Hibs have recorded a £1.4million loss over the last year as the club published their financial results.
The Easter Road club has felt the sting of Covid restrictions and a lack of matchday revenue that caused financial turnover to fall by 17 per cent from £10.8million to £8.9million.
Owner Ron Gordon warned last summer that the Hibees were facing up to a 50 per cent drop in revenue and cost cutting measures were implemented, including a wage deferral then pay cut with the first team squad.
Despite this measure and Jack Ross running with a smaller squad for the Scottish Premiership campaign, the wages to turnover ratio rose from 59 per cent to 74 per cent, although the £500,000 received as part of the UK Government’s job retention scheme brought this back down to 68 per cent.
A date has also been confirmed for the club’s AGM, will will take place virtually on Wednesday 7 April at 3pm.
Hibs owner Gordon said: “Although we would all prefer to hold the meeting at Easter Road Stadium, current restrictions to stop the spread of the Covid virus do not allow for us to welcome you back to the Club’s home yet. We will do our best to make sure the virtual meeting runs smoothly.
"We also intend to provide shareholders with an update on progress on implementing the strategic plan we outlined at the previous AGM”
“Your Board and I would like to thank all those who supported the Club during the 19/20 season, especially in view of the challenges imposed on the Club and football in general by the Covid pandemic. We are particularly grateful to our season ticket holders, the players and coaching staff, and the entire team at Hibernian FC for their tireless work behind the scenes to help the Club navigate the public health and financial challenges of the ongoing pandemic.
"Gratefully, the vaccine programme combined with the restrictions of recent months are bringing the pandemic under control, and the outlook for football in 2021 is starting to look brighter. We believe that in the foreseeable future we will be able to welcome you back to Easter Road. That will be a very special and wonderful day for us all.”
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