Celtic interim results: steady despite hard times


Despite entry into the group stages of the Europa League, Celtic’s income to the six months to 31 December 2011 increased by only £0.88m to £29.27m on the corresponding period the previous year, reflecting a fall in income from pre-season tours and a drop in merchandise sales of £454k.

Despite playing one more home game than during the last six months of 2010, income from football and stadium operations dropped £224k.

Operating expenses increased by £867k to £28.388m, reflecting inflationary pressures and the cost of Europa League participation while net bank debt dropped in the year by £2.0m to £7.05m.  The club made a profit before tax of £177k.

Considering this was a period of difficult economic times and came on the heels of a loss of the league title and poor results on the field until the last seven weeks of the year, these are solid financial results.  The club continues to live within its means while chipping away at legacy debt.  Failure to gain entry into the group stage of the Europa League would have put further downward pressure on income but, conversely, future participation in the Champions League would transform finances.

It is important that the club regains the SPL title which would give it an excellent chance of reaching the Champions League group stage, making it a more attractive pre-season tournament proposition while boosting merchandise sales.

Around this time of the year we normally benchmark Celtic’s financial results with those from Rangers. The Ibrox club failed to submit their accounts for the 12 months to 30 June 2011 by the required date, prompting the Plus Exchange to suspend trading in their shares, so there appears to be little chance Rangers will submit even their usual eight line interims.

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  1. On the NewCo.



    I don’t want them to be unfairly disadvantaged by having points deducted in the SPL.



    I want them treated exactly as they should be and as any other team would be. At best, start in Division 3.



    They are not special, they are not “the people”.



    If Scottish Football cannot cope without a variation on Rangers in the SPL then it’s carte blanche to cheat as much as you like since they cannot receive any serious punishment.



    I love Celtic. I’m obsessed by Celtic.



    But, unless I’m convinced in my heart of hearts that Celtic did everything they could to stop a NewCo getting entry to the SPL straight away then I will never ever be back at CP nor pay a penny to watch Scottish football.



    It would break my heart.




  2. Good results in harsh economic times. Winning the SPL is a must to boos income!






    If HMRC get shafted by the huns and the SPL allow them back into the league with conditions, there is not a hamburgers chance in graceland that they will not go after them with every means possible.



    How could a BRAND NEW club with no connection to Rangers justify APPLYING for a place in the top league in the first place with out going “hey guys it us”?

  3. Paddy Gallagher on

    Good solid financial results to compliment the team progress, hopefully appeases the ‘PL is more concerned with the balance sheet’ brigade.


    Celtic playing a blinder on and off the park just now.


    Take a bow Peter and Neil.

  4. bamboo says:


    13 February, 2012 at 09:36


    The bbc tv footage of the Danny sending off was poor and didnt show the contact with the ball .”So they will fail with their appeal” -Billy-Boy Doddsie.


    If a camera had been behind the goal (where I was sitting) it would show clearly that Dan cleanly got the ball and no foul was committed.


    The officials were cheating through-out and Celtic should protest.




  5. Dontbrattbakkinanger on

    It’s not just the finances that will be transformed by future participation in the ole Champions’ League.

  6. greenjedi – I was making a specific point about an ongoing points penalty. The legal similarities that may exist between the 2 companies is a separate and very complicated issue.



    You and others are saying that a points penalty couldn’t be applied to a NewCo, others are saying they would “appeal” and win. The point I am making is the SPL can apply any conditions they see fit in these extraordinary circumstances and NewCo would have to swallow it or sod off. They would have no right of appeal to anyone as the SPL could just send them to the SFL to apply for the spot in the 3rd division.



    It would be a travesty if this was to happen but should it happen I personally would like to see punishments extend to cover the period they cheated for. I would give points deductions for the same period of the EBT but also tell them on top of the 3 year ban from Europe a NewCo gets under UEFA rules, the SPL will not be putting them forward to represent Scotland in European competition for a further 5 years.



    Wilderness time for them.

  7. Tough financial times all over; I know my net ‘Celtic’ spend is down due to family circumstances. The figures look solid enough and it’s nice to see an SPL club getting their accounts signed off and published with little or no fuss.



    Prepare for the gushings of praise coming our way today Bhoys, then again…

  8. Rogue



    That all assumes that HMRC will sit idly by as they get shafted. I can’t see that happening.

  9. Silver City Neil Lennon on

    SwanseaBhoy says:


    13 February, 2012 at 09:37


    I still think we should be telling the Board what we will do to cover the drop in income that the demise of dirty Rangers will bring: still buying a season ticket; going to more games; buying merchandise; subscribing to online content etc. If the Board think we’ll all lose interest and go shopping with the wife on a Saturday afternoon without the foe malign to fight, why would they worry about a few hot-heads saying they’ll never be back. They might feel they could lose more through apathy than rebelion.

  10. Anyone else think the attendance on Saturday was up a wee bit? Haven’t checked the figures but I hope those could go but for whatever reason aren’t at the moment are starting to drift back.



    Every single one welcomed with open arms.



    Lenny and this young team deserve a Full House.



    Incidentally, ‘ Doing The Huddle When Rangers Die’ is my favourite of all the brilliant songs recently.




  11. Silver City Neil Lennon on

    I thought that too. The official figures might not reflect it as they count season ticket holders whether they turn up or not.

  12. Excellent set of results from Celtic this morning.



    Second tier European competition with ridiculous ko times affecting crowd figures and negligible player sales, yet turnover is up, a small profit is realised and nobody had to be sold to balance the books.



    I think that last point is really good in that we’ve shown, through prudence in current and previous years, that a marginal profit can be realised whilst not only retaining the highest performers in the team, but also investing at the same time. This can only bode well for the future.

  13. 50,014



    but there did seem to be more empty seats than that. Good atmosphere though and it will be good to see it full again.

  14. greenjedi – If Whyte does his thing correctly then HMRC will have no option but to sit idly by and get shafted. People will have to prepare themselves for this.

  15. Silver City Neil Lennon



    I agree with what you say about letting the Club know we would still be there.



    In all things, I can only speak for myself. I’d still be there, still buying a season ticket.



    I’m generally supportive of the Board although I recognise and accept that they have made errors.



    Supporting a NewCo entering the SPL, even with heavy ongoing penalties, would make me walk away.



    Let Rangers die.



    Let another Club start where they should in the 3rd division.



    If they’re good enough to get to the SPL by fair means then good for them – welcome.



    They would not be Rangers.



    They would not have a history of sectarian employment policies.



    They would have no titles, tainted or otherwise.



    They would not be the Club that sacked Manchester, Barcelona etc.



    They would be a new team, born in 2012, and by their actions from that date onwards I would judge them.




  16. Paul67 – I was surprised at these interims. When you consider the paucity of success on the park recently, and the downturn, to post a small increase in turnover is more than commendable.

  17. Silver City Neil Lennon says:


    13 February, 2012 at 09:54


    I thought that too. The official figures might not reflect it as they count season ticket holders whether they turn up or not.





    The figure given, ~50k, is 3,000 up on the game near the start of the season, so even counting STs, it’s certainly ‘up’.

  18. Silver City Neil Lennon on

    bamboo says:


    13 February, 2012 at 09:41


    The BBC said it wasn’t their cameras at the game. Presumably the big units only go to the live games for the week. You don’t get all the angles on the games where only highlights are shown.

  19. DBBIA —–



    Country music—-



    Saturday’s post brought me a big jiffy bag of 90 minutes tapes from a pal in Texas–



    The highlights [so far]—- the latest batch[5] of Bear Family ‘s —— Dim Lights , Thick Smoke and Hillbilly Music series [ 61 62 63 64 65].



    Essential listening .



    Equally good is – Gonna Shake This Shack Tonight ! [ a v/a compilation of 45s from the excellent Sage and Sand label —– Another Bear Family goodie.



    Yet to listen to a Wynn Stewart compilation [ Bear Family ] —— I know it will be good– he deserved be a star but the record company preferred to market Merle Haggard…

  20. Half Time Tombola on

    greenjedi says:


    13 February, 2012 at 09:38



    That’s the sticking point for Rangers – the newco can’t be seen to be a debt-dodging incarnation of the oldco. So where does this leave the apologists’ argument on the SKY contract? If Celtic v NewHun FC matches are to be billed as Old Firm games HMRC will be all over them like Super “In all absolutliness” Sally into a steak bake.



    How funny would it be if they went through the indignity of losing their history as a result of liquidation only to still owe the taxes as a newco?



    Anyway – great 3 points on Saturday. Not the best performance but considering the referee’s performance, it was very important. 1 down, 12 to go. Re the sending off, I’m sure the linesman never flagged for the foul as it appears McLean indicated – is that the case or did he flag right enough?



    Hail Hail



  21. corrib04 is Neil Lennon on

    Fed up with our club being run with care and consideration.


    To hell good business acumen and intelligent future planning.


    To hell with longevity! Short termism is what we want.



    Short termism and long term future austerity!


    What d’we want……?



    Sack the board!

  22. My views on the Newco have been set out clearly – a new club has no right to any league place and must apply to join at the lowest level, and in competition with any other club that fancies it.



    But let’s look at things from the point of view of someone who wants to keep a hun legacy going.



    Because I have no doubt that discussions between well heeled supporters of Rangers have been going on for a long time now. Indeed I wouldn’t be surprised if several versions of a possible Newco business plan are not already written.



    Saving Rangers in its current form is a non starter. That much has been clear for a long time. To do so would involve pouring a sum of anywhere up to £100,000,000 into a black hole just to start again on an even keel.



    So letting the current company go bust is sensible business. And the fact that Craig Whyte has come along is timely. He is just the man to run things into the ground while becoming immensely unpopular. But Whyte will walk away with a profit so he really doesn’t care.



    There will be a Newco. It will start life under another name. But it will be made clear to all, especially Rangers’ supporters, that the Newco is the true legacy of their club.



    But here’s an interesting hypothetical. Might it not suit the owners of the Newco to begin life in the third division?



    Imagine the start up costs and time necessary to build a new SPL club from scratch. The battle required to get into the SPL. The income required to compensate for the statutory three years without European football.



    Instead, why not be humble? Accept that the new club must start at the bottom and refuse any special treatment. Act just like a new club, set out the benefits it can bring to the league.



    Now imagine a three year plan for rapid progression up the leagues. Starting in the third division would not be that difficult. How much would you need to invest to win a league currently led by Alloa and Stranraer? A few rich huns putting up some cash could do the job.



    Progress to the second division and then the first. Gretna did it and all on the finances of one man. By the time entry back into the SPL is secured you have a club with the infrastructure and support to be competitive. Add in a share issue, which would be attractive to grateful fans who would surely have a positive view of the owners as saviours. A new tv deal. European qualification on the table. They might even make a profit out of it!



    Then you rename the club. How about New Rangers?



    So, three years on you have had time to rebuild, a solid footing and a debt free club. Not beyond the realms of possibility, is it?

  23. Let me be very specific here with regards to what i posted on the board view of admitting a newco



    This is what i posted



    “Worryingly , i was told today that the Celtic board are now beginning to think that it might not be viable to keep Rangers newco out of the SPL



    That is a 360 on what i was told previously”



    I suggest that those who are indulging in a hissy fit over this read it , and digest exactly what was said.



    It does not say Celtic will vote a Newco in. It says Celtic are having concerns over viability.



    With regards to Ralph Waldo Ellison, you really need to be less selective if you are going to criticise me. A board malcontent…….on what basis?



    Because I have said numerous times the Ceo is remunerated excessively.



    Because I have said he has made operational mistakes



    Guilty on both, I think any reasonable person would find it hard to disagree about either statement.



    However why ignore the many times I have praised Peter Lawwell for his handling of the SFA challenges we faced last year



    Why ignore the many times I have posted that on the Newco issue I trust the board.



    Let me be explicit on the board and Newco.



    I have no issue whatsoever with Peter on Newco. I believe he is capable and can be trusted to look at what is ethically and morally correct, and can and will relate that to the health and welfare of Celtic



    Peter is however not the only director at Celtic. The board will be balancing what is correct with what is achieveable.



    My view, my personal view, is that the board should not vote for Newco to get entry into the SPL. Celtic can adjust it’s own business model if there is a financial impact.



    My worry is that some on the board are considering whether that is viable.



    On the interims, they are now becoming relatively predictable. In the current environment, that is not a bad thing. There is scope for a boost to the finances through player sales, or preferrably through CL participation



    The board deserve credit for the most recent strategic decisions. Just as they deserved criticism for previous errors.



    Which will no doubt come as a surprise to the myopic hissy fitters





  24. Lennon n Mc....Mjallby on

    So nearly half a million less brought in by the merchandise,I wonder if that would’ve been higher if we hadn’t have shared sponsor with the huns? Not a criticism just a thought and I daresay releasing a limited amount of sponsorless strips didn’t help either.

  25. HTT



    He didn’t flag or give any kind of indication to the MITB. However they are miked up, so it may have been done verbally.

  26. Gordon_J – so many of the “let the Huns prosper by cheating” apologists point to the TV contract as the big sticking point as to why they should be absolved.



    Do they think that Sky would see zero potential audience in following Huns 2 – The Regurgitation, in their quest through the leagues? Do people really think Sky would not want to show that? Huns at the bottom of Div 3 would bring a far greater benefit to Scottish football as whole for the 3 years minimum it would take them to come back to the SPL. That is a fact.



    It is all PR mince.

  27. viewfaethewindae on

    Far too large a squad, time for a clear out?



    Cha, Dan, Loovens, Wilson and one or two others

  28. Lennon n Mc....Mjallby on




    I think the entire isle and beyond would be fascinated by huns2 in the lower league,I read Tony McCanns piece in the mag re summer football and how it would be attractive to England in the close season but living down here I can really see mutated hun being a sought after novelty here and Sky would cash in no doubt.

  29. Guten tag,


    It’s interesting how hostile Jabba is becoming towards Senor Blanco. Jabba is a trustworthy weather-vane when it comes to all things hunnesque. There are a lot of zipped lips out there at the moment and to me, that in itself, is significant.


    I have a feeling that several hun dams are about to burst all at once.


    McCoist is now saying nothing to anybody about anything. That is not the usual situation and again, it is significant.


    And now, Amadeus offers his Valentine’s Day advice.


    Do nothing for that woman except to say –


    “My darling, we don’t need all that crap. With you, I feel that every day is Valentine’s Day, now get the supper on. I’m trying to listen to the phone-ins.”


    Romance is as dead as the huns!


    Hail hail


    Incidentally, it’s Baltic in London.

  30. greenjedi says:


    “He didn’t flag or give any kind of indication to the MITB. However they are miked up, so it may have been done verbally.”



    Possibly, but if that is the case then why not just dispense with the flags altogether?


    And then just have the voices broadcast live to the fans and players?


    Seems like a good idea to me.



    ” FFS blow your whistle, he’s through on our goalie!”

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