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Hibernian in profit for third year in a row

align=justify>Scottish Premier League side Hibernian has made a profit for the third year in succession despite a fall in revenue at the club.

The Herald reported that the club’s pre tax profit dropped to £139,000 from £686,000 for the year ending July 31st, with revenue falling 8% to £7.1m.

The Edinburgh side’s wage bill grew from £4.7m to £4.8m whilst the salary bill rose to 68% of turnover from 61%, the highest level in five years.

Speaking about the results, the directors said: “For the third year in succession, bottom-line profitability was achieved due to the net contribution from player trading.

“The net gain of £2.3m includes fees relating to the operation of sell-on clauses and other contingent events arising from the transfer of players in previous years.”

“The biggest factor which can affect that is success on the field of play – a goal which is shared by the board, shareholders and supporters alike.”

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