CELTIC plc have released the Interim Report for the six months to December 31, 2012

Celtic plc Interim Report 2012
By: Newsroom Staff on 11 Feb, 2013 15:25
CELTIC plc have released the Interim Report for the six months to December 31, 2012.

Operational Highlights
• Progression to last 16 of the UEFA Champions League.
• Currently top in the Clydesdale Bank Premier League.
• Continued participation in the Scottish Cup.
• Announcement of new shirt sponsorship deal with Magners commencing 1 July 2013.

Financial Highlights
• Turnover increased by 71.0% to £50.06m (2011: £29.27m).
• Operating expenses increased by 30.2% to £36.96m (2011: £28.39m).
• Profit from trading of £13.10m (2011: £0.88m).
• Profit on disposal of intangible assets £5.20m (2011: £3.15m).
• Profit before taxation of £14.94m (2011:£0.18m).
• Period end net bank debt of £0.13m (2011: £7.05m).
• Investment in football personnel of £4.65m (2011: £4.44m).
• 19 home fixtures (2011: 16).

CHAIRMAN’S STATEMENT
I am pleased to report on our financial results for the six months ended 31 December 2012. The introductory page to these interim results summarises the main highlights.

On the pitch it has been a memorable and highly successful period. We started the new season as Scottish Premier League Champions and, since then, we have enjoyed impressive results. At the time of writing, we have a healthy lead in the race to retain our Premier League title and we remain in the Scottish FA Cup.

Of greater significance, though, has been the achievement of qualifying for the last 16 of the UEFA Champions League, the undoubted highlight being our victory over Barcelona at Celtic Park in November. Celtic surpassed the expectations of many by progressing into the competition’s knockout stages from a very tough group. Furthermore, the club’s international reputation and standing received a substantial boost. This success had a major bearing on our financial performance in the period under review.

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.

As in previous years, we continue to make investments in the playing squad and support services. The management of the playing squad is an important aspect of our business model. In the period under review we invested £4.65m in strengthening the first team squad, and added to this in the January transfer window.

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. Nevertheless, we have managed to strike a prudent balance between trading successful, valuable assets and retaining key talent to enhance our prospects of football success. Our financial strength meant that we were able to retain all our key players through the January transfer window and further enhanced our squad with the signing of Rami Gershon, Tomas Rogic and Viktor Noring.

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.

Scottish Football has recently endorsed proposals to restructure our domestic league system, with the aim of generating additional interest and revenue for the benefit of fans and member clubs alike. Celtic has been happy to support initiatives it sees as being in the best interests of the Club and of the Scottish game in general.

Off the field, the Club marked its 125th Anniversary in November with a celebratory event held at St Mary’s Church in Glasgow’s Calton where the inaugural meetings that led to the Club’s formation occurred in 1887. In addition, the Celtic Charity Foundation launched an associated fund raising campaign aimed at increasing donations raised for worthy causes.

In conclusion, I would wish to pay tribute to Neil Lennon and his backroom staff, all of the players and all of the Directors, management and staff at the Club who work tirelessly to maintain the standards for which Celtic is rightly renowned. And finally, I would like to thank the fans, who have continued to show their unswerving support at a particularly turbulent but exciting time in our history.

Ian P Bankier
Chairman
February 11, 2013

Full report here http://www.celticfc.net/downloads/SE_notifications/Interim_Results_2012.pdf

 

the board are doing a great job

 

Excellent stuff. That is great reading

 

Makes some * fine viewing that.
We really need to maintain regular champions league appearances though so we can keep attracting players and hopefully keep our talented team together (or most of them).

 

Only 5m for the sale of Ki? Maybe more coming in add-ons etc.

Who do you reckon the £4.65m transfer fee's went on? I'm thinking -

-2.5m on Forster
-1.0m Efe and the rest in the loan fee's for Miku and Kamenar?

 

I don't get the 71% rise, I must say - was 29....went up 21....how is that 71%

Obviously good reading - am hopeful that CL money from tv etc is still to come through the coffers as well, to further boost things.

 

Fantastic

 

21 is 71% of 29.

 

Excellent iterim report with very impressive figures which shows we really are doing things the right way. The future is looking bright and long may it continue.

 

Irrelevant * from Rangers batted out of the park as usual by Celtic and the Unseen * Hand.

 

Fantastic reading that, shows we're a club that's definitely being run in the right way. Long may it continue.

 

This is really good news!

And we kept getting told we needed them!

Well done Lenny I say!

 

Good news

 

This is really good news!

And we kept getting told we needed them!

Well done Lenny I say!

And of course when you look at the squad value of most of our players it is quite fantastic what we have achieved in the last few years!

Hail Hail!

 

Everybody at the club deserves a real pat on the back for contributing to the success of the club, from those at the executive level to the playing staff, the support staff and right through at the academy.

Well done Celtic.

 

Armageddon eh?

Fantastic read, everyone involved with Celtic should be immensely proud.

Good to see that we're virtually debt free too.

 

Armageddon eh? :smiley-laughing002:

 

This latest propaganda document from Peter Liewell just demonstrates how totally Celtic's finances have collapsed in the absence of Rangers.

[ ah right... yes, of course ] And not, indeed, in the absence of Rangers... but the... eh... glorious strategic retreat.

The tarriers are clearly now reduced to relying on excessive profits to keep their heads above water.

And with all the costs incurred, Champions League qualification could well be the worst thing that could have happened to them.

Make no mistake, they are on the ropes, and when they come crawling to Rangers to arrange a friendly match, or small trophy competition, we will... [ what? that wiz our idea? ] we will... [ passage removed at insistence of Sevco's lawyers ]

 

Armageddon Timmy