Hearts have announced a loss for the year to 30 June.

A loss of £1.2m was made on “ordinary activities” and £3m “depreciation and other amounts written off tangible and intangible fixed assets” contributed to £4.4m overall losses.

The club says “commercial, sponsorship and advertising revenues [are] all up” and reduced turnover exceeded £20m for the second year in a row “despite the absence of group stage European football”.

Staff costs rose by £1.1m to £16.4m and net assets are listed at £20m, down from £24m.

Loans and overdrafts totalled more than £3.4m. A loan of £7m was taken out subsequent to the accounting period to pay off most of the £3.4m debt. The £7m loan will be repaid over 10 years.

Unlike the previous accounting period, Hearts did not feature in European group stage football after finishing fourth in the 2022-23 Scottish Premiership.

However, they are in the Conference League’s new league phase this season after a third-placed finish last term and then losing their Europa League play-off to Viktoria Plzen. The current European campaign will contribute to next year’s accounts.

In September, Hearts parted with head coach Steven Naismith after eight defeats in a row and Neil Critchley was appointed in mid-October.

Improved results under interim boss Liam Fox and Critchley have lifted the side off the bottom of the Premiership and secured two wins out of two in the Conference League.

Critchley’s side host German outfit Heidenheim in Thursday’s third Conference League fixture (20:00 GMT).

And Hearts play their last game before the November international break away to Premiership opponents Rangers on Sunday (17:00).