Celtic reported turnover of £101.6m for the year to 30 June 2018, the first time the club broke through the £100m barrier. Just as income rose from £90.6m the previous year, costs rose to £87.1m (2017; £76.3m).
The club was profitable to the tune of £17.3m, buoyed by gain on the sale of player registrations of £16.5m. Without Champions League football, this season’s results will be significantly different, but net cash (after debt and similar were deducted) was £27.0m, so we can continue to operate without the need to cut costs.
The most striking aspect of these figures is that, with the current wage structure, we are roughly breakeven with Champions League income (before player trading).
We are in the middle of first team contract renewals, which will push wages higher still. We are increasing our cost structure despite the lack of Champions League football, but this is necessary. There are risks (transfer market crash), but these are no more relevant to Celtic than anyone else.
We are never going to guarantee Champions League money every season (no matter how easy your pal tells you it is), so buying wisely and selling before players exhaust their contracts or lose form is critical to the operation. Therein lies the challenge – which is also easy, just ask the same pal.
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Awe naw no the accounts oot,
O well at least they will leave Brendan alone for a wee while ???
So everyone agrees that our CEO is in charge of the finances, he does the deals with the sponsors, the players we sign, agreed everyone, great results this year, lots of jubbly bonuses.
So we really have to accept that he is at fault for having a bloated squad of players, it’s not easy moving players on who are overpaid, it’s called financial mismanagement.
An £84m wage bill is a joke for a club playing in Scotland, I do understand that it’s not all the players, it’s the majority of the wages bill though.
Or is that the fault of someone else, I’m sure it will be soon.
Deflect, deflect, deflect, it will be Neganon’s fault before our esteemed CEO’s.
What does this mean accountants?
‘Onerous employment contact costs result from a situation where the committed costs under that contract are assessed as exceeding the economic benefits expected to be received by the Group over the term of the contract.’ ??
HH
As expected not a thing about us on RS
Paul67
Shocking
Yours Disgusted
Of Tunbridge Wells
Hoi Peat £100million spondoolies suck dem apples up yer phone calls
Kojo csc
WEETIM67
If would have went in for JM at the end of last season like our manager
wanted and let the boy know we were desperate to sign him I believe
he would be at Celtic now.
As for me being controlled by the media, aye ok!!!
Tell me who pulls your strings?
Jerry, I’m pretty sure EBT rangers had a sizeable financial advantage.
Lock up your dottirs, looks like the Vikings are landing…
Glasgow Airport Arrivals
17:30 V32849 Trondheim On Approach
Aberdeen Ladies are in line to be relegated for a second successive season after having three recent wins reversed for fielding an unregistered player.
3-O Rules for some but not for others CSC
WDH …Mine is frae the co-op so as I get the divi and contribute to good causes and the well being of my bank manager…if not my liver! ??
Hail Hail
Matt
I cannot think of a realistic scenario where I would stop supporting Celtic. Just how it is.
I’ve been through so many high, lows and inbetweens for over 60 years.
If the rebels didn’t care then we wouldn’t have replaced the crew on the bridge.
Even those who moan are Celtic supporters.
…
For those that live in the USA you can get access to all Champions League & Europa League games via your Roku or other streaming device.
Avalaible though Bleacher Report Live for $79.99 for the whole season (plus $6 tax)
No, I don’t understand either why Uefa sold the rights to Univision either.
I’m all set for todays games and for tomorrow’s game versus Rosenborg.
HH
Paul67/Peter Lawwell
Costs were so high because bonuses are linked to participation in CL.
Having read your doom and gloom summary, it took me by surprise to see that the club is actually
27 million in the black.
I thought we were in the red going by the nonsense you spouted.
The part about cutting costs is hilarious, Paul/Peter!
The club has just sold Dembele for 20 million and is 27 million in the black!
DUMBHOY on 19TH SEPTEMBER 2018 6:51 PM
I am not an accountant, but that sounds like it could be summed up in four words: the Winston Bogarde effect.
If we were to lose Peter Lawwell from the board, would we not then also lose our voice at the top table of European football ?
“Through Peter Lawwell’s continued involvement in the Board of the European Club Association, the Club Competitions Committee at UEFA and the Professional Football Strategy Council of UEFA, the Club and the game in Scotland are well represented in this very important arena. “
bollocks alert..
GREENPINATA on 19TH SEPTEMBER 2018 5:40 PM
Fraternal greetings to our mainly female Glasgow council workers. Unity is strength, and triumphs division.
Hopefully your overall show of unity will bare fruit..
Disgusting in 2018 we are still disputing equal pay.
No political point to make, both Labour and SNP equally guilty.
….
I take it you have a very limited knowledge of Glasgow City Council….
in fact I can only surmise that your interest in this matter is purely political .
smiley you will not get away with shoite on oor watch thing
Saor Alba
Braw
“debt like items” hasn’t been invented by Celtic.
i had a wee look at our 33 man squad.
in size to support first team football demands, i thnk that is a good number.
there are tops 20 that are competing for starts, however, at one time last season we had 6 lon terrm injuries.
we need 25 for a euro squad, and i think 8 need to be homegrown.
other than comperr, every other fringe player has been work in progress or a development player.
so 33 is the size of squad required, not all of them can be first team ready.
other than the mega rich, its the same for all.
so there.
ps, £1m + wages for Peter is the biggest anomoly.
AEK parking the bus again, had enough after only 3 mins, news time instead
Bournesouprecipe…………Fritter money away? Peter probably still has his Confirmation money.
a wee blast from the past….
The wind blew as ‘twad blawn its last;
The rattling showers rose on the blast;
The speedy gleams the darkness swallow’d
Loud, deep, and lang, the thunder bellow’d:
That night, a child might understand,
The Deil had business on his hand.
smiley hid on tae yer bonnets thing
Braw
So we have maintained a salary to turnover ratio of less than 60%.
Clearly Paul takes no notice of the blog anymore as I had forecast this for the last few weeks.
We have more cash than the end of the rainbow and yet the focus is on wages. Yet the article avoids the wage to turnover remaining healthy and doesn’t bother to really look at the projected wage. Why? Because it would expose again the lack of transparency and the lack of any plan other than minimum risk during the transfer window.
I bet come the interims or next year that the wage bill will not have increased.
Dembele gone. How much was he paid?
Armstrong , Roberts, Musonda, Sviatchenko
Took on Hendry, Compper Izzy, Arzani as well as Mulumbu, Benkovic and Morgan.
I would be very surprised if the net salary change on those incoming was positive.
I also expect that there will have been an increase in normal salary bill due to better deals for existing players.
Ultimately we have £27m plus £20m in the bank from the one off fee we received for Dembele and it looks as though we are not prepared to invest that in wages even though the projected turnover will be close to £100m next year with the Dembele fee and Europa League. I don’t expect the player bonuses to be anywhere close to the last two seasons and in previous seasons we have qualified the difference in salaries due to these bonuses has Amounted to several million pounds. Say 3 million for bonuses and this takes your wages back to £57m. In order to achieve this and maintain a 60% wages to turnover threshold we would be needing a turnover of £95m.
I also expect Boyata to be sold and squad players to leave in January. More turnover and wage reduction and yet more cash at the bank.
I think £95m is more than achievable without selling Tierney or Ntcham!
Can anyone tell me what the point in having all of that cash for a rainy day is if the rainy day arrives and you still sell players to put yet more cash away for another rainy day?
The accounts demonstrate that any potential debt situation is now covered. What are these debts by the way or should we not ask?
Also why and who was paid over £3m for an onnerous contract?
Paul67
If Dermot Desmond sacks Peter Lawwell for his incompetence, how do you think you will react?
Would you still support Celtic?
Or if Lawwell got a job with another football team, would your loyalties move to the new club he was with
and if said club was playing Celtic would you support Lawwells team or Celtic?
We have never been financially stronger than we are today and yet we could not qualify for the champions league group stages.
What attracts foreign players to join celtic is the champions league and the shop window that it provides.
no champions league. no dembele, no ntcham and no edouard.
Next season we will be poorer on and off the field.
I think it is likely that we will never qualify for the group stages again.
Big Stein Connelly will sort out the road chaos. ??
D. :)
Bournesouprecipe…………has the club still to collect 12 million balance on the Virgil VanD deal?
Where is Victor Wanyama I notice he was not in the Spurs team last night?
£47mmcasj in the bank with all debt paid and we still need to sell players to manage an inseason budget. Wtf is going on
West Craig’s that is utter nonsense-
The main threat posed to us not retaining a higher turnover is the backside falling out of the transfer market. Our turnover gets us up there with the ability to pay £60m in salaries.
How many of the teams we play in the qualifiers pay anywhere near that?
We should watch very closely who benefits from the cash at the bank.
Hankray
Disco lights, pitches, etc, etc
What happened to the Peter Lawwell confirmation money?
MULLET AND CO 2 on 19TH SEPTEMBER 2018 7:06 PM
£47mmcasj in the bank with all debt paid and we still need to sell players to manage an inseason budget. Wtf is going on
I take it you meant the £27m quoted in the results ?
St S- hope you’re well
i am good ta, just passing a bit of time waiting on me dinner.
♬ Oh fleur of Scotlin
When will we see
your Group Stages again ♬
The empirical evidence is that wages paid correlate to cups and winning stuff over time.
We must be the richest club in our champions route to the qualifiers by some considerable distance.
We buck the trend.
Neg
Be nice to hear when you have landed safely.
JJ
Embramike,
£27m plus the one off payment for Dembele of £20m.
Cash for Dembele was paid in one sum and this was announced to the stock exchange.
Unless we converted some other speculative amount to be ring fenced for debt it’s now in the bank.
Nye Bevans
Your’e better than that.
What part of Hibs complete refusal and rejection of Celtic’s player evaluation, and subsequent bids is
it that you are missing?
Reporting Scotland to review Der Hun game, do you think we will get a mention?