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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Sir Paul
As ye hiv Noted…
The Celtic Yearly Financial Results ..ur in..
n
It maks.. Damn Pleasin’ Reading…
Fur Me..
The Celtic Board , needs tae be Congratulated..
as oor Financial Resources ur Lookin’ ..mighty Healthy.
n…as the Celtic Chairman… Agrees wi’
Kojo…
When He says..
“Celtic are Living.. WHITHIN OOR MEANS!”
n… Daeing That…. is the Key…
Fur…
If wan’s INCOME… equals..
“Forty Two Pounds.. Six Shillings n Nine Pence Half Penny..
n..
Wan’s EXPENSES .. Equal..
“Forty Two Pounds . Six Shillings n… TEN PENCE..
Then, as The Legendary Mr. Micawber..hiz already Pointed oot..
“Bankrupcy , Is Staring Wan in the Face.”
Ah am Happy tae relate..the Under the Auspecies o’ oor Present Prudent
Board..
That, with Us.. Is Soitenly Far frum being the Case…
Nice.
Kojo
Still,Laughin’
Canamalar I think the courts thing is small fry compared to other issues. Don’t forget it was Scotland that dreamed up the OB act all on its own?
As a result of these constraints, we are committed to improving the football environment in which we play. =======================================================
What does this mean in practice? I assume this time next year we still won’t know.
HH
Auldheid..,
Again, as long as we are in the union there is only one real winner, London.
They will sit on our back while we move that treadmill, politics and economics will continue we’re simply reducing the burden.
Going by the accounts what is our revenue and expenses without player trading and CL income?
Not sure which player sales comes under this account…
I’d be guessing at around £40m revenue and £55m costs? Meaning we need the CL to survive, or a very impressive player turnover and sales strategy.
I’d imagine Europa participation which we cannot guarantee but it a bit more likely to gamble on would add around £5m. So still £10 loses?
NegAnon2
Thindimebhoy that is political populism and posturing on a grand scale. Tabliodesque ill though through and plain silly. It also guarantees that banks will move to England to escape from these new regulations you are tub thumping for.
Dearie me.
—
Cmon the greedy bankers got off the hook and the taxpayer footed the bill for their largesse .
Don’t you expect an independent Scotland with fair minded principles will tidy them up to suit us and not them
You know while the politicians were dipping the taxpayer via expenses they could hardly call the bankers crooks
An independent Scotland will shake the rotten lot of them up
The Glorious Balance Sheet
As I’ve been saying for quite some while change the close season to Jan to March.
Play SC games in WC or ENC cup months.
It’s an obvious step to significantly reduce chances of not qualifying by entering those stages with a settled match fit team of players who have been playing alongside each other for 3 t 4 months.
Couple of observations on the accounts:
We’re losing income from the fans, both in terms of paid seats and in terms of merchandise.
That’s us guys. There are ‘engagement’ issues there for the club to lead on, but we play our part too.
Pukki, Boeriggter and Balde = £4M kick in the pants
The cash position needs to looked at alongside the £14M increase on trade debtors – clubs who owe us money for player sales.
Netting debtors off against a £3M increase in creditors, and adding back the £4M net cash, we’ve got £15M of slush.
That will be walloped by the loss of Champions League income for this year, probably a net £20m hit, offset by the sale of Forster last month.
Next year’s position will be something of a reversal, and in this light, we can look at this summer’s transfer business and reflect with rue.
We screwed up. Large.
traditionalist88 1650:-
In my view its a “come and get me” plea to the English Conference League.
Auldheid thanks for the link. I have only quickly skimmed it but already it resonated. The march of nationalism and blaming the English or Westminster for every ill conceivable is concerning (it’s particularly odd that it’s the banks and their masters in Westminster. The RBS story was homegrown!!!). We see it too in the intolerance of the yes sides tactics and dismissing genuine concerns as scaremongering.
Division will result and remain regardless of the way this pans out.
Battered bunnet surely you would agree there is a direct correlation between fan income decreasing and the mess the club made of transfer dealings etc?
Ian Paisley burn in hell
deid like yer team.
a time for real change in the world
£10m* losses?
Squire Danaher – you can get all MPs’ expenses details at –
http://www.parliamentary-standards.org.uk
failure in the CL this season has yet to hit the accounts and will have an effect on whoever is the manager
time to stop the downwards spiral!
Yep we are doing well.
Out of CL on our erchies twice in four weeks.
Auldheid 1651:-
I don`t think summer football is going to help us greatly with CL qualification.
Our fates are too heavily dependent upon the incoming and outgoing transfers which we complete throughout the summer transfer window in the middle of the qualifiers.
As our strategy is to sell players to England we will forever be moving players on at this time so our CL preparations will remain disrupted regardless of when we start the season.
The transfer window system – and our conduct during the windows i.e. majority of incoming deals completed at the last minute on deadline day over the last 3 years – is as much a part of our problems as when the season starts.
Neganon2,
I think justice is a bit more than small fry, as far as I’m concerned it’s the biggest issue I have, as it’s the only real fear I have, yes Scotland did come up with the OB act and the sooner it’s challenged and the law makers get a bloody nose the sooner they will repeal it, it will impress upon them they need to be fair to everyone in Scotland and that their prejudices will be challenged on a higher level than before. There won’t be any room for manoeuvre when the lords delay opportunities are removed.
Tamrabam
16:56 on
12 September, 2014
failure in the CL this season has yet to hit the accounts and will have an effect on whoever is the manager
time to stop the downwards spiral!
Money for Fraser and Virgil will take care of next years smoke and mirrors.
Thindimebhoy I don’t think your point makes sense. The bailout had to happen or it would have been disasterous beyond belief. The banks behaved terribly and regulation has already been tightened. But RBS was the worst and it was made in Scotland. So really. What has this got to do with an independence debate? In fact I can use your suggestion to prove that independence is in reality an illusion.
If Scotland introduced tougher banking regs all banks would flee Scotland. They would go to England and then you would lose all the taxes and a massive amount of the jobs. Because you live in a a competitive world you cannot do these things in isolation.
So would that make you happy? Would you feel avenged when unemployment goes up and there are no good financial service jobs for our children?
the glorious balance sheet
16:51 on
12 September, 2014
traditionalist88 1650:-
In my view its a “come and get me” plea to the English Conference League.
=====================
Part of me would like to believe that they wouldn’t make such a statement if they weren’t confident of real improvements being made or that perhaps the wheels are already in motion, be it in Euro restructuring or federating with England.
On the other hand is it another soundbite we can’t see much evidence of? There not much meat on the bones there.
HH
Sevo have raised 3.13m for the share issue, quite surprised they’ve managed that
Canamalar can you give me an example of a lord delay that caused an issue for Scotland?
It surely has to me more concerning that Scotland already has a track record of creating bad laws on its own?
Bank bailouts take place in the countries where the customers are.
So us eejits who asked them to spend money to give us a chance ar at fault for only buying 6 strips over the last year
need to increase my spending peter eh….
Auldheid
If I may….
Your thesis seems to suggest that the UK option is one of working together. One reason why YES has traction is because of the disunity and internal division in UK. It might just be possible to get more working together in a smaller unit?
HH
robert88
what happens at sevco now
i understood that they needed to raise 4 million or they wouldnt accept anything
has the deadline (no pun intended) passed? or do they still have more to do?
the glorious balance sheet
I don`t think summer football is going to help us greatly with CL qualification.
Our fates are too heavily dependent upon the incoming and outgoing transfers which we complete throughout the summer transfer window in the middle of the qualifiers..
—————–
Summer football would mean our team was better prepared and fitter for the CL qualifiers, but it would mean we’d have less able footballers. So we would maybe not suffer the embarrassment of this summer but we’d be well out of our depth come the actual CL.
It’s a tough one. Summer football would be the final nail in the coffin of Scottish football as a “serious league” but maybe that’s inevitable and we just need to suck it up.
Plus side summer football would mean cheap football and an end to a squad of overpaid wasters :o)
Talking about eejits and he appears as magic.
darwins you are a disgrace…
traditionalist88-
Its certainly a strange statement to make – nothing has changed really, we`ve always been miles behind England in terms of tv contracts.
I can`t see there being anything happening in terms of federating into English or European leagues; although the status quo isn’t working for us, its working out pretty fine for plenty of other clubs who are happy enough with things as they are. I don`t see any huge desire from UEFA and other associations to change things.
Thindimebhoy
So an independent Scotland which will depend upon oil is going to take on BP?
They are going to sort out the bankers as well?
Would that be bankers like Angus Grossart? – WeeEck big pal
It would be funny if it wasn’t so tragic!
Me thinks living in the bubble of the referendum debate has gone to a few heads!
Will we see – WeeEck giving it the full Braveheart speech on Wednesday?
SNP are Tartan Tories who simply want to replace London control with Edinburgh
You know the Edinburgh that has Billions spent on it in the last few years while the west has stagnated
They need your votes on Thursday but if they win – come Friday you won’t be worth jackshit to them
Lastly on the subject of expenses has WeeEck fessed up to all those expensive .. Er trips?
Hope that we see a good performance tomorrow!
HH
Tamrabam
It ties them over to December/January either way, Its not enough as it stands, but it’ll help them for now.
the_huddle
Summer footballs a nice idea, but what happens when the Euros or World Cup is on? IT doesn’t seem feasible, needs to be a consistent thing if its going to happen or interest would wain.
Darwin
Try evolving mate? – your patter’s like water of your own making !
Personal abuse is wrong full stop!
HH
the glorious balance sheet
Exactly – they didn’t have to say anything like that so its interesting they chose to given how closely scrutinised any output from the club is.
At the same time no one wants to be clutching at straws so lets see if theres any follow up to this soon.
HH
Neganon
Of course there’s a correlation, but it’s not quite as simple as that is it.
the_huddle 1703-
I`m all for starting the league season and pre-season training 2-3 weeks earlier. But I don`t think full blown summer football is either viable or the answer.
If Scotland and other national teams are still playing into June in non-World Cup/ Euro Champs years as they will be in 2015 then we have international football throughout the summer months every year from now on, clashing with any summer league fixture calendar.
Also, the likes of Norway haven`t exactly been flushed with success in European qualification despite taking up summer football.
Not an easy problem to solve though. Its getting worse as well – the Champions League Final is on 6th June 2015 and qualifiers for the new season start only three weeks later.
Robert88
Summer footballs a nice idea, but what happens when the Euros or World Cup is on? IT doesn’t seem feasible, needs to be a consistent thing if its going to happen or interest would wain.
———–
Yep, that’s basically it.
Summer football is a nice idea.
I’m leaning to the fact Scottish football is almost dead so we limp along like we’ve done for the last 10 years then keel over or go the nice idea route and have summer football. Neither option is what I’d want.
Robert88
16:59 on
12 September, 2014
Sevo have raised 3.13m for the share issue, quite surprised they’ve managed that
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Just enough to prolong the agony.