Europeangamessend Celtic profits soaring
CELTIC have announced profits of £21.4million in the six months up to the end of last December.
Figures announced to the Stock Market show the club’s revenue rocketed by 94.7 per cent on the same period in 2015 to £61.2m, up from £31.4m.
Profit from trading in the same six-month period in 2015 was £1.6m. Celtic’s involvement in the lucrative Champions League and the impact of new manager Brendan Rodgers on season ticket sales and a general feelgood factor around the club will largely account for the soaring figures.
It recorded a further £2m profit through the sale of players.
The scale of Celtic’s improved financial performance can be seen with a comparison to the previous year where the sale of key player Virgil van Dyke accounted for the lion’s share of its cash.
Chairman Ian Bankier said: “I am pleased to report on our interim results for the period ended 31 December 2016. These show revenue of £61.2m (2015: £31.4m) and a profit from trading of £21.4m (2015: £1.6m).
“Overall this resulted in a profit before taxation of £18.6m (2015: £11.7m) and a period end net cash at bank of £18.6m (2015: £7.7m).
“From a financially stable base at the year end, during the summer transfer window we invested £9.5m (2015: £6.1m) in the playing squad with the acquisition of the registrations of Scott Sinclair, Moussa Dembele, Kolo Touré, Christian Gamboa and Dorus de Vries.
“Our profit on disposals of intangible assets of £2.0m (2015: £12.6m) largely reflects the transfer of the registration of Stefan Johansen to Fulham.
“Subsequently, during the January 2017 transfer window, we have invested further by acquiring the registration of Eboue Kouassi.”
He added the club continues to seek to influence developments in domestic and European football through representation on the board of the Scottish Professional Football League, the European Club Association Executive Board and the Uefa Club Competitions Committee.”