Celtic spectacular interims


Celtic’s revenue bounced back from the year without fans in the six months to 31 December 2021.  Income was up almost 30% to £52.9m, only £8m below the full year earnings to 30 June 2021.  The club reported a £7m trading profit before intangibles in the interims, released this evening.  But wait for it……… Add in the profit from player sales of £25.9m and you get a pre-tax profit £27.6m (intangibles, like amortisation are deducted before the pre-tax position)!

Player acquisitions during the period totalled £16.8m, which will push our running annual amortisation charge up a tad from it’s trend of £13m.

Cash in the bank on 30 June was £25.6m, which goes some way to explaining the splurge of signings we have enjoyed in the intervening period.

Manage your assets

The first take away for me is the contrast between our £25.8m earned in player sales to the £1.0m earned in the corresponding period a year earlier.  We kept Edouard, Ajer and Co. in order to chase another milestone.  Player trading is where it’s at.  Sure, it is risky, do not expect the kind of value and performance we have seen in the last two windows forever, but we trade or we fail.  I remember the good old days on here, when managing your assets was a controversial aim.

Win the league

The second observation is that this was a season with Europa League football.  Imagine, for a second, we got to the Champions League next season.  The possibilities are really quite interesting!


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  1. In addition if CL football happens, with Angebell becoming known wider around the globe, there are going to be alot more skilled technical players at the right age looking to join us. This football for me is all about entertainment, but the bonus is it will build our brand too🍀

  2. Paul67 et al



    Caught me right off guard there Paul…


    Done up like a kipper…..




  3. Celtic have released their Interim Report for the six months to December 31, 2021.



    Key Operational Items



    Currently first in the SPFL Premiership.


    Winners of the Premier Sports League Cup 21/22.


    19 home fixtures (2020: 17).


    Participation in the UEFA Europa League group stages and qualification to the knock-out play-off round of the UEFA Europa Conference League.


    Key Financial Items



    Revenue increased by 29.9% to £52.9m (2020: £40.7m).


    Profit from trading was £7.0m (2020: loss of £0.3m).


    Profit from transfer of player registrations (shown as profit on disposal of intangible assets) £25.8m (2020: £1.0m).


    Profit before taxation of £27.6m (2020: loss of £5.9m).


    Acquisition of player registrations of £16.8m (2020: £12.7m).


    Period end net cash at bank of £25.6m (2020: £19.7m).




    The results for the six months ended 31 December 2021 show revenues of £52.9m (2020: £40.7m) and a profit before taxation of £27.6m (2020: loss before tax of £5.9m). The profit from trading, representing the profit excluding player related gains and charges, amounted to £7.0m (2020: loss of £0.3m). Period end net cash at bank was £25.6m (2020: £19.7m). The introductory page to these interim results summarises the key events in the period.



    The major factors driving the much improved financial performance for the period under review were: first, the return of fans to the stadium driving crucial match day income; second, our qualification for another season in the Europa League with the accompanying ticket sales that were absent last year; and third, the revenues received from successful player trading, notably the sales of Odsonne Edouard and Kristoffer Ajer. In the same period we made substantial investments back into the player squad in order to target the football success that drives our financial success.



    Whereas the Covid-19 environment has improved markedly, the sudden emergence of the Omicron variant and resultant reintroduction of temporary societal restrictions in Scotland adversely affected the football sector. This demonstrates our continued sensitivity to the threat of the pandemic. Mindful of the risks posed to the Club’s finances from further restrictions, we continue to manage the business on a prudent basis, balanced against the benefits of investing in the football department. The forecast outturn for the second half of this financial year is expected to be more modest owing to the trading seasonality inherent in the business.



    As we know, most of our earnings are typically derived in the first six months of the financial year. In line with prior years, we expect to incur losses in the second six months of the financial year owing to the expectation of having less player trading gains, lower UEFA media right distributions and associated UEFA match ticket income, higher amortisation emanating from player acquisitions in January and seasonally lower retail income. In addition, our outturn earnings may be materially impacted by success in footballing competition. On the basis that the impact of Covid-19 appears to be receding at present, we anticipate to finish the financial year with revenues ahead of our previous expectations.



    It has been a period of transition for both the executive and the football department. Michael Nicholson’s appointment as Chief Executive was confirmed on 23rd December, along with Chris McKay’s promotion to Chief Financial Officer. And our Football Manager, Ange Postecoglou, joined us at the start of the season. Ange has been able to assemble a first-team player squad to fit his proven methodology of attacking football. We have achieved the permanent transfers of Osaze Urhoghide, Liam Shaw, Liel Abada, Kyogo Furuhashi, Carl Starfelt, Joe Hart, Liam Scales, Josip Juranovic, James McCarthy and Georgios Giakoumakis. In addition, we welcomed to the Club two quality loan signings in Cameron Carter-Vickers and Joao Pedro Neves Filipe (Jota). Further to this, we added Daizen Maeda, Yosuke Ideguchi, Johnny Kenny, Reo Hatate and Matt O’Riley over December 2021 and January 2022.



    As we progress through the season we are delighted to return to winning ways, securing the first silverware of the season, the Premier Sports Cup in December. This is the 20th time Celtic has won this trophy. December also saw us finish third in the Europa League group with a creditable nine points in what was a difficult group. We now enter the newly constituted Europa Conference League where we will play FK Bodo/Glimt. At the time of writing, we sit at the top of the Premiership with 12 games remaining and we have reached the fifth round of the Scottish Cup. We also note the progress which continues to be made by our women’s first team and in particular the magnificent achievement of winning the SWPL Cup in December 2021, the women’s team’s first trophy in over 10 years. We congratulate the players, Fran Alonso and his management team on this success and hopefully can look forward to further success in the near future.



    On behalf of the Board, I express my assured confidence in the football management team and the executive management team who collectively share many years’ experience in Celtic Football Club and who have worked tirelessly to restore our current position at the top of Scottish football. We are optimistic about the future.



    Finally, I wish to express my sincere gratitude to our supporters, our shareholders and our commercial partners. The support they offered over the last six months and beyond as we emerge from Covid-19 has been immeasurable as we have navigated the Club through this transitional period.



    Ian P Bankier


    11 February 2022



  4. Spectacular, extremely good, take your pick. These results demonstrate that the balance of commercial power in Scottish football lies in Glasgow’s east end. That will not change anytime soon regardless of how the remainder of this season goes.



    CL income should be seeing us push to become a tier two European club.

  5. Big Jimmy on 11th February 2022 3:24 pm


    ERNIE LYNCH on 11TH FEBRUARY 2022 12:40 PM



    Big Jimmy on 11th February 2022 3:24 pm


    ERNIE LYNCH on 11TH FEBRUARY 2022 12:40 PM



    Will Raith Rovers be using their share of the gate money to pay up Goodwillie’s contractAnd if so does that mean any fans attending are in line for a sherricking from Big Val and her pals?




    The above MUST be one of the most STUPIDEST Posts that I have ever read on here.



    Going by the above so called ” LOGIC”, does that mean that Celtic supporters who attended games v HIbs in the 1980’s, were GUILTY of FUNDING George Bests drinking habits ?


    Will Raith Rovers be using their share of the gate money to pay up Goodwillie’s


    And if so does that mean any fans attending are in line for a sherricking from Big Val and her pals?





    The above MUST be one of the most STUPIDEST Posts that I have ever read on here.



    Going by the above so called ” LOGIC”, does that mean that Celtic supporters who attended games v HIbs in the 1980’s, were GUILTY of FUNDING George Bests drinking habits ?





    Ernie – hang your head in shame.



    Usingrapetomakeasarcasticpoint CSC

  6. Paul 67,



    Shush about our profits, or it won’t be long for some bampot to propose a windfall tax to help the other clubs.




  7. We spent close to £14 million the summer before as we went for 10. £16 million this summer.



    I’m not sure if it’s solely down to Ange or we’ve reconfigured our scouting but the turnaround in value is astounding.

  8. Pingback: Celtic spectacular interims | Celtic FC News Now

  9. SCULLYBHOY on 11TH FEBRUARY 2022 7:11 PM



    Has Goodwillie received his pay off from Raith Rovers yet?

  10. Ernie,



    Not content with making a total arse of yourself on the Goodwill’s subject,you come on here and try to tell me,adamantly,that Nicola Sturgeon knows about Clyde,because one of her party did.


    You just can’t help yourself.


    Never wrong.Never answer a question.Even when proved wrong,or ridiculous,will never accept it.

  11. Ernie, You really are a nasty person.


    Do you not get the message, nobody here wants to talk about Goodwillie.

  12. CORKCELT on 11TH FEBRUARY 2022 7:42 PM


    Ernie, You really are a nasty person.





    Do you not get the message, nobody here wants to talk about Goodwillie.






    That is self evidently not true. Scroll back and see for yourself.



    There was a lot of concern expressed. But that concern seems to stop short of denying yourself the pleasure gained from going to see Celtic.



    I think it’s called virtue signalling.

  13. Corkie, I think the issue with Our Ern is that he spends so much time spinning the argument he totally forgets the question.


    His approach is always about presenting his facts as the truth rather than actually getting to the truth despite claiming that is his focus. I think unlike some of his cohort that he genuinely has his heart in the right place however he’ll never under any circumstances regardless how damning accept he is wrong.

  14. I loathe that dick, Campbell………………….



    Hope Hibs hump thum and consign the gurnin’ hunned-up dinosaur nugget to defeat.

  15. you brought that aspect into it,


    to suggest that a Celtic Supporter attending a Celtic match, is in anyway complicit in paying money to Goodwillie is obscene.

  16. Top class trading figures and a top class article from Paul to compliment.



    Heard a great phrase from a female Winter Olympic athlete. “I never fail – I either win, or, learn – great stuff!!



    Applying that to Ange and his squad is, in my opinion, appropriate. Since losing three from our first six league games, my word have we learned – no failure now!


    We win the LC and fight our way to the top of the pile.



    I have no doubt that the one concerning thing that exercises all of us, is the apparent fall of of intensity in the second-half of games, added to, by what looked like lack of concentration against Aberdeen.



    However things must be kept in perspective and context (great words these when commenting on anything). We are coming off an horrendous spell of continuing injury to our best players and have lost a couple to international duties, yet we have pushed on.



    Ange always says he’s a builder – well he’s a learner too. Let’s hope that learning-curve takes us to the title…..who knows, even to another treble, and CL qualification. In conjuction with these latest financials, what a spoke that would put in the Ibrox wheel – they’d think last season never happened. HH

  17. TURKEYBHOY on 11TH FEBRUARY 2022 7:40 PM



    ‘one of her party’.










    Who just happens to be a high profile and long standing MSP.



    The stushie when Goodwillie signed for Clyde was widely reported in the tabloids.



    Sturgeon knew.



    You are exhibiting cult like behaviour.

  18. Corkcelt.


    Since you are on.


    I don’t know if you are aware , there’s a recently released podcast, with James English interviewing Sam Millar, it lasts nearly 2 hours.


    I found it fascinating.

  19. Timmy7, Never met the guy, hope I never do,



    Clever & intelligent ? Probably . Heart in the right place ? Don’t see any evidence of that.

  20. park the bus 442 on

    The turnaround in value has placed Celtic fc into the losers lounge in European terms, or Euro pub league, if Ange had come into the club and balanced the importance of his philosophy against the trumpeted balance sheet and kept the implementation of his philosophy for the SPFL level games and realised that the European stage is no place to implement a philosophy with too many demands attached to Ange ball for players to get their heads around with little time available to Ange, which wasn’t his fault, but he did accept the Celtic job on the basis that he’d have to hit the ground running, and Europe for a club from a wee puddle league like the SPFL, is not the place to sketch out ideas or you’ll be handed your ass and that’s what happened, and he was handed his ass on Celtic supporters behalf. A clever sort would’ve adopted a security first approach in Euro games as the standard of player will be much higher than that of the SPFL, and there is a huge emphasis on Euro monies for Celtic’s income needs, but it seems to me at least that Ange only knows one way to play, if he wins the league nobody will care about lost Euro monies this year as there’s always next year, but Ange only knows one way to play, that’s why G-Mac consistently looks as though he’s in the wrong movie, Meada?? Ange could learn from another former Celtic manager, Brendan Rodgers, who’s domestic SPFL philosophy monstered Scottish teams, but when he faced a higher quality of player in Euro games he was handed his ass as he too only knew one way to play which was good enough for SPFL puddle level but that is woefully short when you compete with clubs who’ve more or less similar resources, if you can’t match up resources wise, then park the bus and hit on the break if you can it worked for José that’s why he has Four 4 European trophies on his CV whilst idealists with philosophies usually get handed their ass.


    I wish Ange and his bhoy’s all the very best of luck in our Euro adventure. 🍀

  21. Corkcelt.


    Thanks for response.


    It gripped me, when I noticed how long it was, I thought, I will watch it in segments. I didn’t, I watched it in one go.

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