Bonanza – the Celtic Accounts episode!
Celtic’s financial results for the year to 20 June 2023 were released this evening and showed income grew to a new peak of £119.9m, up from £88.2m the previous season. That 35% leap is largely (though not exclusively) a consequence of the club returning to Champions League football in September 2022.
The bank balance was an incredible £72.3m, up £42m on a year earlier. For some perspective, three years ago the club’s annual income was £12m less than our bank balance was on 30 June. Profit after tax was £33.332m (up from £5.849m) – and yes, we pay our tax.
Chairman, Peter Lawwell, wrote, “Our successfully proven strategy has delivered stability and footballing success over many years and remains the same. We must balance the signing of players that can be developed and sold when conditions are optimal alongside the need to sign players who are able to make an immediate impact and deliver footballing success.
“The execution of this strategy is increasingly challenging owing to wage and transfer inflation, but this formula has underpinned both our footballing success and financial stability over a number of years now and it is vital that we adhere to it.”
Chief executive, Michael Nicholson, noted, “As we continue to develop our Club for the future, we are aware of the ongoing turbulence and uncertainty in the economy and the challenges presented for our business, our partners and our supporters.
“Our model seeks to balance our commitment to football success with the crucial importance of financial sustainability.”
And added, “Finally, our thanks go to our supporters for your commitment and invaluable contribution to the Club. Your continued support is vital in delivering the success that we all strive for each year.”
These are (frankly) incredible financial results, achieved during a year the club delivered the 8th treble in our history and fifth in seven seasons. A significant portion of our resources will pay for infrastructure projects at Barrowfield and Lennoxtown. I would like a roof on Celtic Park (they have them in Warsaw, why not Glasgow?), but we will have to wait for that. We’ll dig deeper into the accounts tomorrow.