Hibernian post £277,000 loss as turnover increases in 2016-17 accounts

Hibs chairman Rod Petrie with chief executive Leeann Dempster

Hibernian chairman Rod Petrie admits a £277,000 loss last term was "some way short of our financial target, which is to at least break even".

However, Hibs' turnover for the year to 30 June increased to £7.7m - their highest in four years.

Cash balances were up £1m to £3.5m helped by a boost in season ticket sales late in the accounting period.

The Edinburgh side won promotion at the end of last season by winning the Scottish Championship.

And they are third in the Premiership after 14 league games.

Hibs sold last season's top scorer Jason Cummings to Nottingham Forest and brought in Anthony Stokes for a third spell at the club as well as fellow striker Simon Murray.

Petrie said in a letter to shareholders: "Given the winning 2016-17 season, there was probably more activity in the summer transfer window than many had anticipated.

"The departure of our top scorer early in the window was balanced by the welcome return of some familiar faces.

"And it was the deals that were not done - by rejecting a number of offers for players - which gives us hope that season 2017-18 can build on the success of last season as head coach Neil Lennon embarks on his second season with the club, supported by head of football operations George Craig and our chief executive Leeann Dempster.

"The sporting and financial results for last season can be viewed with satisfaction.

"But this is also a time to look forward with confidence and anticipation. The board has done all that it can to match the efforts of supporters and deliver a competitive budget for this season."