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Hibs have reported a pre-tax profit of £200,000 after the club’s annual financial results were published today.

The Hibees can attribute increased turnover and cash reserves to their return to the Ladbrokes Premiership in 2017.

Three years in the Championship had taken a toll on the club, who this time last year posted losses of £277,000, that chairman Rod Petrie described as ‘well short’ of targets required to break even.

This year however, Hibs are in much improved financial health, and that’s without the inclusion of the £3m sale of midfielder John McGinn to Aston Villa in the latest transfer window.

Overall club turnover is up to £9.6m – the highest since 2006-07. Cash balances were also up from £3.5m to £4.2m, although staff costs have increased from £4.5m to £5.3m.

Average attendance is at it’s highest point for several years, with an average of 18,500 fans in Easter Road most weeks. 13, 500 of those are season ticket holders.

Performances like the one Neil Lennon's men put on in the 6-0 demolition of Hamilton on Saturday will esnure those figures remian high.

In a letter to shareholders, Petrie confirmed that club had no bank debt, but encouraged supporters to continue their financial backing.

“Most commentators would say that season 2017-18 was an encouraging season for the club. And Season 2018-19 started brightly, with three rounds in the UEFA Europa League.

"The audited financial statements make good reading. Sporting success with the increased prize money available in the Scottish Premiership, improved all the numbers. And it confirmed what we said in previous years, that the club could break even in the Premiership.”

"Turnover of £9.6m compared to £7.7m in the previous year - not quite a record, but the highest annual turnover figure since 2006-07.

"Staff costs were £5.3m, up from £4.5m in the previous year. But the important wages to turnover ratio fell to 56% from 59% in the previous year because of the large increase in turnover.

"Net assets at 30 June 2018 were £19.8m, up from £19.4m one year earlier. And the net asset value per share at 30 June 2019 was just over 20p per share compared to the share subscription price of 4p per share which has been in place since 2015.

"Cash balances at 30 June 2018 were £4.2m, up from £3.5m one year earlier. The increase arose mainly because of the increased number of season ticket renewals for Season 2018-19 prior to the end of the financial year.

"There are now over 13,600 season ticket holders for the 15,000 or so seats available to home supporters at Easter Road Stadium. An average attendance of 18,500 is the highest for several years.

Petrie added: “I would like to thank everyone who has bought season tickets and helped the club in such a real and tangible way. This enables the club to plan with confidence for the season ahead.”

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