Celtic returns to profit as revenue rises 45% to £88m

Celtic plc announced that its revenue increased 45.2% to £88.2 million in the year to June 30, 2022, and profit before taxation was £6.1 million compared to a loss of £11.5 million in the prior year.

Celtic said operating expenses including labour increased by 23.4% to £91.7 million, its gain on sale of player registrations rose to £29 million from £9.4 million, and its aquisition of player registrations rose to £38.4 million from £13.5 million.

Celtic chairman Ian Bankier wrote: “An extremely welcome added bonus has been that the winner of the SPFL Premiership gained automatic qualification for the 2022/23 UEFA Champions League.

“This is the first time the champions of Scotland have achieved this in 12 years, due to an increase in Scotland’s UEFA coefficient.

“Our Champions League draw has provided us with a suite of exciting ties involving Real Madrid, Shakhtar Donetsk and RB Leipzig.

“The benefit of automatic qualification has delivered certainty over the season ahead, allowing us to back our Manager and build greater strength into the playing squad. Having signed Jota, Cameron Carter-Vickers, Alexandro Bernabei and Benjamin Siegrist in June 2022, we report a total investment in the player registrations of £38.4m for the financial year.

“Post year end, we completed the permanent signings of Sead Haksabanovic and Aaron Mooy alongside the temporary transfers of Moritz Jenz and Oliver Abildgaard.

“We continue to balance the benefits of investing in experienced players alongside younger talent with a view to developing all players’ performances on the pitch and trading when conditions are right. The successful execution of this model is a challenge but is vitally important for clubs such as Celtic.

“Our women’s team also went on to add to the SWPL Cup win in December 2021 by winning the Women’s Scottish Cup in May 2022. This cup double represents a remarkable achievement in such a short time and I congratulate Fran Alonso and his team and reaffirm our commitment to the women’s game in Scotland.

“The biggest influence on the financial and sporting fortunes of the Club is our ability to participate in European competition.

“As covered by Michael Nicholson in his report, the Champions League format will change in 2024.

“This will provide further opportunities and enhanced media rights. Our task is to be prepared to maximise the opportunities that will evolve by remaining financially strong and stable, whilst investing intelligently in the player squad, the football department and the sporting infrastructure and facilities.”