Hibernian have announced a £7.2m loss for the year up to June 30, 2024.

That figure is higher than the £3.9m deficit they reported over the previous year – with the club also revealing their operating loss was up from £6.9m to £9.3m.

Turnover did increase to £15.9m, with the club’s wage-to-turnover ratio dropping slightly from 81 per cent to 78 per cent.

The Easter Road club’s costs include unbudgeted spending in January to help improve results, plus compensation payments to previous head coaches Lee Johnson and Nick Montgomery.

It was also noted Hibs had to write off a £1m sum after a commercial partner went into liquidation.

‘Hibs reliant on shareholder funding’

In their strategic report, Hibs admitted the financial results were “disappointing” and that the club are “reliant on the steadfast support of shareholders who continue to underwrite losses”.

The report added: “The club is very much aware that a poor recruitment strategy has resulted in a significant overspend and downturn in performance and results, which continues to prove problematic for the financial management of the club.”

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Speaking in September 2024, executive director Ian Gordon exclusively told Sky Sports his family will cover the losses and get things right

Speaking exclusively to Sky Sports in September 2024, Hibs executive director Ian Gordon said his family were committed to covering the overspend at Easter Road.

“Obviously, there’s an overspend at the moment because we’re chasing football success and with all the turnover over the last couple of years, we’re needing to chase that,” he said.

“As a family, that’s something that we’re committed to, to get the footballing side right, because we do believe once that happens, the club will be in a very stable position.”

What was predicted this time last year?

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Speaking in February 2024 Ben Kensell – who left his role as Hibernian CEO last month – said the club would achieve very healthy numbers coupled with sporting success in their latest accounts

The figures are, however, in stark contrast to what was predicted by now departed CEO Ben Kensell.

Following Hibs’ previous losses of £3.9m last year – he told Sky Sports in February 2024: “If I’m sat here talking about this in a year’s time, I think you’ll see some very healthy numbers coupled with sporting success.

“Despite the tricky period we’re in at the moment I know what I can see on our balance sheets and it looks a lot better than what is being reported in the accounts.”