Hearts reports loss

The Premier League club announced £221,000 pre-tax losses for the six months ended January 31 2005. The losses reduced by 60% from £557,000 in the same period in 2004. Turnover increased by 26% to £5.53m from last year’s £4.39m, as a result of increased attendance revenue from playing in the UEFA Cup. Staff costs reported £2.37m and stood at 42.7% of turnover, a relatively healthy ratio. Operating costs were up by 56.4% to reach £2.57m from the £1.64m in the first half of 2004. Net interest for the period rose by 31% to reach £558,000 because of the club’s high level of net debt standing at £19.17m at 31 January 2005.

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.