Heart of Midlothian have posted a turnover of £20million for the second year running but posted a £1.2million operating loss.

Twelve months ago the club posted a turnover of £20.778m with participation in the group stage of the Conference League. Despite missing out on those games last year turnover only fell to £20.25m. There was more positive news with commercial activity increasing by nearly 30 per cent while sponsorship and advertising rising by 40 per cent.

The club still, however, posted a £1.2million operating loss.

That can be explained through the increase in staff costs of £1.1million and the purchasing of player registrations rising from £845,000 to £1.426million. It should also be noted that donations fell from £6.167million to £5.478million.

One of the notable inclusions in the accounts at at the end under 'events after the reporting date'.

"On 28 September 2024, the company acquired a £7m 10-year term loan facility from a director," it read. "£4m of this was received in advance on 8 August 2024.

"Interest on this loan is at commercial rates. Part of this loan will be used to repay the loan outstanding to Bidco (1874) Limited during the year ended 30 June 2025."

A statement to accompany the accounts said: "The club’s latest set of accounts, for the year ended 30 June 2024, have been published ahead of next month’s AGM.

"In season 2023/24, Heart of Midlothian have generated Turnover in excess of £20m, for the second year in a row.  Whilst 2023/24 shows a marginal decrease on the previous year, the underlying year-on-year growth is significant, given the absence of group stage European Football.

"Despite this lack of group stage European football, the Board made the decision, with the financial support of our benefactors and the Foundation of Hearts, to continue to invest in the playing squad in order to ensure an immediate return to the group stages.  We are delighted that this has been achieved for season 2024/25.

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"Investment also continued in the commercial areas of the business in order to support the club’s continuing growth and its ability to invest both on and off pitch.  A significant investment in season 2023/24 involved the completion of the club’s Main Stand, with the development and opening of Tynecastle Park Hotel. 

"This continued investment, with a marginal drop in revenue, has meant that for the first time in many years, we are reporting a loss of £1.2m.

"With group stage European football secured for season 24/25 we are confident of continued revenue growth in the coming year. Similarly with no large-scale infrastructure projects on the immediate horizon, we are confident that we will reap the benefits of our years of investment over the coming season."

The club's AGM will take place at in the Gorgie Suite at Tynecastle Park on Wednesday, December 4 at 11am.