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  • Celtic plc results

    Celtic plc results

    By: Newsroom Staff on 11 Sep, 2015 16:23

  • Celtic PLC

    Announcement of Results for the year ended 30 June 2015

    SUMMARY OF THE RESULTS

    Operational Highlights

    • Winner of the SPFL Premiership
    • Winner of the Scottish League Cup
    • Participated in the UEFA Europa League, qualifying for the round of 32 stage, playing 7 home European matches (2014: 6)
    • 29 home matches played at Celtic Park (2014: 28)
    • Successful hosting of the Commonwealth Games Opening Ceremony and SFA International matches
    • New commercial sponsorship agreements with New Balance and Dafabet
    • Completion of the highly acclaimed Celtic Way and Stadium Branding

    Financial Highlights

    • Group revenue decreased by 21.1% to £51.08m
    • Operating expenses decreased by 11.1% to £53.27m
    • Exceptional costs of £0.74m (2014: £4.66m)
    • Gain on sale of player registrations of £6.77m (2014: £17.05m)
    • Loss before taxation of £3.95m (2014: profit of £11.17m)
    • Year-end net cash at bankof £4.72m (2014: £3.83m)
    • Investment in football personnel of £9.42m (2014: £8.07m).

    CHAIRMAN’S STATEMENT

    These results, which show an operating loss of £3.6m compared to a profit of £11.8m last year, reflect two key factors.  First, lower contribution from the sale of player registrations, and second, diminished income from competing in the UEFA Europa League competition.    The lower contribution from the disposal of player registrations was as a result of the Board deciding to retain certain registrations to aid and enhance value for the football operations.

    The Board remains committed to ensuring that the medium and long-term future of the Club, and the Company, is secured.  Having regard to the environment in which we continue to operate, the Board’s belief in a self- sustaining financial model has not waivered.  We believe that there is no other sensible way to operate.  The model is designed to protect the Club from the inherent unpredictability of football.   Although the Board is very disappointed not to have secured qualification for the Group Stages of the UEFA Champions League for season 2015/16, that failure does not put at risk the continued operation of the Club.  We are confident that our model provides a platform for improved financial performance in the year to 30 June 2016.

    The Club’s strength and stability off the pitch allows us to give full support to the Football Manager in securing his transfer targets, whilst at the same time continuing to invest in the Youth Academy that will develop our young players for the first team.  Disappointed at the outcome of the Champions League qualifier, we look forward with optimism to the season ahead.  We wholeheartedly support Ronny Deila and his support staff as they strive to make Celtic stronger on the pitch. 

    Meanwhile, the Club remains engaged and represented in the Scottish and European game.  Peter Lawwell, our Chief Executive, has recently been re-elected on to the board of the European Club Association.  In addition, for the forthcoming season Peter remains a member of the board of the Scottish FA and the Association’s Professional Game Board.  Our Financial Director, Eric Riley, remains a member of the board of the Scottish Professional Football League for the season ahead.  Our representation at these levels gives us the facility to continue to explore ways in which the football environment in which we operate can be enhanced. 

    It is important in the context of this short statement that I should note the achievements of Celtic FC Foundation, which upholds and promotes the charitable principles and heritage of Celtic Football Club.  The Foundation is now involved in more educational, community and charitable work than at any time in the Club’s history.  The Foundation assists those who face challenges, both at home and abroad, in Health, Equality, Learning and Poverty (HELP) and, on behalf of the Board, I congratulate all those involved, whether it be by giving their time or their money, or both, to support the Foundation.

    The success of Celtic is dependent on the ongoing support of our colleagues, fans, sponsors, partners and shareholders; the Board is grateful for that support and is committed to promoting and maintaining that success for future generations. 

    Ian P Bankier, 11 September 2015, Chairman

     

    CHIEF EXECUTIVE’S REVIEW

    The year to 30 June 2015 was a period of transition for Celtic. Ronny Deila’s first season as manager had successes, with Celtic winning the double of the Scottish Premiership and League Cup and progressing to the last 32 of the UEFA Europa League, as well as disappointments, most notably in failing to qualify for the UEFA Champions League Group Stages and losing in the semi final of the Scottish Cup. 

    Off the pitch, it was also a challenging year.  Our decision not to transfer certain players registration during the period, together with failure to progress in the UEFA Champions League, have had a significant impact on revenues and profits. 

    Our core strategy remains focussed on a football operation with a self sustaining financial model and relies upon: the youth academy; player development; player recruitment; management of the player pool; and sports science and performance analysis, to deliver long term sustainable football success. The Board reviews our strategy on an ongoing basis and, having regard to the environment in which we play, considers that it will continue to deliver stability, growth and success for Celtic.  Notwithstanding the decline in revenues and profits, at the end of the financial year our cash at bank position had increased slightly to £4.72m (2013:£3.83m).  This is essential given the challenges of operating in the Scottish football environment and our fluctuating cash requirements during the year to come.  Celtic has strong foundations upon which to build.

    Last season, the Club won the SPFL Premiership, finishing 17 points ahead of closest rivals Aberdeen, and beat Dundee United in the Scottish League Cup Final. But for losing in the semi-final against Inverness, we may also have gone on to compete in the Scottish Cup Final, coming close to a domestic treble in Ronny Deila’s first season in charge.  The margins in football are very thin and games can turn on a single incident.  Initial results in Europe were disappointing, exiting the UEFA Champions League before the group stage against NK Maribor. In the UEFA Europa League, however, our performances and results improved, leading to qualification from our group.  Our performances against Inter Milan were very promising.

    It is particularly pleasing to note that our Youth Academy, which is so important to the ethos of the Club, enjoyed another successful year.  Our teams experienced domestic successes, including the U17’s League and winning both the Youth Cup and the Glasgow Cup against Rangers.   Our Development Squad also participated in the inaugural Premier League International Cup, gaining vital experience against the best academies in the English Premiership and Europe.  Although the development of the players is paramount, the team performed very well and were unlucky to lose to Manchester City in the quarter finals. 

    During the year we were delighted to see the continued emergence of first team players from the Academy squads, like Callum McGregor, Eoghan O’Connell, Liam Henderson and Kieran Tierney, which is vital to the future success of the Club.  The development of the partnership between the Academy and St. Ninian’s High School is a cornerstone of the Youth Academy as we combine the development of talent on the pitch and in the classroom with the target of producing Champions League players with the skills to progress in football and in life. 

    The redevelopment of Celtic Park and surrounding areas was completed in time for the Opening Ceremony of the Glasgow 2014 Commonwealth Games.  I am sure that all Celtic supporters shared my pride as Celtic and our great stadium were broadcast around the world.   We are continuing to build on that exposure and the addition of the new Paradise wrap around Celtic Park over the summer has raised the stadium to a new level, creating a truly iconic structure.

    The Board and I shared the disappointment of our supporters, football management team, players and all involved with the Club at the poor result in Malmo.  Ronny and his coaching team are continuing to build their team and the Board will continue to support them in the transfer market and in the development of the football operation generally. The Board’s commitment remains to re-invest every penny received back into the Club for the longer term. Ronny is delighted with the development of the squad in the January and summer transfer windows, with his primary signing targets acquired.  Our squad mixes exciting young players, both from our Academy and from across Scotland and Europe, with experienced internationals.  As Ronny develops his players and creates our team, we look forward to the forthcoming season with confidence. 

    My colleagues at the Club and I are dedicated to creating a world class football club.  Everything that we do, we do to achieve the best for Celtic.  Charity forms a fundamental aspect of the club that we aspire to create.  Charity lies at the very heart of Celtic; it is part of our DNA.  I am delighted to say that the Club and its supporters does more now than we ever have done for charitable purposes, most notably Celtic FC Foundation, which continues to grow from strength to strength and to inspire all those involved with it.   The continued commitment of our supporters, shareholders and partners is crucial; I thank you for that commitment, which we will do all that we can to repay.

    Our objectives this year remain success in all three domestic competitions and in the UEFA Europa League, playing creative and exciting football. We will continue to build on the foundations that have been laid and focus on qualification for the group stages of the UEFA Champions League, which is where this great club belongs. 

    Peter Lawwell, 11 September 2015, Chief Executive

     

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