foundation of Hearts. Transfer income amounted to £423,000 with a profit after tax of £298,000.

The club said: "Financially, this was an excellent year for the club - with record revenues, reinvested in further developing our playing squads (Men’s A and new Men’s B team as well as Women’s A) and our staff teams, continuing to improve the club’s infrastructure, and enhancing Tynecastle Park.

"The 2022/2023 financial year saw Hearts continue a very positive trajectory in terms of developments, both on and off the pitch. Our Men’s A on pitch success in the previous season saw the team qualify for European Football for the first time since 2016/17 season.

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"Despite the challenges posed by a heavily congested fixture list exacerbated by the Winter World Cup, our team, our staff, and our fans warmly embraced our European adventure. Memorable journeys took us to St Gallen, Riga, Florence, and Istanbul, where we secured six points in total, scoring in all of our away games. This journey not only offered valuable lessons for our future European endeavours but also brought substantial financial gains to the club, courtesy of prize money, broadcast revenues, and packed stadiums, as is clearly demonstrated in our financial results.

"These financial results were also enhanced by continued investment and focus on our commercial operations to support our on the pitch ambitions. Our commercial teams delivered exceptional results, supported by our dedicated fans. Record-breaking sales in sponsorship, advertising, retail, hospitality, and ticketing were complemented by a sold-out season ticket allocation and a record waiting list. Over the course of the season our commercial operations delivered an increase of £2.1m on the previous year.

"The increase in revenue, along with the ongoing support from the Foundation of Hearts and our generous benefactors, allowed us to substantially increase the investment in our playing budget across all teams as well as our backroom support teams and facilities.

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"To keep pace with our turnover growth, we also continue to invest in strengthening our commercial and administrative support teams. Overall staff costs (football and non-football) increased by £4.1m during the season, which demonstrates this ongoing and essential investment. Our operating costs also increased by £2.4m, year on year, reflecting both our increased revenue and the not inconsiderable expenditure from our European participation.

"We are, as always, extremely grateful for the support we receive from all of our supporters, all shareholders including the Foundation of Hearts, benefactors, sponsors, partners and our players and employees. The board would like to express its thanks to every one of these members of the Heart of Midlothian family for their continued and greatly appreciated support."

The 117th annual general meeting will take place at Tynecastle Park on Thursday, 14 December 2023 at 11am.