Hibs post profit of almost £1 million as insurance payout and Government cash key to improved finances

Hibs have announced a net profit of over £900,000 in their latest accounts after taking in over £5 million in extra financial help because of the coronavirus pandemic.

The Easter Road side have detailed a £2.88 million loan from the Scottish Government and around £2.5 million in business interruption insurance and furlough income in the year up to the end of June 2021.

The £919,000 profit compares to a net loss of £1.23 million in the previous 12 months.

The figures show a fall of four per cent in turnover to £8.55 million, which the club attributes to reduced gate receipts from home and cup matches.

However, that was offset by slightly reduced operating and staff costs, despite performance-based bonuses triggered by the team finishing third in the Premiership and reaching the League Cup semi-final and Scottish Cup final.

A further £600,000 was received in ‘donations’, with around half of that coming from Hibernian Supporters Limited, the second-largest shareholder in the club and provider of regular monthly contributions.

It left Hibs with £6.95 million in the bank, an increase from £5.36 million 12 months previously.

The accounts are detailed in a letter to shareholders from chairman and owner Ron Gordon ahead of the club’s annual general meeting on March 3, which he will attend online from his home in the United States.

Gordon said: “The club would again like to thank supporters for their continued support through season-ticket purchases during this challenging time.

“It does - at last - appear that we are seeing increased normality return on a more sustainable basis, and that is very welcome.

“While having supporters inside our stadium is essential to Hibernian in a financial sense, it is just as important to