Hibernian chief executive, Mr Adrian Daly, was granted options in 1998 to acquire 120,000 Hibernian shares at a price of 633p per share, the group's annual report shows. At yesterday's closing price of 725p, Mr Daly would make a profit of £110,400 (€140,179) if he exercised the options and sold the shares.

Mr Daly had total share options of 520,000 at the end of 1998 at a weighted average exercise price of 258p per share. If all the options were exercised now - an option which would not be available to him because of rules requiring options to be held for certain periods - Mr Daly could make a paper profit of just over £2.4 million.

The annual report shows that finance director, Mr Cecil Hayes, was granted 100,000 options at an exercise price of 633p per share in 1998.

Average executive director remuneration at Hibernian was marginally lower at £174,000 in 1988 compared with £174,667 for 1997. Total remuneration was £522,000 from £524,000. Salaries paid to the three executive directors rose by 6.7 per cent to £400,000, or an average of £133,333 each. The fall in the overall remuneration reflected a lower total annual bonus - down from £57,000 to £50,000, a fall in pension contributions from £56,000 to £40,000 and benefits-in-kind which were down to £32,000 from £36,000.

In the annual report, Mr Daly warned of the likelihood of increases in general insurance premiums, particularly in the liability and large commercial property areas.