Cash boost as Jambos slash their losses

PAUL KIDDIE

HEARTS today revealed they have slashed losses by over 60 per cent and increased turnover by more than £1million.

The good news was announced by chief executive Phil Anderton in the club’s interim report to the London Stock Exchange for the six months up to January 31.

The Gorgie outfit’s ongoing cost-cutting measures have been reflected in a pre-tax loss of £221,000 compared to £557,000 for the same period last year.

Hearts’ UEFA Cup run, which saw the Jambos play Braga, Feyenoord, Schalke 04 and Ferencvaros contributed to the huge increase in turnover, while the net debt has been reduced by £456,000 to just over £19million. Anderton said the figures reflected a "turbulent" period for the Jambos, with Lithuanian Vladimir Romanov having acquired Chris Robinson’s 29.9 per cent stake in the club.

The Baltic banker halted the proposed move to Murrayfield and is set to redevelop the main stand at Tynecastle. But Anderton insisted Hearts cannot rely on Romanov’s money to dig them out of what is still a position of significant debt.

He said: "We must not fall into the trap of believing that Vladimir Romanov’s welcome arrival on its own will cure all of our ills. It is up to the board working with the supporters and the community to generate increased involvement and revenue to complement shareholder investment."

The chief executive insisted the club had to be pro-active in continuning to improve its financial stated.

"Planning will be key to this and we are producing a new business and operating plan encompassing the major areas of our business," he said.

Meanwhile, chairman George Foulkes today insisted the Jambos weren’t being party poopers by refusing to allow Celtic to be presented with the SPL championship trophy at Tynecastle.

The Glasgow giants head to Gorgie on Sunday, May 15 and will retain their league crown in the Capital should themselves and Rangers remain unbeaten until that day.

Hearts, however, have dismissed the possibility of Celtic players celebrating with the silverware in front of their own fans.

Foulkes said: "The over-riding thing for us is safety and I think it is the only logical decision to make in this situation."

"The decision was taken not just because it is Celtic, the same would apply to any visiting team to Tynecastle."

Foulkes also dismissed reports which today claimed that boss John Robertson was just four games away from the sack. Robertson is preparing his team to take on Motherwell at Tynecastle tomorrow with hopes of a third-place finish having been all but extinguished by last weekend’s 2-2 draw against Hibs at Easter Road.

"I would not believe everything you read in newspapers," said Foulkes.

Taken from the Scotsman