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  • Celtic PLC annual results

    Celtic PLC annual results

    By: Newsroom Staff on 19 Sep, 2018 16:16

  • CELTIC plc today announced the results for the year ended June 30, 2018

    SUMMARY OF THE RESULTS

    Operational Highlights

    • Winner of the Scottish Domestic “Double Treble” and our seventh consecutive SPFL Premiership title

     

    • Qualified for the UEFA Champions League group stages for the second consecutive season

     

    • Finished third in the UEFA Champions League group stage, qualifying for the round of 32 of the Europa League

     

    • 32 home matches (including the Scott Brown Testimonial) played at Celtic Park (2017: 31)

     

    Financial Highlights

    • Group revenue increased by 12.1% to £101.6m (2017: £90.6m)

     

    • Operating expenses including labour increased by 14.1% to £87.1m (2017: £76.3m)

     

    • Gain on sale of player registrations of £16.5m (2017: £2.3m)

     

    • Acquisition of player registrations of £16.6m (2017: £13.8m)

     

    • Profit before taxation of £17.3m (2017: £6.9m)

     

    • Year-end cash net of bank borrowings of £36.1m (2017: £17.9m)

     

    • Year-end net cash, net of debt and debt like items, of £27.0m (2017: £13.4m)

     

    CHAIRMAN’S STATEMENT

    These results, which declare record sales revenue of £101.6m (2017: £90.6m) and a profit before taxation of £17.3m (2017: £6.9m), reflect a financial year in which everything went well. 

    On behalf of the Board I congratulate Brendan Rodgers, his staff and the players on making history for a second successive year, achieving a historic “Double Treble”, a seventh consecutive League Championship and consecutive qualifications for the group stages of the UEFA Champions League.   Everything that happens on the pitch is supported across the Club and I also congratulate the executive management team and all the staff at the Club. 

    The Board considers that the Group’s proven strategy of investment in football operations, whilst maintaining a self-sustaining financial model, has provided a stable platform for the success enjoyed in the year under review.  This approach remains entirely appropriate for us, as we seek to continue to deliver football success and, in turn, shareholder value. 

    The year-end cash net of bank borrowings was £36.1m (2017: £17.9m), which equates to a net funding position of £27.0m (2017: £13.4m) when adjusted for debt and debt like items (as defined in the Summary of the Results). This allows the Board to plan for the unexpected and manage the immediate disappointment of failing to qualify for the Group Stages of the Champions League. 

    In my last annual report I referred to our vulnerability to the growing financial power of a number of key constituencies within the European Game.  These circumstances are unchanged and we remain watchful of events that unfold. Through Peter Lawwell’s continued involvement in the Board of the European Club Association, the Club Competitions Committee at UEFA and the Professional Football Strategy Council of UEFA, the Club and the game in Scotland are well represented in this very important arena. 

    During the year, we made prudent and considered investments in our infrastructure at Celtic Park, including the completion of a new playing surface to suit the manager’s desired style of play, new LED floodlighting to comply with the UEFA elite requirements and an updated sound system. Celtic Park’s reputation as one of the foremost football arenas in the world, with our supporters recognised as the best in the world by FIFA, is something we can all be proud of. 

    The Club continues to support the important work of Celtic FC Foundation and we all share the same sense of pride in the generosity of Celtic supporters, which the Foundation harnesses to help so many people at home and abroad.  It is often said that Celtic is a club like no other and the efforts of Celtic supporters and the Foundation is the best example of that.

    I thank all of our supporters, shareholders, sponsors, partners and colleagues for their contribution to another successful year for the Club.  We will continue to work together to develop our club for the long term.

    Ian P Bankier          

    Chairman

    September 19, 2018

    To read the full Celtic plc results, click HERE

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