Celtic plc annual results for year ended June 30, 2021

Announcement of Results for the year ended 30 June 2021

SUMMARY OF THE RESULTS

Operational Highlights

• Runners up in the SPFL Premiership
• Winner of the delayed 19/20 Scottish Cup for the 4th season in a row and completing an unprecedented ‘Quadruple Treble’
• Qualification for the group stages of the UEFA Europa League
• 28 home matches played at Celtic Park (2020: 26 games)*

Financial Highlights

• Group revenue decreased by 13.4% to £60.8m (2020: £70.2m)
• Operating expenses including labour decreased by 7.6% to £74.4m (2020: £80.5m)
• Gain on sale of player registrations of £9.4m (2020: £24.2m)
• Acquisition of player registrations of £13.5m (2020: £20.7m)
• Loss before taxation of £11.5m (2020: Profit £0.1m)
• Year-end cash net of bank borrowings of £16.6m (2020: £18.2m)

* Due to the early curtailment of the 2019/20 Scottish domestic season, 4 home SPFL Premiership matches were unfulfilled.

CHAIRMAN’S STATEMENT

These results for the year ended 30 June 2021 show that revenue fell to £60.8m (2020: £70.2m) and we recorded a loss before tax of £11.5m (2020: £0.1m profit before tax). This was driven by revenue attrition and significantly lower gains on player trading, compared to the prior financial year. In the face of this adverse swing in financial performance, we are satisfied that we took sufficient and appropriate steps to mitigate the losses and control costs in the business. Our year end cash, net of bank borrowings, was £16.6m (2020: £18.2m). This gave us a base to invest in the summer transfer window as discussed further below.

The persisting trading restrictions from Covid-19 translated into lost earnings and, taking account of the seasonality in our trading, this was the key factor in the widening of our losses in the second half of the financial year. Conditions have improved markedly since the year end and we were delighted to welcome our fans back in July 2021. Although our stadium has been operating at near full capacity, recently announced Scottish Government restrictions on large venues will be a further challenge. Whilst we look forward with optimism to a more normal operating environment, we are mindful of the inherent risk of the pandemic continuing to affect public health.

The Board was delighted to welcome new manager Ange Postecoglou to the Club in June 2021. Ange is a modern, progressive coach with exciting, attacking football as his philosophy. He has received a host of prestigious coaching accolades, including being named as Australia’s PFA Manager of the decade in 2015. He has been well received by the media and our supporters.

Over the transfer window, post year end, we successfully accomplished a major overhaul of our playing squad. At the season end, we returned a number of loan players that had amplified our squad. Then we invested significant sums in the registrations of Liam Shaw, Osaze Urhoghide, Liel Abada, Carl Starflet, Kyogo Furuhashi, James McCarthy, Joe Hart, Josip Juranovic, Liam Scales, Georgios Giakoumakis plus the loan signings of Filipe Jota and Cameron Carter-Vickers. And we achieved good value from the transfer out of a number of players, notably, Kristoffer Ajer, Odsonne Eduard and Ryan Christie, who have moved on to other opportunities.

Our strategy of balancing player development and player trading is fundamental to our self-sustaining business model. In particular, the disposal of the registrations of Odsonne Edouard and Kristopher Ajer demonstrates our core strength of being able to transform young talented players into seasoned professional footballers. In turn, we invest the proceeds of these transactions back into the first team squad to enable us to continue to develop our squad and to challenge for future honours.

Dominic McKay, who was appointed CEO on 1st July 2021 chose to step down on 10th September for personal reasons. I thank Dom for his contribution over the summer and everyone at Celtic wishes him well for the future. Michael Nicholson, Director of Legal and Football Affairs, has been appointed to the Board as acting Chief Executive Officer. Michael carries the confidence of the Board, he is experienced in Celtic, highly regarded in football circles and is a most effective leader of
our executive team.

The entire season captured in the year ended 30 June 2021 was characterised by the absence of supporters in football stadiums and the huge disruption to our operations. On behalf of the Board and everyone at the Club, I thank the Celtic support for their backing and understanding last season whilst also sharing their frustration and disappointment. I must also express my gratitude to our sponsors and partners, who were also challenged by the unique circumstances. As we progress through the current season, our objective is to work with the authorities to ensure that we can continue to operate in a safe manner and in a way that facilitates our players being able to give their best and our supporters being able to attend matches at full capacity.

We look forward to the season ahead with measured confidence in both our footballing prospects and the robustness of our business model. Celtic PLC is directed by a Board of individuals with demonstrable experience both of Celtic and wider business, its operations are managed by an executive team of talented specialists led by our Chief Executive and the executive is supported by a dedicated cast of colleagues who have worked tirelessly for the Club over this most difficult financial year. I thank them all for everything that has been achieved. Celtic is in good hands.

Ian P.Bankier
September 20, 2021

 

Not a mention of Lennon or the failings on the pitch, because they couldn’t care less.

As long as we old Edouard, Ajer and Christie. Right, Ian?

 

* off Bankier

 

Also, “Celtic is in good hands” is the most passive aggressive “* you we’re not * leaving” that I’ve ever seen.

 

Just came in here to say * the board and gently remind everyone that they are incompetent * and if you don’t think so you need to get out more.

It’s all smoke and mirrors and marketing to make you think we’re some slick Wall St. outfit run by top drawer astute businessmen.

In the real world hiring and firing a CEO after 2 months would necessitate heads rolling due to gross negligence, but these incompetent * get away with it.

 

A loss was always coming, given the pandemic.

 

* you bankier and your measured confidence in our football prospects

 

The fact they put ‘Runners up in the SPFL’ as an operational highlight is everything you need to know about the board, *.

 

no mention of how much it cost to erect the fences or why they did * all when lennon was * away 10 in a row

 

Not sure why they are talking about player purchase and sales that happened after the financial date of these results.

A little baffling, almost as if they are using this to try and gloss over the fact the results (although not terrible or remotely concerning due to Covid), are a * disgrace in comparison to a few years ago and what they could be.

For reference, under Ronnie deila tiems, when we closed a stand, revenue was 52million.

Brendan Rodgers first season results, 102million.

Let that sink in.


Covid hasn't * us for 40million, this board has

However, as a plc, all they really care for is a balanced book.


*.

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Season highlights - runners up in the SPL.

Trolling much?

* scum bags.

 

Operational Highlights: “We discovered no matter how badly we treat the support you miserable * will queue to renew your tickets anyway hahahaha yasssss BOOOOOO”

 

“Celtic is in good hands”, let’s hear that from a fully independent external auditor Ian. As adding these empty words in at the end after last seasons * show on the park, show the lack of self awareness he has.

 

This just shows they clearly don’t give a flying * about the fans. The wording is * horrendous, if a operational highlight is to finish 25 points behind the zombies and to say a core strength is to sell your best players and not replace them with the same quality then it just goes to show you they will never change.

They are just interested in the bank balance and profits for bonus to their pals for doing nothing.

* hate them, glad I’m not putting mother penny in till they are all gone.

 

Abu Hamza and Jeremy Beadle have better hands than the ones Celtic is in.

 

I almost did the other week, thought considering Ange and the number of players (although not perfect) brought in, things looked positive. Was taking Dom and Ange at their words that backroom changes will be happening soon as well.

But, for some reason I kept telling myself not to bother with the new tops etc.

Few days later and the dom news breaks.
* glad I didn't.
Specially now after that statement of nonsense.



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Absolute * and drivel.

Go * yourselves you rancid, soul-sucking, Mr Burns wannabee *.

 

What absolute horseshit

Totally dissociated from fans and think thr board might be into the deludamol the huns had.

Bank books have been balanced and profits are still keeping the tory * happy.
But.....fans are being fleeced.
After a decade of dominance we crumbled and now are whimpering away trying to pass off a trophy less season as a success.

Get them to *

 

Yeah, I don’t think any sane person would use money lost from Covid as a stick to batter the board with, but certainly the rest of that utter fluff * in their accounts.

Wow…

 

I think the covid loss was not only to be expected …. But was possibly a lot less than it could have been.

Unfortunately, it will be spun elsewhere that we are in dire financial trouble due to the fact that we actually publish accounts.

I know the report is done more from a business POV and with all the jargon that goes with it… but does show little regard (if not contempt) for the paying fan.

Until we are fan owned … the plc will always be more important than the fc.