Celtic makes record revenue of £102m

Celtic chairman Ian Bankier (left) and CEO Peter Lawwell

Celtic plc said it made record sales revenue of £101.6 million (2017: £90.6 million) and a profit before tax of £17.3 million (2017: £6.9 million) for the year ended June 30, 2018.

Total labour costs increased by £7.1 million to £59.3 million.

“On behalf of the board I congratulate Brendan Rodgers, his staff and the players on making history for a second successive year, achieving a historic ‘Double Treble’, a seventh consecutive League Championship and consecutive qualifications for the group stages of the UEFA Champions League …” said Celtic plc chairman Ian Bankier in a statement.

“The year-end cash net of bank borrowings was £36.1m (2017: £17.9m), which equates to a net funding position of £27.0m (2017: £13.4m) when adjusted for debt and debt like items …

“This allows the board to plan for the unexpected and manage the immediate disappointment of failing to qualify for the group stages of the Champions League.

“In my last annual report I referred to our vulnerability to the growing financial power of a number of key constituencies within the European Game.

“These circumstances are unchanged and we remain watchful of events that unfold.

“ThroughPeter Lawwell’s continued involvement in the board of the European Club Association, the Club Competitions Committee at UEFA and the Professional Football Strategy Council of UEFA, the club and the game in Scotland are well represented in this very important arena.”

Lawwell said in a statement: “Our success on the pitch this year has allowed us to commit, not only to fees for the transfer of player registrations (£16.6m, rising from £13.8m in 2017), but also to player, football management, coaching, recruitment, medical, performance, sports science and the youth academy costs.

“Total labour costs in 2018 increased by £7.1m, from £52.2m in 2017 to £59.3m (14%), largely due to increases in the football department.

“This has allowed the club to retain key football personnel including Kristoffer Ajer, Kieran Tierney, Calum McGregor, Tom Rogic and Leigh Griffiths on long term contracts.

“We continue to search the world for talented players to play the Celtic way, such as Odsonne Edouard who joined the club for a club record transfer fee.

“Player recruitment and development continues to be fundamental to the club.

“Our objective is always to bring players to the club who will improve the squad.

“Given the quality of our existing squad that is a challenging task, made more difficult by hyper-inflation in transfer fees and player salaries in the market.

“Nevertheless, our objective is to invest everything that we can into the football operation without putting the club at risk.

“For season 2018/19, everyone at the club was disappointed not to qualify for the group stages of the Champions League.

“As we shared the successes of the last two seasons, we share in that disappointment, but given the club’s strategy over many years we have financial reserves to rely upon as we continue to look to the future with ambition and optimism.”