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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As someone on the No side of the debate, I dissociate myself from darwin’s comments.
Neganon2
Do you need an example ?
Is it not the case that sensitive or controversial issues can be booted into the long grass in the hope that either money runs out to pursue or the threat of costs dissuades further pursuit ?
darwinsbeautifulidea
17:02 on
12 September, 2014
Jim sillars deserted the working class joined the snp(tartan tories),so he could shag that boot Margo Mcdonald
Cant wait till we tell him and the racist bigot Salmond to feck off next thursday
VOTE NO
UItterly Appalling.
Paul. Time to look very closely at some of the stuff being allowed on here.
the_huddle
I might be laughed at but if Celtic and fans on here want to join the English leagues, they need to accept joining bottom tier, so say conference or something like that, I’d gladly take that now and work up and it would meet less opposition than what has been suggested over the years, 5/6 years going through the leagues no problem.
Although I think a yes vote would extinguish all ideas of a ‘British league’ or us ever joining the 92. Not that should sway anyone of course, just an observation.
NegAnon2
Banks like to make money they don’t run from making money
The ones that flee good riddance there are plenty others to fill their place who would agree to regulation that put the taxpayer first
Scottish Independent Bank anyone….?
If Scotland gets independence, Scots will move their money out of the banks who shafted us and headed back to London….guaranteed
I will put my money on it
setting free the bears for Res. 12 & Oscar Knox but saying no to CQN racists
17:13 on
12 September, 2014
As someone on the No side of the debate, I dissociate myself from darwin’s comments.
And I would hope that more than you would do so.
And I say that as someone whose posts have hardly ever been those of a cshrinking violet.
Paul67, as others have said, you might want to clarify that “the club have a £6m overdraft” means an overdraft *facility*. Last time, the Sevconian remedials thought that meant a debt. (I know).
Paul 67 or anyone …
Haven’t had time to read back or the check the accounts.
Re the £6m overdraft – is that a £6m facility or the amount we actually owe on non term loan overdraft?
If the former, any idea what our average overdraft figure would actually be ?
Thindimebhoy
16:51 on 12 September, 2014
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
===========================
Nice fiction.
An independent Scotland with its fair minded principles (Did you swallow the SNP manifesto?) will have the carcasses of its industries picked apart by your greedy bankers at a whim.
The global financial markets are inter-dependent on each other. These markets are what sustain us – your income, your future, the future of the country. Within a union, our position has strength, the currency has strength. Seeking independence from the UK is also seeking independence from the inter-dependent marketplace.
We separate, then attempt to re-integrate from a position of weakness? They’ll circle the wagons, not let us take part in a currency union due to the disruption and uncertainty around the pound our unstable political situation creates.
How does that fit into the ‘beat up a banker’ theory?
At best they’ll laugh at us. At worst they’ll beat us like a one-legged ginger stepchild and make us suffer for a generation or two.
The Yes campaign have shown NO comprehension of the greater picture. I’ve awaited their design for life; I’ve almost willed them to back up the motivating sentiment with real figures and real prospectus. Take me back to ’78 when as a kid I was dismayed at the adult rejection of independence…
But, no. Just more rhetoric and smugness wrapped in ignorance. Throw in some unrealistic numbers about oil production and barrell prices and jingle the shiny-shiny. All you need to do to get an inkling of our position on the global stage and our insignificance as a small independent nation is watch Bloomberg for a day. Within the union, we operate with English, Welsh and NI allies as a force with a say in global financial matter.
Alex Salmond got into power on a promise of scrapping the Council tax. Remember that when he dismisses concerned arguments like mine and offers a hand full of jelly babies for your vote.
Best thing we can get from this – already the pound’s crashing and you’ll know all about it when the ripples hit your own pocket in a month or so – is more strength within the union and use it to leverage our position in westminster and devolve more powers to Holyrood. Gordon Brown and Jim Murphy the only men with heads screwed on properly as far as I have seen.
That is politics – and that is the best long game we can play in light of the non-existent financial projections trotted out so far by the SNP. We’re not children any more. Grow up. The English are not our ‘enemies’ – David Cameron and his ilk are not us but there’s bigger fish to fry than some spurious revenge mission for Braveheart. Wrestling more power from them within their union is a bigger slap in the face than cutting loose and giving them the vickies before realising we’re skint apart from the snake oil Wee Eck managed to offload.
Hmm, guess I’ve about made my mind up unless someone from Yes can roll out relaistic numbers and not shout continually.
Anyway, more important things to look forward to this week – like Celtic. Will Deila start three new bhoys?
Hope so. In at the deep end and onto Austria. Kid gloves off and let’s see what they’re made of, Ronny.
NegAnon2
If we regulate our financial services sector so that the vultures who currently control it are held to account, said sector will flounce off. Ergo, we must let them do what they like.
The exact same argument was used by opponents of Health & Safety legislation and the Factory Acts. We can’t afford these interfering do-gooders who want to stop us sending kids up chimneys etc.
That’s the side of history you’re on NegAnon.
So let me get this right.
RBS following the UK economic direction with uber lite regulation with a Board ( how many Banking professionals , 1 or 2 ) , stick their noses in the troff ( directors benefit directly from takeovers) and this is being held up as an example of maintaining the status quo.
Sweet JC , contorted , bordering on irrational drivel … under new arrangements , the future will be , shock, different
“If the aggregate level of subscription is less than 15,000,000 New Ordinary Shares the Open Offer will not proceed”
Actual subscription: 15,667,860
Gross proceeds: £3.13M
Net proceeds: £2.5M
Difference between continuing to trade and closing shop £133,500 less consultant costs of 20% = £106,800, or about 2 days operating costs.
There you have it, the Sevco business model.
Go figure.
Robert88
I might be laughed at but if Celtic and fans on here want to join the English leagues, they need to accept joining bottom tier, so say conference or something like that, I’d gladly take that now and work up and it would meet less opposition than what has been suggested over the years, 5/6 years going through the leagues no problem.
Although I think a yes vote would extinguish all ideas of a ‘British league’ or us ever joining the 92. Not that should sway anyone of course, just an observation.
—————
I think a few on here, me included, would’ve taken English conference football 5 years ago, we should’ve bought a non league team ages ago and started the process.
it’s great to see the club thriving through these straightened times.. hh
Although I think a yes vote would extinguish all ideas of a ‘British league’ or us ever joining the 92. Not that should sway anyone of course, just an observation
=======
Robert88
Not true – regionalisation if approved would still leave that option open.
HH
james gang (from the last thread)
“Might a New Balance top means wee Jamesie doesn’t run so squinty and saves his hammies?”
I saw Stephen Graham on Soccer AM impersonate raheem Sterling’s running style and it looked just like wee Jamesie
For those pointing out that MP expenses show a further need to get away from Westminster – it’s worth pointing out that Alex Salmond carried out the dual role of First Minister as well as MP for a few years before he reluctantly stopped the sham of having two jobs at same time, both at yours and my expense.
TBB,
In laymans terms, when do you expect thems to go t**s up?
traditionalist88
A big if.
Neil Canalamar
As long as we are in The Union as it stands.
“A house divided against itself cannot stand ” applies as much to WM as Scotland.
This is an opportunity to change the nature of The Union, that genie is well and truly out the bottle.
Paul67
I think a wee personal email to this darwin chap may be required!
talking about t++s up
is it true that Ian paisley is to be buried face down in case he does a sevco?
quonno whilst I agree with you re the plank darwin was there any need to repost it? Get thissorted Paul67. Hail Hail Hebcelt
Genuine question for the Yes voters.
How do we afford to run a country in which 1 in 3 ( as I understand the stats) of the working population are employed in the public sector?
Please be assured this is not a tub thumping exercise for the No vote – which is almost certainly my decision.
It’s a genuine question to which I , for one, cannot see an answer that makes economic sense.
sipsini
Not spending a great deal of time poring over the mess, but they pretty much seem to be already. They’re surviving on a saline drip.
Slugs using keyboards -Charlie D didnt see that coming
darwinsbeautifulidea
17:02 on
12 September, 2014
Jim sillars deserted the working class joined the snp(tartan tories),so he could shag that boot Margo Mcdonald
Cant wait till we tell him and the racist bigot Salmond to feck off next thursday
VOTE NO
——————-
Unacceptable post.
Are there no moderators on here any more?
quonno
You have not quite plumbed those depths but you have insulted a generation of Celtic fans who had no truck with the SNP’s Independence for Scotland policy
Sandman@17.17
Eloquently put.
Be prepared to be dismissed as a fear-monger, though. That jibe covers all bases. It’s like being back at primary school-
“I dare you to Vote Yes. I dare you! What’s the matter? Feart are You?”
That was usually the invite to have you be first to swing on a rickety rope of poor construction across a nearby river or risk a jump over a deep canyon. The darer rarely went first mind you.
Evening All,
Two things
Paul – Accounts can be tedious. To make the discussion more interesting could you perhaps compare and contrast the financial position of our club with … er …. perhaps another club in a similar local who (they think) is of comparable size?
Second – have noticed some opprobrium towards Ian Paisley on here. One of God’s children has died. This shouldn’t be celebrated.
If that doesn’t work for you then consider this. Ian Kyle Paisley set out over 40 years ago to achieve certain objectives. He failed on all of them.
Hail Hail
Hail Hail
Auldheid,
There is no unity there has not been for a long long time and that is not going to change without an almighty shock to the system, I for one don’t believe its worth changing anymore.
It’s time to stop moaning and blaming and stand on out own feet.
London will not change and it will stifle all attempts to change as it’s always done, loose the burden.
Get that Darwin tube off this blog. Utterly abhorent.
Roll on next week and an end to this debate.
Canny wait for the game tomorrow looking forward to seeing the new ghuys. Celtic 6 sheep nil.
HH all true tims
Robert88
17:25 on
12 September, 2014
traditionalist88
A big if.
======
Yeah, but if its a Yes vote next week England will still be our neighbours:)
HH
Traditionalist88
Why would one country want to include another country as a region when it refuses to accept that as matters stand, we are in the same country and are not a region?
Nope, a Yes will pull up any drawbridge to English football and brick up the gate.
Ger57 with respect you aren’t thinking this through.
Quite apart from a rather silly suggestion that I’m on the side of sending kid up chimneys please hear m out and do so with an open mind. This is important because we need to think through cause and effect.
I work in risk management in insurance and have in banks. I know about regulation etc and how it works. The banking industry convinced themselves to take too much risk. It was bad behaviour. Reprehensible.
They were too big to fail. It would have been disasterous if we hadn’t bailed them øût.MIT wasn’t done for the banks but for us. If the banking system collapsed we would all have been in trouble.
But regardless of all that. If you make up regulation on your own and not in conjunction with other countries you create an imbalance and for cost and business reasons then companies will move. It’s a competitive world and we need to live in it and deal with it.
While your emotion is understandable it’s just business. That’s why being in the European Union works because we agree these regulations together and keep a level playing field. You cannot act unilaterally. So still are is just posturing and I’m sorry but it’s pathetic.
I’m not making this up. It’s all cause and effect.
References to health and safety don’t really work. That’s just common sense legislation.
If Ah wiz Asked..
regarding, the Upcoming Scottish Independence Voting…
“Yea or Nay??”
Ah wid cry..
“Nay, Nay, A Thousand Times Nay.
Tae Vote Otherwize.. Wid Be tae participate in Financial Suicide!”
How dae Ah Know That it wid Be?
Because Ah hiv.. whit is known in the Trade ..as..
“Mallum”…in Abbondanza!
Kojo
Still,,Laughin’
people here are speaking about religious schools
i personally believe that all schools should be non denomimational
why should people pay for other peoples children to educated in another religion
why should i pay for muslim, protestant, jewish schools etc
no more than my taxes going to the elite fee paying schools in ireland
why should there be catholic schools in scotland paid for by taxpayers of other religion and none
schools should be religion free with parents instructing their children in their own religion after school
if people want religious schools let them by all means but fund it themselves without money from the state
let the various churches and their adherents fund their own schools
the sooner the last grip of the catholic church is removed from schooling in the republic the sooner the better
Auldheid
The gate has been bricked up for as long as anyone can remember anyway.
Regionalisation is not just for countries with a political union now, is it?
HH
Auldheid,
If the vote is NO then the reformation of the Union genie will be magicked straight back into the bottle.
Establishment bullshit of the highest order from failed politicians with their noses in the London trough