Hearts report £400,000 loss despite income boost

Hearts took part in last season's Conference League

Hearts say they made a net operating loss of £400,000 for the year ending 30 June, despite increased turnover, European football and profit in player trading.

Brighton owner Tony Bloom paid nearly £10m to acquire a 29% stake in the club, with the deal concluded on 25 June. The club said this is reflected in the balance sheet, rather than the profit and loss account.

However, "income was further bolstered by total donations from benefactors and the Foundation of Hearts of just under £6m", the club said.

A loss for the financial year of almost £2m is listed in the annual accounts.

"The aforementioned investment, coupled with the financial impact of the poor on-pitch performance during the 2024-25 campaign and continuing inflationary cost pressures, as witnessed across the industry and wider economy, contributed to a net operating loss (after inclusion of £1.3m of player trading gains) of £0.4m," the club said.

"This is improved from last year's equivalent figure of £1.2m.

"Our balance sheet remains healthy with net assets of £27.6m at year end, strengthened by the completion of Tony Bloom's investment in the club in June 2025."

Turnover increased 21% to more than £24m while the club says it "very significantly increased" gains from changes to the men's squad. Alex Cochrane and Kye Rowles were among the players that were sold for undisclosed fees during the accounting period. Loans have increased from £3.42m to £5.17m.

Under Steven Naismith and then Neil Critchley, Hearts took part in European fixtures last season and played six Conference League games in the autumn of 2024. They exited the competition at the league phase and finished seventh in the Scottish Premiership.

Critchley was dismissed near the end of last season, with Derek McInnes appointed his successor and currently managing a side nine points clear at the top of the Scottish Premiership.

In the SWPL, Eva Olid's Hearts women finished fifth last season.

Hearts will hold their annual general meeting on 4 December, when chair Ann Budge will stand down to be replaced by Edinburgh-based businessman Callum Paterson.

'Next year's figures likely very different as costs rise' - analysis

Whilst everything on the park at Tynecastle is rosy, it's fair to say the club's financial results could have been much better.

The reported loss may not seem much, and who can blame supporters for thinking they can handle this, especially with on-field activities going so well?

There is also no doubt the business side of the club has performed exceptionally well.

With regular sell-out crowds, there is little surprise gate receipts were up 10% to more than £6.5m, with commercial revenue also increased by a similar figure. Hearts also received more than £7.5m from Uefa.

And with Bloom's cash investment, there are certainly no concerns about financial woes.

However, a year from now, the figures are likely to be very different and those in charge of the finances could have a few headaches to deal with.

Wages, social security and pension costs have risen to more than £19m and, with the new additions to the playing staff in the summer, this figure is likely to be even higher for the current financial year. Furthermore, there is no revenue from European football this season.

This could all be offset by player sales and success on the pitch. Should Hearts win the league this season, or even finish second, fans will not care one jot about potential losses.

And with Bloom and his Jamestown Analytics recruitment model now firmly in place, it would be no surprise if such losses within the foreseeable future become a thing of the past.