Celtic record £17.4m profit after first half of season – Interim Reports

The club have announced their interim results for the last six months of 2017.

Celtic made a post-tax profit of £17.4m in the final six months of 2017, according to the club’s interim report.

The figure is slightly down on the same period in 2016 but revenue increased by 17 per cent to £71.5m.

The club reported they had £30.9m net cash in the bank at the end of the year – more than £12m up from a year earlier.

Revenue from football and stadium operations was up more than £4million to £26.8million while multi-media and commercial income experienced a similar rise to £34million.

The first half of the 2017/18 campaign saw Celtic qualify for the group stages of the Champions League for the second successive season.

They retained the League Cup and set a record-breaking 69-game unbeaten domestic run, picking up on the previous year’s form.

Chairman Ian Bankier highlighted in a statement on the Celtic website that it was also during this period the club secured Olivier Ntcham and Kundai Benyu on permanent deals while Partrick Roberts rejoined.

“We are delighted with the sustained period of success on the pitch, as Brendan Rodgers, his backroom team and the players have built on their achievements of last season,” Bankier said.

“Our profit on disposal of intangible assets of £0.5m (2016: £2.0m) largely reflects the transfer of the registrations of Gary Mackay Steven and Saidy Janko.

“The board is also pursuing initiatives to enhance the club’s assets at Celtic Park, so as to aid our playing competitiveness, as in the case of the recent pitch improvements, and to develop and commercialise the space we occupy, as in the case of our recent planning application for a hotel, retail store and museum.

“The board’s investment policy, nonetheless, recognises the uncertainty inherent in football, and our long held strategy of operating a self-sustaining financial model.”

Looking forward to the next six months, Bankier continued:

“At the time of writing, we sit eight points clear at the top of the Scottish Premiership and, as we continue to progress in the Scottish Cup, we retain the prospect of winning an historic back to back domestic treble.

“Subsequently, during the January 2018 transfer window, we have invested further by acquiring the permanent registrations of experienced German Bundesliga defender Marvin Compper, exciting young Scottish talents Lewis Morgan and Jack Hendry and the temporary registrations of sought after midfielder Charly Musonda and goalkeeper Scott Bain.

“The board is committed to a course of investment in the playing squad so as to be as competitive as we can be within the structure of Scottish football and on the European stage.”

Bankier doesn’t expect such high results the next time Celtic hold their six-month review though.

“In this period we will play fewer home fixtures and revenue from European competition will be lower,” he continued.

“Our key objectives for the remainder of the year are to win the Premiership, secure the Scottish Cup and build towards the European qualifiers in the summer.

“The club will also continue to look at ways in which to develop Celtic Park and the surrounding area to create a destination and match day experience that all Celtic fans can be proud of.”

 

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Donald Stephen

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