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Losses down at Hibs

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Hibernian have reported losses of £840,000, down on £1.2m the previous year.   The club insists that underlying finances are in good shape with a debt restructuring successfully completed.  A share issue raised additional funds and 19 per cent of shares are now held by supporters.

However, there is no doubt that relegation was difficult to cope with.   Staff costs have not reduced by that much and the parachute payment of £500,000 did not really cover the club's needs.