Hibernian: £800,000 loss suffered in year to July 2014
Hibernian's turnover fell by more than a quarter last season as they posted operating losses of £800,000.
The Edinburgh club started the season in Europa League qualifying but ended it being relegated from Scotland's top flight.
Turnover fell to £5.8m for the year to 31 July - down from £8m the previous season.
Staff costs fell to £3.7m, but the wages-to-turnover ratio increased from 49% to 64%.
A club statement attributed the drop in turnover to "poorer sporting performance" and the outsourcing of the management of the club store at the start of the season, which meant there were no retail sales in the club's turnover.
It continued: "The lower league position contributed to lower gate income from matches played at Easter Road Stadium and a lower distribution from the SPFL, which is based on each club's final league position."
Outsourcing club shop management had, however, contributed to cost savings, "which fell from £3.3m to £2.4m," it added.
Net debt at the end of the period was £9.3m, of which £6m was owed to a bank and the rest to the holding company.
However, the club announced in late December that they were now free of bank debt after the holding company agreed to capitalise £4.5m of debt.