Scottish Premier League side Hearts have posted pre-tax losses of £2.7million for the past financial year.
Chairman Roman Romanov has nevertheless vowed to bolster the squad in January despite the losses.
The club recorded a £1.26million increase in turnover for the year ending July 31 due to increased season ticket sales, and Romanov said the club was in a much better position than 12 months ago.
Reaching the semi-finals of the Tennent's Scottish Cup and CIS Insurance Cup boosted revenue last season, as did an increase in television income and gate receipts due to the club's UEFA Cup campaign.
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