Interims will stun and frustrate


Celtic released their interim financial statement for the six months to 31 December 2023 this afternoon.  They will doubtlessly stun and frustrate you in equal measure.  Revenue for the first half of a season reached a new high of £85.2m (2022: £76.5m).

Pretax profit for the period was £30.302m, down slightly on the 2022 figure of £33.830m and remember, Celtic are one of the clubs who pay their taxes, so worth recording the after-tax figure is £22.68m.

Our amortisation figure for the six month period was almost dead level with the previous year at just north of £6m.  You’ll know what amortisation is, so CQN would never bore you explaining that one.  The sale of Jota was included in last year’s accounts, so the player sales figure from 1 July was £2.591m.  Cash in the bank at the end of the calendar year was an astonishing £67.327m, up £7m on a year earlier.

All that money and two points behind in the table is the elephant in the document.  Chairman Peter Lawwell noted his disappointment at the lack of significant transfer business done during the January window:

“The Board’s commitment is to strengthen and improve the playing squad in every transfer window and although resources were available, we were unable to further add to the squad due to the unavailability of identified targets.

“This was disappointing to us all, and never the intention. The January transfer window is notoriously difficult as clubs are very reluctant to let their best players go at such a crucial time of the season just as we are. Indeed, we resisted strong interest in our players from other clubs.”

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  1. onenightinlisbon on

    “Indeed, we resisted strong interest in our players from other clubs.”





    In other words we will be selling Hatate and O’Riley in the Summer.



    More pish from Pedro.

  2. Aye, simply stunning, a business that never has had the well being of the first team squad as its number 1 priority, just there to generate profit and now boasts about paying tax, I’m sure the guy from Charterhouse is proud of them.


    Why was Lawwell fronting these results, why is his son in charge of recruitment? The first team squad is a disaster area.

  3. onenightinlisbon on

    “Once the Gers are back in their rightful place, our business model will be complete”



    Lawwell, Desmond, Nicholson et al

  4. The Battered Bunnet on

    Crying all the way to the bank.



    It comes to something when the Chairman of a company feels the need to apologise for the vast sum of cash the firm has accumulated.



    And the apology is due. Cash in the bank – beyond that needed to support operations and planned investment – does virtually nothing. The job of the directors of the business is to put the cash to useful work. If they don’t know what to do with it they should move over and let others take on the challenge.



    I think there’s a sufficiency of evidence to draw a fair conclusion that the leadership of Celtic plc lacks an enterprising spirit. They are the business equivalent of a 5-5-0 team shape.

  5. onenightinlisbon on




    They are the business equivalent of a 5-5-0 team shape.



    We should ask Craig Levein to be our next Chairman…

  6. onenightinlisbon on





    Correct . And PL is Craig Levein .



    Without the personality…

  7. Does anyone know of a company where the independent chair-person does not lead the annual and interme reports ?



    how long has CQN been going and still people dont understand company structure or the roles of the executives and who get paid for what.



    I am absolutely certain, the owners will look at the results and sign off on higher renumeration packages in the upconing cycle for both the CEO and CFO.



    that is how a PLC works.

  8. I wonder what ‘unavailability’ covers?


    Could be a real myriad of incompetence behind that one.

  9. glendalystonsils on

    Anthow , PL is only referring to the most recent transfer window . What about the summer one before it ? At least we didn’t waste a barrowload of money on our January pish .

  10. Cash in the bank – beyond that needed to support operations and planned investment – does virtually nothing. The job of the directors of the business is to put the cash to useful work. If they don’t know what to do with it they should move over and let others take on the challenge.



    I agree mostly with this except for one thing.



    The interest on cash held was over £1.3m in last years accounts.



    I would like a younger set of succesful outside football types to be added to the non-execs and those over 65 let go, however, the 2 execs the CEO and CFO will say in their performance reviews, look at the numbers, we have CAPEX projects in the planning (without borrowing) , we will continue to hire staff where available, , and if cannot spend we will make sure we are invested in accounts that make money,



    I am still waiting on the complainers to tell us who they want and what success looks like to them ?

  11. garygillespieshamstring on

    I don’t think “Lawell is fronting these results” any more than Brian Quinn or Ian Bankier did during their tenures as chairmen.



    I don’t remember Peter Lawwell’s name appearing at the end of these statements when he was CEO. I think these statements were always above the name of the chairman of the time.

  12. GLENOWEN on 23RD FEBRUARY 2024 5:01 PM


    I wonder what ‘unavailability’ covers?





    Could be a real myriad of incompetence behind that one.






    THE European Finance report had a comment that included a slowing down of the tranfer markets in Europe (forget saudi) and welcomed this as a consequence of Financial Sustainability tightening how clubs could buy.



    I do believe we have lists and lists of targets, and they will be on everybody elses list of targets.


    We go forward, we ask for availability, the other party says we want x, celtic say we think person is worth y.



    ok, sorry we wont sell at that price. so not available.



    another target wants to move, and celtic want to do business, but he says, scotland, nah, i want to wait out for summer and the english offers.



    we approach player c – club says we will loan you him but here is the loan fee if you are really desperate pony on up. not available.



    you are right, not available covers a lot of circumstances.



    anyway my top worry is that we wont have a keeper next season, on an over ready (insert position here).

  13. In a wee parallel, i just watched my former emploers 3rd quarter results and the interms to the Investors this morning.



    In this order they presented –



    CHAIRMAN – presented the group results, the big high numbers, confirmed strategy , stated what is working and laid out where they could do better.



    like wot my uncle peter just did.



    Next up –


    CEO – Presented the high levels results by GEOGRAPHY and Segments of revenue.



    Then –



    CFO – Presented the breakdown of results by Business Group.






    EVPs – presented the results for each segment.




    now that i am retired, and more independent, i suprised myself listening in, that i was less cynical than i was as an employee, and even more open minded to what they were really saying.



    anyways, the share price went up today.

  14. onenightinlisbon on

    Or alternatively… we don’t approach player one two or three but grab the Norwich City third choice non scoring striker at the last minute……fail to prepare etc…

  15. as a ps to the european report,



    allthough we sat and wished for players as the winter window closed, i couldnt help but laugh at the SKY Coverage that had people reporting from ground after ground with nobody coiming in or out their revelving doors, and indeed bemoaning that things just aint the way they used to be.

  16. GREENPINATA on 23RD FEBRUARY 2024 5:22 PM


    You are not allowed to discriminate in employment by counting candles on a birthday cake.



    DD suggest to the others, I dont have the energy anymore, i wont stand for reelection at the next AGM.



    The others do the same.



    The board adds a new resolution, in keeping with best practice and recommended corporate goverance, – we seek new non exec directors, to serve year on year to a mximum of 6 years.



    One of these will be ROSS DESMOND, his father already told us that.



    no need for discrimination on age grounds,

  17. On behalf of the Board and everyone at Celtic Football Club, I wish to extend our gratitude and appreciation to our supporters for the backing of our Club. Thanks also must go to our shareholders and commercial partners for their continued support.



    Peter Lawwell




    23 February 2024



    cheers Pete, that was an impressive set of results.

  18. Greenpinata



    Do you still not believe in so called “conspiracy theories “.





    I believe in Conspiracies. Overt and Covert. Proven, Jury’s Out , Totally disproven and completely mad unsubstantiated conspiracies.



    I also believe in Theories. Unlike the common usage which treats a theory as an unproven flight of fancy (and that might be the source of your disagreement with me), I use theory in its scientific sense as the best possible cohesion of current facts based on rigorous peer research. There are still competing theories of how the earth began all based on existing plausible physical evidence. The Big Bang may currently have supremacy of support but future physical findings may swing things back in favour of Steady State Theory. These changes in support are not at the whims of fashion and are not voted on. They are just based on how much scientific evidence there is for one over the other.



    So putting the word conspiracy next to Theory does not sit well with me. I used it as a pretext to shovel in a Flat Earth joke only.



    Of course there are conspiracies. George Bernard Shaw said that all professions are a conspiracy against the general public because they are mostly trade bodies that help individual members get paid more for their services. It was a good joke but not a great analogy because it ignored the benefits of regulation.



    There are conspiracies that have been proven beyond most doubt- Guy Fawkes & The Gunpowder Plot, Rangers and DOS & EBTs, and the Diesel Output tests by many car manufacturers. But, just because there are and have always been conspiracies, does not mean that ALL is Conspiracy. You need a filter and you need a standard so you don’t just swallow each and every one or block out each and every one.



    The anti-vaxx, stuff for me falls somewhere below the middle level of plausibility. I remember the outlandish claims made by them- drink bleach, buy our untested but totally natural remedy, and all doctors are bought and paid for by a Big Farmer.



    Now, everything done to counter the genuine epidemic of Covid was not based on 100% proven fact. It was more often a hurried gathering of best fit information and “better safe than sorry” attitude. So if you want to argue that lockdown was too extensive and did not show nuance for rural areas, I’ll listen and most likely agree. If you want to argue that the medical profession en masse were deliberately evil or hoodwinked, then my time on this earth is too short to give that sort of stuff headroom.



    We are still finding out stuff about Covid and its variants that support what we did and other stuff that suggests we should have done it differently. And the people discovering this stuff are trained medics and medical researchers, not amateurs who hear of a young man dying and say that never happened before, it must be Covid.



    To finish, I have just had a Wi-Fi mast set up right outside my front drive. If I go senile within the next 10 years, I could conclude that it was radio waves what done it or I could conclude that it’s more likely age related. Scientists can give me a fairly accurate actuarial assessment of which is the more likely cause, The tin foil brigade will jump to the conclusion they want.



    Meanwhile eradicated diseases make a comeback and kill and harm many people because of the false climate of mistrust that exists over medical treatment. As always, apply scepticism to what you are told and ask questions of authority but do not fall into cynicism and feel that re all out to get you. Otherwise the Mad Max meets Gilead world that the alt-right are trying to create will arrive even faster.

  19. Another solid off-the-field performance. I’m ok with us holding on to the cash until the players Brendan wants become available. There’s no need to shop from the B list just to appease restless fans.



    Looking for a good win this weekend to get the show back on the road. Everyone remember, we are dealing with a 4-point swing in the hun direction over the last 10 games. It’s not a lot in the grand scheme of things and can be turned around in no time. They have their euro pressures to deal with as well, so plenty to play for.

  20. Blathering on about the January window being difficult. We know that, so get it right in the summer. The summer window irks me more than the January one.



    A decent summer window and January could’ve been used for maybe a signing or two to bolster the squad and trim some more fat.



    Instead, we spent January trying punt our summer signings while bringing in a less effective winger than MJ and a non-scoring forward (ice-cool penalties v Hibs duly noted)

  21. Back to Basics - Glass Half Full on

    Long day at work.



    Popped in for a peek.



    Saw ONIL isn’t happy.

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