Champions League Revenue Boost For Celtic
Tue 12th Feb 2013 | Money & Finance
Celtic Football Club have increased turnover by 71.0% according to their latest interim report for the six months to December 2012.
The uplift in the club’s accounts, attributed mainly to qualification to the last 16 of the UEFA Champions League, has seen Celtic’s revenues increase to £50.06m from £29.27m over the same period in 2011.
As a result, net bank debt stood at £0.13m (2011: £7.05m) making the current SPL leaders virtually debt free.
In his statement, Chairman Ian Bankier, said, “The revenues generated by the team’s success in Europe this year have significantly impacted our half year results, with turnover increasing to £50.06m, a 71% improvement over the previous year.
“Celtic’s achievements, both domestically and in Europe, have had a similarly positive effect on merchandise and ticketing income, notwithstanding the current difficult economic climate.
“The results on the park and additional matches produced an increase in operating expenses to £36.96m and our profit from trading, before asset transactions and exceptional operating expenses, was £14.94m - a significant uplift on last year’s figure of £0.18m for the same period.”
Celtic’s impressive performances in the Champions League, with a victory over Barcelona, have increased the club’s international exposure in what has been a difficult year for Scottish football.
“The club’s international reputation and standing received a substantial boost,” Bankier added. “This success had a major bearing on our financial performance in the period under review.”
Celtic have continued to make investments in the playing squad and support services investing £4.65m in strengthening the first team squad.
“We have a talented first team pool, with a strong emphasis on youth. Our scouting and player identification processes continue to bear fruit, and our investment in state of the art medical and sport science facilities at Lennoxtown has contributed to optimising performance.
“Similarly, the ongoing strategy of investing in our Academy is yielding its own benefits as we remain committed to finding, coaching and developing Champions League quality players.
“Such investment and player development initiatives have further enhanced profitability, with a profit from transfer activity of £5.2m, largely as a consequence of the sale of Ki Sung Yueng to Swansea, in comparison to £3.15m last year.
“The improvement in trading has impacted on our period end net bank debt, which stood at £0.13m, nearly £7m less than at the same point last year, well within the Company’s facilities.
“Our success on the park and the maintenance of our robust business model has provided stability in a challenging environment.
“The second half of the 2012/13 financial year is expected to follow a similar trading pattern to recent years, but buoyed by onfield success including participation in the UEFA Champions League.”
Posted by: Aaron Gourley
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