Celtic published their preliminary results for the year to 30 June 2022 yesterday. After two years affected by the global crisis, results on and off the park are back on form.
Accounting standards require Celtic to compare results with the previous year, however, the crisis makes comparisons with years ending June 2020 and 2021 unhelpful for strategic trend spotting (clearly, all indicators were significantly improved on both years).
Where appropriate, we will compare to year ending June 2019, the last season with full attendances, which also saw Europa League participation.
Headline figures are eye catching. Income was £88.2m (2019: £83.41m), expenses were higher still at £91.7m (2019: £86.94m). That small trading loss was more than offset by the busiest 12 months transfer activity in recent memory.
The financial year encompassed three incredibly busy transfer windows (Jul 21, Aug 21, Jan 22, Jun 22). Odsonne Edouard and Kristoffer Ajer made up the bulk of the £29m income from player sales. Most of that figure goes straight to the bottom line.
Deals to sign Liel Abada, Carl Starfelt, Josip Juranovic, Giorgos Giakoumakis, Alexandro Bernabei, Cameron Carter-Vickers and our four Japanese players were all signed during the 12-month period. Jota’s permanent signature was publicly announced on 1 July this year, it is unclear if this deal was also included in the figures to 30 June, we will find out when the annual report is published.
Total spend on player registrations for the period was £38.4m. This clearly represents the bulk of the spend for two years. While it is astronomically high, it is not appropriate to compare to any one year.
Profit is right on Celtic’s trend: appropriately small at £6.1m, with cash at 30 June of £30.2m – which is net of bank borrowings.
Income from football and stadium operations softened by around 1% since the last fully open year, £42.782m (2019: £43.252m. Multimedia and other commercial is also down, £20.528m (2019: £22.082m), due to fewer games and less prize money in the Europa League.
These falls were more than offset by merchandising income of £24.925m, a 38% increase on the £18.076m earned in 2019. Every year at this time we track this figure, it is a key metric that Celtic can budget on to offset inherent risks in European prize money. Income here has almost doubled in six years, from £12.577m.
This increase alone bridges more than half the gap between Champions League and Europa League revenue. Compared to where we were six years ago, it is as though the commercial department are bringing in Champions League money every second year.
It is a key component in why Celtic can continue to trade normally without adverse results jeopardising the club. The partnership with Adidas and (subsequently) JD Sport has been enormously beneficial. Much of the reason why we were able to rebound so successfully from the failures in 2020-21 is down to the achievements of the commercial team.
Chief executive Michael Nicholson, in his first review of our annual figures, made two points worth bookmarking.
“UEFA announced… a new Champions League format post 2024…. There is an expectation that, once implemented, this would lead to increased media rights, which would in turn benefit all participating clubs”.
“UEFA introduced significant enhancements in financial governance by introducing new Financial Sustainability Regulations to replace the previous Financial Fair Play Regulations…. These are being introduced on a phased basis from summer 2022 and have the effect of introducing more rigorous spending controls and more definitive sanctions in order to create a sustainable future for the European Club environment.”
The European game changes both financially and competitively in 2024. Celtic have targeted this date for a while and want to be part of the story.
Uefa’s FFP spending controls and sanctions have been opaque since their inception, which has competitively hampered Celtic. What to do about it?
Michael Nicholson went on to say, “Celtic played a significant role at a strategic and technical level in the development of the new regulations, continuing to demonstrate our strategy of participating and contributing to the future of the game at the highest level.”
One of our old pals played the significant role at a strategic level in putting this right, while one of our current backroom team was an architect of the technical details. Despite the bevvy of trophies we’ve won in recent years, I believe Celtic suffered most in European football from the financial mismanagement of others. Some who bore the scars of this issue got to write the new rules, the consequences of which hit home elsewhere this summer. Perhaps some compensation.
Great results, well done to all.
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Kerr McInroy
bkskskkd
Dearie me.
Well done Scotland great second half.
Scullybhoy@10.02
Not sure as face is blurred but shooting style makes me think Pat McCluskey?
Remember and think correctly
https://novaramedia.com/2022/09/21/a-teacher-was-suspended-for-encouraging-students-to-question-the-monarchy/
HH
Scullybhoy
Or Ronnie Glavin
Census figure out in in the 6 today.
Historic day for Ireland
HH
AT
I would be interested to know if the authority has a view on the pupil making a comment about the perceived religion of the teacher. Seems to me to be a bit of religious bigotry going on there but nothing being done about it.
On the other hand, the teacher doing his job by pointing out bias in contemporary media sources. I think this would be important for pupils in a modern studies class.
GARYGILLESPIESHAMSTRING on 22ND SEPTEMBER 2022 12:59 AM
AT
I would be interested to know if the authority has a view on the pupil making a comment about the perceived religion of the teacher. Seems to me to be a bit of religious bigotry going on there but nothing being done about it.
On the other hand, the teacher doing his job by pointing out bias in contemporary media sources. I think this would be important for pupils in a modern studies class.
=============.
I think there are a few things ìn the article GGH,
I guess the local authority will have processes and procedures to follow now that an enquiry underway.
(Even North Lanarkshire!).The duty of care I guess will be,and rightly so,towards the child.The logic of her side will be part of the investigation,and its meaning will come from Mr and Mrs Staunch.re the Teacher I hope he has full backing, union et .I know it’s NLC!!
I would agree,the bigotry is the reason they complain,it is as shallow as.and hopefully the procedures, show as you suggest how the hell can you
educate,teacher,imbue curiosity in media,if you can’t cover bias,
I hope we get another update,be interesting to see how it turns out,hearing wise,and how this article and its publicity impact that process.
HH
Joe T There will be no other Lockdown without westminster paying it , think back to xmas this year
Last year
Didn’t see the game last night but by all accounts a merited victory. Ireland on Saturday then away to Ukraine next Tuesday. Hope all our Bhoys on international duty stay injury free.
No reports of the minute applause being disrupted so assume all was well.
Good Morning Celts – Grand Day To Be A Tim
Excellent football by the Scotland NT last night thoroughly deserved the win.
SFtBs @ 7:03 PM,
I think this is just a back-to-front justification. When we are “relatively” successful we ascribe it to ambition or backing, and when we are unsuccessful, it must be because there was no backing. We cannot let facts get in the way of such a closed loop explanation. Facts like Lenny being backed in season 20/21 without League or Euro success. Or WGS being derided (as Ange was) as the cheap option but they are then successful so QED- a quick turnaround and it is because they were backed. Tony Mowbray got the benefit of Robbie Keane, who did well for us, but we still blew a league. John Barnes got backed too but we blew it.The one occasion where it is clear we had a Board that did not back a manager with a good trading eye was, in my opinion, Davie Hay’s tenure.
It is dead easy and very sellable to the support to say any failure is a failure of the Board and any sucess is despite them. My view is that, while the Board can help things along, it is the players and managers that earn our success and it is the same group who are responsible for our failures.
It isn’t back to front is it? The Board said it will reinvest all the money Celtic make back in the Club, that should mean building on success. During Lenny MK I, we sold thirty million pounds worth of players during the back to back UCL group stage campaign and brought in “prospects” to replace them.
After the back to back qualificationns BR needed to refresh the team during the 2018 summer window, and remember we had several players to sell including Stuart Armstrong and only four players to buy, including Odsonne Edouard, after we converted his loan deal to a permanent deal, we didn’t get the other three, John McGinn was one of those three – a no brainer.
We know the Board appoints the manager, we know the Board buys players and we know the Board sets the strategy.
They are not there to “help things along”, like say the kitman, they are there to run the Club, to take responsibility, to produce the best football team they can.
Not backing one of our most successful managers in recent times and having £40M in the bank is absurd.
If there is a personality clash with the manager then grow a pair – back him or sack him.
Personnally I was happy with WGS’s appointment; yet since his team qualified directly for the UCL in 2008/09 we’ve had Lenny’s back to back qualification and Brendan’s back to back qualification and that’s been it until now.
Their CL qualifying record is ours. They cannot guarantee, Celtic will win 3 or 4 qualifying ties because, even if you are favourites in each of the individual ties, you can end up odds against being successful in ALL 3 or 4 ties. That is a statistical truism and it works out in reality. Celtic do not always qualify, neither do Copenhagen or Legia or Zagreb or Anderlecht. Better teams like Ajax have failed at the qualifying game and teams like Benfica, Porto and Sporting have often failed to even qualify from their league to be able to test themselves in CL qualifying. Failure is a risk that cannot be brought off.
Since Rangers died the Scottish Championship was a given for Celtic, so being in the qualifiers was all but guaranteed, then we had the Champions path to qualification, so we weren’t going to meet any of the contenders from the top European Leagues, add to that as one of the biggest Club’s in that competition we were seeded through the champions path qualifying stage.
Each season four teams from the champions path qualified for the group stage.
We would be one of the favourites, would be seeded to keep us away from the other favourites in each round and four teams qualified from the champions path to the group stages, maybe not a cinch but that is a lot of reasons why each season we were favourites to obtain UCL qualification.
Now you can make all the excuses under the sun but if you are favourites to achieve something and you don’t do it, thats failure.
Why? We have no god given right. There are a lot of ambitious teams and clubs in our bracket. You said Brendan was ambitious and was backed early on but he failed to qualify against AEK Athens (with Barkas in goal) in only his second season.
How do we know we have a good coaching team and backroom structure. If you just base it on when we do well in Europe then our manager rankings would read
1-WGS
2-NFL
3-MON
4- BR & AP
I doubt we would get many Celtic fans who’d agree with this.
Well if you read my paragraph above yours in italics you will see why?
No one said we had a God given right to qualify, those are your words.
The clubs that had to qualify from Europe’s top leagues had to qualify from the league path, we could not meet them in the qualifiers as we were on the champions path.
The top seeds were kept away from each other in each round of the draw, Celtic were seeded.
Four “ambitious” Clubs from our bracket qualified. Rangers qualified this season from the much harder league path, better teams, two qualifiers.
Now, I have absolutely no desire to harp on about messers Rodgers & Co it’s been done to death but for a moment forget about the rhat fraudgers and try to get some facts in.
BR had successfully qualified twice before for the UCL group stage this was his third time round, he was not backed, in fact the summer of 2018 transfer window was an absolute farce and how a team who only needed a refresh and upgrade was supposed to perform during that fiasco is anyones guess – look at the way Mr Nicholson has worked with Ange and you see a completely more professional approach.
I’ve got no idea where you get your European managers league standing from but MO’N took us to a European final and WGS’s away record in Europe is abysmal. It seems to me you just make stuff up to fit your argument.
“I believe we are better than Bournemouth too but Ryan Christie didn’t think so and they were able to buy him from us. Just as Brentford got Ajer and Southampton got Forster, Van Dijk, and Armstrong from us and Leeds are tempting our youth away from us. All of those, including Christie were wanted by their coaches at CP.
Bournemouth just spent more than our transfer record on 2 players according to Transfermarkt- and have a squad valued at £158 million while we are valued at £97m, so not everyone agrees with us
The English League does things in it’s own way, they are awash with money, no doubt it is a challenge for all successful Celtic managers around this era has been the lure of the English Dollar.
Lenny was trying to herd cats in his second tenure.
Yet it works both ways there is a plethora of English talent that is not wanted by the big boys and yes, there’s a premium to pay but sometimes it’s worth it.
Toney was more expensive than Ajeti but where did the real value lie.
O’Riley wanted to play football and put his career in front of Fulham’s cash – he is now a champions league player.
Let’s hope Mr Nicholson and Ange can put together a united strategy in this regard and stick to it, let the bhoys go and make their fortune when it’s appropriate.
Hail Hail
Kilted Tims aren`t real Tims – you are replacement fake diluted Tims.
Not so long ago the combined population in Ireland was roughly the equivalent of that of Scotland. The 2021 census figures now show that the Republic has over 5.1 million, with increases in every County, and the North heading for 2 million at over 1.9 million. That is a total of over 7 million. Nicola Sturgeon, alone amongst these Isles made the disastrous decision not to hold the 2021 census, and as result Scotland has struggled to complete it this year, in part because of the loss of that overall awareness. As such we will not have access to the Scottish results until sometime next year. Doubt if the Scottish population has changed much since 2011, in fact it has not changed much since 1951, but the demographics will have. Not to say there have been no popl. increases, there are a whole lot more Kev Jungles out there than there used to be. That’s something.
Who is the Bhoy?
https://i.pinimg.com/originals/d7/a6/6f/d7a66f091b99ba385bd604b094b58f55.jpg
https://i.pinimg.com/originals/bf/b7/b1/bfb7b129873a0e08374b0746af7b5e0e.jpg
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
A quick read before getting on with the day. Yes, Kerr McInroy and then KIng Kenny.
THE QUIET MAN on 22ND SEPTEMBER 2022 6:59 AM
‘ Hope all our Bhoys on international duty stay injury free.’
###
Turnbull has withdrawn from the Scotland squad due to an ankle injury.
Toney was more expensive than Ajeti but where did the real value lie.
Football Dept guided by Gavin Strachan, lined up Toney to spearhead Celtics continued success, Toney was ready to sign, all that was required was needed the financials sorted
The de facto DOF and CEO Peter Lawwell decided there was better value elsewhere, he scouted and recruited Ajeti
Ange Postecoglou and his dept now control transfers, so far so good, not perfect better than a man who couldn’t trap a bag of cement controlling transfers
EL
Not good news but hopefully not too serious
Who would win in a fight between The Quiet Man and Sean Thornton?
BSR
Should I get that comment
Joe – a wee poser. Who are these wee Bhoys?
https://wikifoundryimages.s3.amazonaws.com/XIk9JmNk6nTol45ptp1aBA326699
The Quiet Man
You really should
CHAIRBHOY on 22ND SEPTEMBER 2022 7:09 AM
Lenny left after the second of his CL campaigns
At the end of our 2012/2013 season, his first in the champions league, our cash balance was £3.76m
We signed van Dijk, Boerrigter, Pukki, Johansen, Balde, Griffiths and Bitton, all for the first team. £12m spent. He was backed in his last season.
Our cash balances during Lenny’s first time:
2010: -£5.85m (debt)
2011: -£0.66m (debt)
2012: -£2.77m (debt)
2013: £2.76m
2014: £2.83m
We didnt hoard cash during his time and we did back him. after his first season in the CL
Moyes McStay Reid Nicholas Crainie
with Big Billy
BSR
I honestly don’t
scullybhoy
Andy Walker, Davie Moyes, Paul McStay, Charlie Nicholas and er one other
New punishments for people who heckle the royals…
https://twitter.com/RaggedTP/status/1569731102826467331?s=20&t=CdPHMoXolvMdz-o82lYMJQ
Chairbhoy
Celtic’s year end cash net of bank borrowings:
2010: -£5.85m (debt)
2011: -£0.66m (debt)
2012: -£2.77m (debt)
2013: £2.76m
2014: £2.83m
2015: £4.72m
2016: £3.6m
2017: £13.4m
2018: £36.1m
2019: £28.6m
2020: £18.2m
2021: £16.6m
2022: £30.2m
We’re back at our highest cash at bank amounts in this year accounts. If hoarding cash showed a lack of ambition from 2017 onwards, what does that say about our ambitions now?
Maybe the board isn’t matching Ange’s ambitions
the quiet man
I’ll give you a clue…..
Sean Aloysius O’Feeney
bournesouprecipe on 22nd September 2022 8:56 am
Moyes McStay Reid Nicholas Crainie
with Big Billy
Celtic Mac on 22nd September 2022 8:57 am
See above.
Enjoy your day, all Celtic supporters.
Kay Burley on Sky News calling us out for St Mirren protest,with Ian Blackford,who ‘totally condemns such behaviour ‘…….without mentioning his fellow Hibs fans,Dundee United,or Scotland fans last night…..
BSR
Thanks to Google, I certainly didn’t know John Ford wasn’t his real name.
I’ll go back to being quiet
CELTIC40ME @ 8:56 AM,
Your getting a touch of the SFtBs fog there.
I didn’t say we hoarded cash during Lenny’s first tenure, now did I, be honest. It was at the end of BR’s time that we were hoarding cash.
With Lenny MK I, we broke up a team that was performing and needed strengthening, selling several of our top players and brought in prospects.
Now the fact that one of them would be world class, one was a club stalwart, one was a sick note, one had huge potential but didn’t settle, a few had no potential, isnt really the point.
If you manage a squad of players, you manage them to play football, not managing a moneyball sieve to catch the diamond – fine diamond though it was.
You don’t want performing players sold and prospects coming in.
You need first team players, bring in prospects by all means, not Amido Balde type prospects but VvD type prospects.
Hail Hail
quiet man
there were boos during the minutes applause
not much made of it
must have been tims
If you look at Kay Burley wiki page there’s a list of controversies as long as your arm, just saying
SPIKEYSAULDMAN
Of course it was Tims