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  • Celtic plc results

    Celtic plc results

    By: Newsroom Staff on 12 Sep, 2014 16:03

  • Celtic PLC have today announced results for the year ended 30 June 2014.

    SUMMARY OF THE RESULTS

    Operational Highlights

    • Winners of the SPFL.
    • Participated in the UEFA Champions League, having played 6 home European matches (2013: 6).
    • 28 home matches played at Celtic Park (2013: 30).
    • Scottish Cup Final and SPFL League Cup Final held at Celtic Park.
    • The Celtic Way officially opened in May 2014.
    • Successful hosting of the Commonwealth Games opening ceremony

    Financial Highlights

    • Group revenue decreased by 14.6% to £64.74m (2013: £75.82m), in part due to the £100 reward on season tickets. 
    • Operating expenses (excluding exceptional operating expenses) decreased by 4.5% to £59.89m (2013: £62.71m). 
    • Investment in football personnel of £8.07m (2013: £9.67m). 
    • Year end net cash at bank £3.83m (2013: £3.76m) 
    • Exceptional costs of £4.66m (2013: £1.83m).
    • Profit before tax £11.17m (2013: £9.74m).
    • New long-term bank facility agreement.

    CHAIRMAN’S STATEMENT
    This pleasing set of annual results arise principally because we have enjoyed a second consecutive season winning our home league and participating in UEFA Champions League football, together with an increased contribution from the disposal of player registrations during the year. The momentum accumulated from two such seasons has placed us in a strong financial position going forward. I pay tribute to Neil Lennon and his management team, who left the Club in May, and thank them for their contribution and the success achieved during their time with the Club.

    Whilst the short-term objectives of the Company are dominated by our day-to-day success as a Club on the park, the chief role of the Board is to ensure that the long-term future of the Club, and the Company, is secured. Ensuring the long-term security of this Club is a process of maximising the potential of the present and managing the risks of the future. The Board is highly conscious of the financial environment in which we play football here in Scotland. The harsh reality is that the total income from broadcasting rights available to the Scottish game is a tiny fraction of what is available to our neighbours in England. 

    Within this context and in the face of these hard facts, the Board has evolved the strategy that the Club, financially, has to adopt a self-sustaining model. In plain words, we have to live within our means. We cannot spend money that we don’t have. This is the only way to discharge our fundamental duty to protect the future of this great Club for our fans and for future generations of Celtic fans. Despite all of this, we share the fans’ disappointment over the failure to qualify for the group stages of the UEFA Champions League this year.

    Obviously, we work very hard to employ the funds we have to allow the manager and the team to produce the best football results they can. We do our utmost to acquire the best players we can within our financial constraints and the manager and the football operation use their best efforts to develop these players along with the talented players produced by our Youth Academy. We fully support our Chief Executive and his team as they manage this delicate and often difficult balance.  There is no other way to manage a sustainable football club in Scotland.

    As a result of these constraints, we are committed to improving the football environment in which we play. We are represented at the highest levels of Scottish and European football by our Chief Executive, who is a board member of the European Club Association and the Scottish Football Association as well as being a member of the Professional Game Board of the Scottish FA, and by our Financial Director, who is a board member of the Scottish Professional Football League and a member of the European Club Association’s Finance Committee. 

    This year also saw the creation of Celtic FC Foundation, the merger of Celtic Charity Fund and the Company’s Community Foundation Department to become a new, stronger charity with a wider role and greater reach. In keeping with the charitable principles and heritage of the Company, we are delighted to support Celtic FC Foundation as it delivers change and purpose to the Celtic Family and beyond. 

    The Foundation’s priority is to provide assistance to those who face daily challenges within its key priority areas: health; equality; learning and poverty. In addition, support is offered in the form of delivery and/or partnership to external charities and other organisations who offer value in the community and whose principles fit within these key priority areas. 

    As we look forward to the year to come, I am delighted to welcome Ronny Deila to Celtic. The Board is fully supportive of the philosophy and long-term approach of the coaching team. We look forward with anticipation to the development of a new team on the pitch that will, no doubt, feed from the passion and dedication of our supporters, and to the continued development of the Club to maintain stability and success for the long term.

    I thank each and every one of our fans, sponsors, partners and shareholders for their continuing commitment to this great institution.

    Ian P Bankier
    12 September 2014
    Chairman


    Full results, click HERE

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