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Bankier: 'We must live within our means'

Celtic pay price of European failure with slump in profits

CelticCeltic paid the price of failure in Europe’s top football tournament as its half year pre-tax profit slumped from £21.3 million in 2013 to £6.6m last year.

The club’s participation in the second-tier Europa League as opposed to the European Champions League was a big reason for a 30%  fall in revenue from £44.8m to £31.3m. Profit on player transfers also fell from £167.5m to £7.1m.

As in previous years, the second half is expected to be more challenging in terms of financial performance, said chairman Iain Bankier in a statement to the London Stock Exchange. This is a result of fewer home matches scheduled and no certainty on any further gains on the disposal of player registrations.

Mr Bankier said its strategy remains to live within its means. ” The football environment in Scotland continues to be challenging and we must operate within it in a fashion that does not unduly risk the long term future of this great Club,” he said.

“Our key focus for the remainder of the year will be to build on the progress we have made in the first half of the season and to deliver silverware from competing in the three domestic competitions and remain competitive in the UEFA Europa League.  Furthermore, we will continue to develop our squad for the challenges of qualifying for European competition in the summer.

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