Scottish Championship side Heart of Midlothian announced its latest accounts that reveal the club "made a profit during administration," according to the Scotland DAILY RECORD.
The club's financial results for the year ending in June coincide "almost exactly" with the time it was under the control of insolvency experts BDO.
Hearts, which have "returned to health both on and off the pitch courtesy of the partnership between new majority shareholder Ann Budge and fans group the Foundation of Hearts," made an operating profit of £896,000 ($1.4M) for the year.
During that period, staff costs were reduced from £5.4M in '13 to £2.9M ($4.5M), with the average number of players and coaching staff falling from 94 to 67. A drop in turnover of £792,000 ($1.2M) to £6.5M ($10.2M) "was largely blamed on the club's poor record in the cup competitions."
The accounts also note that administrators BDO were paid £325,000 ($508,000), although this money was deducted from the £2.4M ($3.8M) that Budge paid Lithuanian bank Ukio Bankas, whose debt was secured against Tynecastle stadium (DAILY RECORD, 12/15).
