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!