Celtic half year revenue up 17% to £71.5m

Celtic chairman Ian Bankier (left) and CEO Peter Lawwell

Celtic plc said its revenue increased 16.8% to £71.5 million and profit before tax edged higher to £19.5 million in the six months to December 31.

Period end net cash at bank rose to £30.9 million compared to £18.6 million at the same time last year.

Celtic chairman Ian Bankier said: “We are delighted with the sustained period of success on the pitch, as Brendan Rodgers, his backroom team and the players have built on their achievements of last season. 

“They are to be congratulated on qualification for the group stages of the UEFA Champions League for a second successive season, for retaining the League Cup and for the record breaking 69 game domestic unbeaten run. 

“At the time of writing, we sit eight points clear at the top of the Scottish Premiership and, as we continue to progress in the Scottish Cup, we retain the prospect of winning an historic back to back domestic treble.

“During the period we secured the permanent registrations of Olivier Ntcham and Kundai Benyu, and the temporary registration of Patrick Roberts.  

“Our profit on disposal of intangible assets of £0.5m (2016: £2.0m) largely reflects the transfer of the registrations of Gary Mackay Steven and Saidy Janko. 

“Subsequently, during the January 2018 transfer window, we have invested further by acquiring the permanent registrations of experienced German Bundesliga defender Marvin Compper, exciting young Scottish talents Lewis Morgan and Jack Hendry and the temporary registrations of sought after midfielder Charly Musonda and goalkeeper Scott Bain.

“The board is committed to a course of investment in the playing squad so as to be as competitive as we can be within the structure of Scottish football and on the European stage. 

“With our full support and encouragement, Brendan seeks to enhance the squad by the careful acquisition of quality players and the development of existing players and young talent coming up from our Youth Academy.

“Youth Academy graduates James Forrest, Kieran Tierney, Michael Johnston, Callum McGregor, Calvin Miller and Anthony Ralston have all contributed to the first team this year. 

“Furthermore, we were delighted to agree an extended contract with Kieran Tierney, who has captained Celtic and his country during the season.

The board is also pursuing initiatives to enhance the club’s assets at Celtic Park, so as to aid our playing competitiveness, as in the case of the recent pitch improvements, and to develop and commercialise the space we occupy, as in the case of our recent planning application for a hotel, retail store and museum.

“The board’s investment policy, nonetheless, recognises the uncertainty inherent in football, and our long held strategy of operating a self-sustaining financial model. 

“Looking forward, and entirely in line with our trading seasonality, we do not expect the same level of financial performance in the second half of the year. 

“In this period we will play fewer home fixtures and revenue from European competition will be lower. 

“Our key objectives for the remainder of the year are to win the SPFL Premiership, secure the Scottish Cup and build towards the European qualifiers in the summer. 

“The club will also continue to look at ways in which to develop Celtic Park and the surrounding area to create a destination and match day experience that all Celtic fans can be proud of.”