Bankier hails 'strong' results
Off-field display helps Celtic post £24.4m six-month profit
Celtic have dominated domestically (pic: SNS Group)
Kieran Tierney’s transfer to Arsenal helped Celtic post a pre-tax profit of £24.4 million for the last six months of 2019.
The defender’s £25m switch helped the club post what chairman Ian Bankier called “strong results”, the profit showing an increase of £5.6m on the same period for the previous 12 months.
Revenue was also up over £3m from £50m to £53.3m, with cash in the bank sitting at £32.9m, down from £38.6m.
Failure to quality for the Champions League group stages was offset by an impressive Europa League campaign, Celtic winning their group with a game to spare. The Parkhead side also continued their domestic dominance with a tenth trophy in a row with victory in the Scottish League Cup Final.
Welcoming the interim figures, Mr Bankier said: “I am pleased to report another strong set of interim results, for the six months ended 31 December 2019.
“Whilst the financial results were absent of the enhanced income associated with Champions League Football for a second year, the overall financial performance improved.
“In addition to significant gains from player sales, the underlying trading remained buoyant through revenues from commercial arrangements, match day sales, hospitality and merchandising.
“The profit on disposal of intangible assets recognised in the period amounted to £23.0m (2018: £17.6m). A key contributor was the sale of Kieran Tierney to Arsenal FC.
“The Board is keenly aware of the inherent volatility that exists in football and continues to adopt the self-sustaining financial operating model that has delivered stability and the all-important objective of football success.
“We will continue to pursue this strategy, whilst balancing the key short-term objectives of retaining the SPFL Premiership title, the Scottish Cup and advancing in Europe.
“As in previous years, our trading seasonality dictates that the financial performance in the second half of the financial year ended June 2020 will most likely be lower than the first half, owing to playing less home matches and the expectation of receiving less distributions from UEFA competition.”