Celtic Post 47.7% Increase in Revenues
Tue 24th Sep 2013 | Money & Finance
Scottish Premier League (SPL) champions, Celtic have seen group revenues increase by an incredible 47.7% according to their latest set of accounts.
Strong on-field performances have boosted the Glasgow club’s revenues to £75.82m (2012: £51.34m) for the year ending June 30th giving them a profit before tax of £9.74m.
Winners of the Scottish Cup and progression to the last 16 of the UEFA Champions League having played six home European matches helped to boost the club’s commercial activity with the signing of a new three-year shirt sponsorship contract with Magners Irish Cider.
In his statement, Celtic chairman, Ian Bankier said, “I am delighted to report that success on the field and, in particular, our European campaign have contributed to a very successful trading period.
“These annual results show that in the year to end June 2013, turnover increased by £24.48m to £75.82m, which, after operating expenses of £62.71m, produced an operating profit of £13.10m and retained profits after tax of £9.74m, compared to a loss of £7.37m in the previous year.
“This is not only a highly satisfactory result, but represents a five-year record profit. Consistent with such a robust financial performance, our net cash at bank position at the year end was £3.76m, an improvement of £6.53m from the same time last year.
“Whilst the undoubted highlight of last season was qualifying from the group stages and playing in the last sixteen of the UEFA Champions League, it is crucial that we were able to win the Scottish Premier League title for the second time in a row and get another shot at Europe.
“The momentum we build by competing in Europe at this level in two successive years is considerable, both financially and in terms of our player pool development strategy.
“The dynamics derived from the Board’s strategy of developing the player pool, which I have been reporting on over successive statements, were employed fully throughout the financial year.
“We invested £9.66m in strengthening the first team squad, compared to £5.24m last year, and following the sales of players in the period, we made a gain of £5.19m, compared to £3.54m last time.
“Our strong financial performance has allowed us to invest funds across a number of other important areas, including the Youth Academy, with coaching staff, and the Stadium, where we have embarked upon a programme of upgrades that will be apparent this season. Our continued investment in the Youth Academy continues to deliver results at all levels, but special mention must be made of our Under 20 team, who won the league and cup double. The Academy continues to supply young players to the first team pool.”
In recognition of the financial success, Celtic have introduced a one off £100 award for all standard season ticket applications for season 2013/14, which has seen season ticket sales increase.
Group Revenue increased by 47.7% to £75.82m (2012: £51.34m).
Operating expenses increased by 15.2% to £62.71m (2012: £54.44m).
Investment in football personnel of £9.66m (2012: £5.24m).
Year end net cash at bank £3.76m (2012: £2.77m net bank debt).
Exceptional costs of £1.83m (2012: £0.54m).
Profit before tax £9.74m (2012: £7.37m loss).
Posted by: Aaron Gourley
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