Profitable Celtic accounts last year despite revenue dip

Celtic released their financial results for the year to 30 June 2014 this afternoon.  The club remained profitable to the tune of £11.17m (2013: £9.74m) despite a 14$ drop in revenue to £64.74m.  The net cash position at the end of the year was hardly changed from the previous year at £3.83m.

Football and stadium revenue was down £4.4m, which correlates almost exactly to the £100 reduction in season ticket process for around 40,000 seats, but the biggest hit was to Multimedia and Commercial Activities, which were down £5.21m.  The bulk of this fall will be explained by finishing fourth in the Champions League group stage, instead of processing to the knock out stage, as we did in season 2012-13.

Celtic opened a new borrowing facility with the Co-op Bank two weeks ago to replace their existing facilities.  The club have a £6m overdraft (at base plus 1%) and £14.4m of long-term loans.

This high watermark will not be reached this season as revenue will struggle to reach £55m but it’s clear the club can support the current cost structure without needing to pair back.  The project for now is to get revenue back over £70 next season, and for that we’ll need to be better prepared come Champions League qualification time.

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