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.
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AN DÚN on 18TH SEPTEMBER 2023 8:28 PM
Genuinely shocked at the accounts.
Record revenue was expected but that cash balance is breath taking.
Off the top of my head, I can’t think of another business yet alone a football club that has the equivalent of over 50% of their annual revenue in cash reserves.
——————-the highest value tech companies hold combined trillions in cash invested in bonds etc until they decide what to do with it.
millions of billions.
celtic plc can now make 5% easy on that $70m, and a new revenue stream opens up,
” alongside the need to sign players who are able to make an immediate impact and deliver footballing success.”…………in Europe ?
Maybe in future transfer windows?
gene @ 6.25
Going by their current share price of $19.50 on the NYC Stock Exchange Manchester United are worth around $3.17 bn. The share price will drop further with no prospect of the Club being sold in the short run. My advice to anyone holding shares in Manchester’s second club would be to Sell, Sell, Sell!
“TOM MCLAUGHLIN on 18TH SEPTEMBER 2023 8:34 PM
24 hours before our first CL group match of the season and so-called supporters talking about us being “shite in Europe”.
That’s the spirit.”
I have litle doubt that the majority of those people want Celtic to win but I could never call any of them ` supporters`.
By jove, you fellows like to argue. I’m just glad I’m a shallow old drunk.
On the Celtic football front well if we were playing AZ we would be confident of doing well against them, less so against Feyonoord. And yet AZ are closer to the top of their league.
A new keeper some say.
I think the new revitalised , keep it simple, do what your good at Joe Hart is like a new signing.
Hopefully I’m proven right tomorrow.
As a team, No more underachieving
In Brendan we trust.
HH.
BIGRAILROADBLUES
By jove, you fellows like to argue. I’m just glad I’m a shallow old drunk.
Naw ye urnae.
Hope Nat Philips is fit enough to play as part of a back three. Our counter attack tomorrow a la the 2nd half at Ayebrokes, should be based around three players, Maeda, Kyogo and Johnson with the hope that one one of our midfielders can support any counters we do manage.
Saint Stivs on 18th September 2023 8:36 pm
AN DÚN on 18TH SEPTEMBER 2023 8:28 PM
Genuinely shocked at the accounts.
Record revenue was expected but that cash balance is breath taking.
Off the top of my head, I can’t think of another business yet alone a football club that has the equivalent of over 50% of their annual revenue in cash reserves.
——————-the highest value tech companies hold combined trillions in cash invested in bonds etc until they decide what to do with it.
millions of billions.
celtic plc can now make 5% easy on that $70m, and a new revenue stream opens up,
—-
Cash invested in bonds does not equate to cash held.
If we want to invest this money on the bonds or equities markets then fair enough.
At the moment, it’s cash.
CELTIC MAC
On the Celtic football front well if we were playing AZ we would be confident of doing well against them, less so against Feyonoord. And yet AZ are closer to the top of their league.
Agreed. I have already stated on here that Feyenoord are no mugs but effectively they are a pot 3 team who got into pot 1 through the back door.
I don’t believe Celtic will lose tomorrow.
Tam
I’ve spent a lifetime perfecting my shallowness. How dare you question me. Anyways, are you up for a meet soon in Embra, next week?
BIGRAILROADBLUES
Definitely. This time for sure.
BIGRAILROADBLUES
Are you talking Edinburgh or Shipbank?
TOM MCLAUGHLIN on 18TH SEPTEMBER 2023 8:34 PM
24 hours before our first CL group match of the season and so-called supporters talking about us being “shite in Europe”.
That’s the spirit.
The floor is yours,detail our good European results in the last decade….
Gents / Ladies /Tim’s …..just chilling with a cheeky cognac listening to the magnificent Paul Buchanan…Life is sweet …bottom line is this …We are in love with a club like no other ( and a very profitable one at that ) …and we all still be on Thursday morning regardless of the result …let’s enjoy the ride and give thanks to those long gone Tim’s …who passed us the gift 🍀
HS- you can still support the club, as I do, and question whatever you want.
Tam
Wednesday 27th suit? Or you could come through to Ayr to meet iniquitousiv, BMCUWP, CoseyCornerBhoy et al in the market inn on the 28th. Or the Shipbank Shipwrecks on the 29th?
And we all still will be on Thursday ….of course 😎
The Gift ….the generational love of Celtic ..,a terrible beauty was born ..,from the cradle to the grave 🍀
Think I’ve got a full diary for next week. Haven’t a fooking clue where I’m supposed to be though. 😂
BADA BING
The floor is yours,detail our good European results in the last decade….
We won a Europa League group fairly recently, beating Lazio home and away.
But that is not the point. 24 hours before a massive CL game, you’re calling Celtic “shite in Europe” based, by your own admission, on past results.
Pathetic.
Cash invested in bonds does not equate to cash held.
If we want to invest this money on the bonds or equities markets then fair enough.
At the moment, it’s cash.
—————
good glad you agreed we should put it into fixed rate returns, and spend it later, all very predictable for future revenue returns,
excellent.
Saint Stivs on 18th September 2023 9:39 pm
I do not know what interest rate we’re getting – it will be below the rate of inflation though.
I trust our board will utilise this cash much more effectively than keeping it in a cash account long term.
Not played a game yet,
Celtic shite in Europe”
“Should have signed Mc Kenna”
“Gut the Stand”
“Build a roof” !!!!!!!
“Tickets too dear”
“No keeper,LB signed”
On the 20 million being spent on Barrowfieldand Lennox town,nothing.
All on a day we confirm record profits,and the clubs future financial security.
Turkeybhoy
Surely we want discussion on the blog or maybe just a well done would suffice and keep our opinions to ourselves.
The facilities in the main stand are a disgrace -fact
I can’t see where £20m will be spent on barrowfield and lennoxtown.
Off to bed
You’d like a roof?
I’d settle for a view of a screen and a speaker that works in section 123.
But that is not the point. 24 hours before a massive CL game, you’re calling Celtic “shite in Europe” based, by your own admission, on past results.
Pathetic.
So bar a Europa League Group,I am correct ?
Carpe Diem 63.
Knocked the nail on the head.
Forever and Ever !
HH
Always quick to pat themselves on the back, and we don’t have hot water in the majority of the stadium? it that was Barlinnie,they would be on the roof again.
TURKEYBHOY
If we were to sign McKenna , I hope it’s not the one who was playing for Notts Forest tonight . I think Scheidt was marginally better .
GLENDALYSTONSILS on 18TH SEPTEMBER 2023 10:36 PM
McKenna got lucky with the handball, pathetic defending…..
TURKEYBHOY on 18TH SEPTEMBER 2023 10:17 PM
Not played a game yet,
Celtic shite in Europe”
Should have signed Mc Kenna”
Gut the Stand”
“Build a roof” !!!!!!!
“Tickets too dear”
No keeper,LB signed”
On the 20 million being spent on Barrowfieldand Lennox town,nothing.
All on a day we confirm record profits,and the clubs future
———–
All of the above perfect examples of valid discussion points on a Celtic blog.
Totally no disrespect TB, but is that what a blog is for ?
Cheers and HH.
As you do when you have had one brandy too much …sometimes you take a walk on the road less travelled …just watched McDonalds celebration on YouTube after he scored the decisive goal in 2005 to gift them the league and consequential Butchers delight…struck me as uncannily similar to Le petit Merdes celebration re winner at Ibrox..,one is a Judas ..the other ?…
Hang your head in equal shame McDonald …you played your part …,
I’ll wait for tomorrow’s article Pablo.
Hope it includes something about what we are going to do with the dosh.
Good point made earlier – what is the strategic vision?
What does the board expect Celtic to look like in 2033 ?
Love that we are financially sustainable.
Boring and essential.
But, IMHO ….
…. these results do not shout “Sustainability” but rather “Kerching”
It used to be pitchforks in the car park , put a roof on and them rebellious wans will be copying the Barlinnie prisoners …😜😁
Likewise Douglas ….your pathetic attempts to keep McDonalds winning goal out ….very Grobelaar…Liar and quisling …