Hibernian have announced a £3.9million loss as part of their accounts for the year ended June 2023.

This is despite a turnover of £12.4m and a £3.2m profit in player sales.

It comes ahead of next months AGM which will see the Easter Road club look for shareholder ratification for Bournemouth billionaire Bill Foley to invest.

Hibs highlighted the lack of success on the park last season as a major factor with then boss Lee Johnson's team suffering early exits in the League and Scottish Cup respectively.

However, the sales of Josh Doig to Verona and Kevin Nisbet to Millwall helped boost profits.

Their wages to turnover ratio also now sits at 81 per cent.

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The club's report read: "Turnover increased by four per cent from the previous year to £12.4m. This increase was primarily due to to performance off the pitch, as the prior year included three matches at Hampden as part of deep runs in the cup.

"The club continued to grow it's commercial revenue, through new partnership deals as well as upscaling existing sponsorship agreements. Although we improved our league position from 8th to 5th, lack of success in the Cup competitions, plus no European competition, drove the central distribution balance to be lower

"Player trading resulted in a gain of £3.2m for the year compared to a gain of £2.1m achieved the previous year. The current year gain is related to Josh Doig and Kevin Nisbet. At the end of June 2023, approximately £2.5m of this amount was outstanding. The club continues to hold significant sell-on clauses for these sales, as well as Scottish international Ryan Porteous, and therefore feels strong regarding the performance of player trading during the year