Scottish Side Hibernian Posts £200,000 Pre-Tax Profit

Neil Lennon was given some of the credit for Hibs' profit after guiding the club to the top flight.GETTY IMAGES

Scottish Premiership side Hibernian Manager Neil Lennon was "hailed as the reason Hibs are back in the black" after posting a £200,000 ($262,000) pre-tax profit, according to Darren Johnstone of the Scotland DAILY RECORD. Hibernian Chair Rod Petrie revealed "success on the pitch was a large part of the club's financial success," and it does not "even include the money made from the sale of John McGinn." Hibs "returned to the black" for the financial year ending in June despite posting a £277,000 loss the year before. Petrie acknowledged that promotion to the top flight "has significantly enhanced revenue streams," with turnover increasing to £9.6M ($12.6M) -- the highest since '07 -- compared to £7.7M for '17. Staff costs increased £800,000 ($1.05M) to £5.3M ($6.9M), although the wages to turnover ratio fell 3% to 56% (DAILY RECORD, 10/8).