Heart of Midlothian plc th AGM
Transcript of Heart of Midlothian plc th AGM
Agenda
1. Chairman’s Welcome and Opening Remarks
2. Formal BusinessAdopting 2016-17 AccountsRe-appointing Directors to the BoardRe-appointing AuditorsAuthorising Auditor remunerationQuestions relating to the formal business
3. Performance Update
4. General Questions and Answer Session
2016/17 Season
On the footballing side:
• Europa League matches in Estonia and Malta
• Changes in the coaching team (departure of Robbie & Stevie and the recruitment of Ian & Austin)
• Top 6 finish in the Premier League
• Development of new scouting & recruitment models
• Continued investment in the Academy• Project Brave • Performance School
2016/17 Season
On the business front:
• Opening of our Museum last September
• Completion of Wheatfield Undercroft development including new changing facilities
• Relocation of offices, retail space and Big Hearts last November
• Demolition of admin building / ticket office in December
• Commencement of new main stand build whilst being ‘football operational’ in January
• Demolition of Archibald Leitch stand in May
2016/17 Season
Underpinning all of this:
Fans & Benefactors support
• Continuation of our unique Save the Children relationship
• Significant growth in the work done by our charity – Big Hearts
• Continuation of investment both on and off the field
Financial SummaryBudget
2016/17£’000
Actual2016/17£’000
Revenue 10,400 11,300
Staff Costs 5,600 5,900
Overheads 4,700 5,400
Gain on player sales + loanincome
- 500
Profit (EBITDA) 100 500
Exceptional Donation - 2,500
FOH Monies 1,500 1,500
TRP – State of PlayPhase 1 Completion Status Targeted Completion
Reception Area 100%
Directors Suite 100%
Players Lounge 100%
Seating 100%
Concourse Facilities 90% 21st January 2018
Media Facilities 90% 27th December 2017
Hospitality – Lounge 1 100%
Hospitality – Lounge 2 90% 21st January 2018
TRP – State of Play
Phase 2 Target Date
Supporters Bar ASAP
Police facilities 21st January 2018
Plant Room 30th March 2018
Nursery facilities 27th April 2018
3rd Floor Restaurant 27th April 2018
Shop 30th June 2018
TRP – State of Play
Phase 3 Plan
Changing Rooms } Re-designed / planned
2nd Floor facilities } during
Community facilities } January 2018
TRP – Funding
Source Phase 1£’m
Phase 2 / 3£’m
Club Resources 4.25 0.5
Benefactors 4.0 0.5
FOH 2.5 0.5
Supporter ContributionSchemes / Fundraising
0.5 0.5
Facility 1.25 0.5
TOTAL 12.5 2.5
2017/18 : To Summarise
• Growing supporter base
• Continuing investment in Community, CSR & Heritage
• Business partnership growth & diversification
• Realising the benefits of youth investment
• Amazing new stand
• Tynecastle Park returns!
How far we have come in just over 3 years
Revenue Growth
6,550 6,982
9,967
11,25511,800
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Revenue (£'000)
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2015
2016
2017
2018
Controlled Growth
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Revenue
Staff Costs
Overheads
2016/17 – KPI’s
2015/2016 Actual£’000
2016/17Actual£’000
Players cost as a % of Turnover 29% 27%
Players cost as a % of total Staff Costs 58% 57%
2016/17: Sales Mix
Gate Receipts38%
Commercial24%
Football Monies23%
Sponsorship7%
Other Income7%
Donations1%
Financials: 2017/18Actual
2016/17£’000
Budget2017/18£’000
Revenue 11,300 11,800
Staff Costs 5,900 6,300
Overheads 5,400 5,400
Gain on player sales + Loan income
500 -
Profit (EBITDA) 500 100
Exceptional Donation 2,500 -
FOH Monies 1,500 1,500