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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Self Interest?
Absolutely, Pal..
If Independence dae Come…
Wull..
Yer Auld Age Pension.. Still be in the Mail..every Month, like it is Noo?
Hmmmmmmmm
Food Fur Thought..
Uncerainty, kin a Great Waker Upper!..as weel ..as a Loass o’ Sleeper!
Is the Scottish Tax Base… A Coupla Million Workers..mebbe.. Mebbe, Three..
Sufficient, tae Keep the Scottish Poat ABiling??
Who Owns the Oil Reserves, that Ye think wull help Scotland Oot?
Is it the Scottish People?
Hmmmmmmmmmm
Wull the Banks tak a Hike??
Loatsa Uncertainties.. Loatsa.. Missed Sleep.. Ah am Afraid tae Look Forward tae..
If..
Scotland is Stoopid enuff tae Vote.. Yea..’
Kojo
Still,Laughin
what a week in prospect
without wishing anyone dead
the demise of big ian, scottish independence, rangers bankrupt
Paul67
Surely a taxi required for yon pesky poster who is continually proving to the detriment of this sainted blog that he is definitely descended from monkeys.
HH
Let me get this right
We have to sign up for more of the same political shenanigans and financial double dealing that has served us so well? The same monetary immorality and denials of impropriety that first we hated cos Rangers flourished, then we laughed at for allowing the demise of Rangers. The same system that we railed against. I remember we thought (in our more benevolent momemenyts) that what happened to Rangers was just a symptom of the state of our financial ethics?
Did Murray not dictate to the banks at one stage? Then they woke up, MiM was too big to fail or something, so the huns got their commuppence. Murray and the banks still wander aboot giving it large. That’s only one example of the system that we need to cling on to.
I don’t think I’m getting this, but I kinda linked fitba to politics so 2 points to me!
Interesting comments from Weatherspoons
https://www.facebook.com/video.php?v=10152470283203929&fref=nf
HH
CRC
Celticrollercoaster hope you are well?
The thing is I agree the cost will be significant for England too. But you don’t want them to suffer because that will rebound on us. They will have less cash and therefore less trade, just when we need it most.
It’s all cause and effect this.
And they are our friends. Why would I want them to suffer?
There are no winners here.
A protest vote, revenge vote or just a passionate nationalist vote comes with a very big price tag.
malceye
17:43 on
12 September, 2014
I try my best to avoid independence chatter. However,..
Yes voters are continuously asked what they will do when the oil runs out. A legitimate question. My answer would be to use the funds generated to create alternative forms of long term employment. But the question is equally valid for the Naysayers. Will our collective greatness allow more of us to draw benefits when the oil runs out? Because at times that seems likely to be the only option. Unless Big Gordon can convince Parliament to sanction the building of another “aircraft”
==
There may not be sufficient time to establish any ‘reserve fund’. Oil production in UK waters appears to be in terminal decline.There is currently a glut of oil on the world market, demand has fallen and price of oil has now dropped below $100 BBL, market analysis being it will continue to fall albeit slowly. The lower the price bbl the less chance of anyone wishing to develop high cost fields in UK waters. Now I have little doubt an independent Scotland can survive without oil revenue but it seems strange that the SNP are now saying they do not need oil when they flippantly boasted of how much money was going to flow in to Scottish coffers from the taxation on oil profits.
NegAnon2 17:31
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.
—
Sorry to butt in but I have heard it all now
Bad behaviour like naughty
The banking industry convinced themselves sub prime was okay as long as you did not get caught holding the toxic baby, subsequently dumped on the taxpayer
Reprehensible like eating a worm or pooing in yer pants
You are whitewashing over the facts old chap
The bankers shafted us and we have been paying for it ever since
See my thinking on the referendum…
We shouldn’t have been asked in the first place. Human beings when faced with more choice just end up unhappy.
We think we want choice…but really…deep down…we long to be ruled by a dictator…
Well, not really. We just want things to alright without worrying about it too much. No politician offers that.
Anyway, as you were.
Joe Filippis Haircut / The_Huddle
They are clinging on for dear life, without money they cant survive, do you really think that this can continue until they possibly win the Championship this year, then suddenly get millions of investment for the SPFL, the people they keep taking money from are no different from you and me, there is only so much they can and will give.
if 3.13 raised minus Ahmeds money and other bits and pieces is taken away it’ll leave them with money to tie them over for a couple of months then they’ll be saying the same again, ‘Empty your wallet’.
Ian Paisley was known for his statements and rhetoric. Here are some of his most notable quotes.
“They breed like rabbits and multiply like vermin” – talking about Catholics at a loyalist rally in 1969.
“Catholic homes caught fire because they were loaded with petrol bombs; Catholic churches were attacked and burned because they were arsenals and priests handed out sub-machine guns to parishioners” – at a loyalist rally in 1968 following attacks on Catholic homes.
https://www.facebook.com/video.php?v=10152680983290396&set=vb.659505395&type=2&theater
Impartial BBC?
HH
CRC
Leftclic,
Thanks for the heads up.
Not surprising really.
Monteblanco.
We cannot live I a bubble. The world doesn’t work like that. Independence won’t change that.
Globally governments have already introduced legislation against banks and are continuing to do so. But they are moving together. If we don’t go with that then the banks will move away from us. It’s not personal.
Indepenence in many respects as Auldheid has been saying, is an illusion.
It’s incredibly important that we understand these dynamics.
Robert88
They are clinging on for dear life, without money they cant survive, do you really think that this can continue until they possibly win the Championship this year, then suddenly get millions of investment for the SPFL, the people they keep taking money from are no different from you and me, there is only so much they can and will give.
if 3.13 raised minus Ahmeds money and other bits and pieces is taken away it’ll leave them with money to tie them over for a couple of months then they’ll be saying the same again, ‘Empty your wallet’.
—————-
Yes, I believe the huns will be in the SPL next season
kojo
17:54 on 12 September, 2014
Yes your old age pension will still be in the mail every month. Just like it is for those that now live in spain, or canada or even las vegas.
Pensions are paid out because of the contributions you put in during your working life. Simples.
Squire Danahar
Labour under its current mindset is part of the problem not part of the solution.
It does not matter if the badge says Labour as long as the mindset behind it changes.
We has to happen is a change of thinking as the current mindset has created the problem.
It will happen anyway. We can either do it effectively through reason and planning or be brought to it via the pain from diving in without thought.
Thindimebhoy you are missing the important point here. I am making no excuses for how the banks behaved. But believing you can act in isolation is both fanciful and dangerous.
Thindimebhoy do you get what I am saying?
Any news on sevco share/administration rally that finished this morning?
“And just what exactly have BP done to deserve the ire of the Scots nats – apart from stating what every other major oil company is in agreement with that N Sea oil is running out. ”
Frank Ryans whiskey,
Everyone knows that north Sea oil is running out. Even sillars. Nobody has denied it.
It’s the time scale that is up for debate.
That said I think you are being a little obtuse if you think that is what js was referring to.
NegAnon2
17:58 on 12 September, 2014
Good Sir, hope you are too!
“A protest vote, revenge vote or just a passionate nationalist vote comes with a very big price tag.”
I totally agree with your comments and this works for both sides, Yes or No. We cannot stop that. I had hoped that the voters would be given access to all the relevant facts to make their decision to vote on a well thought process. Unfortunately, I do not see that this has happened in all occasions but 1) this is politics and it gets messy and 2) it shows you how important The Future of Scotland is too many!
Voting with your heart or your head, the democratic process is well underway.
Not long left
HH
CRC
Anyhoo off to peel the spuds.
BT – has a dispute with him some months ago, can’t recall exact details but he struck me as an EPL fan rather than a Celtic man
Auldheid 17:44 – the key to your argument is the use of the words “will” and “should” in the first line of para 2.
Those prepared to vote NO are to a large extent placing their hope in a Con/LD coalition prioritising legislation – at the fag end of a Parliament with 6 months until the start of a General Election campaign – for significant constitutional change which is of direct interest and benefit to approx 8% of the UK population.
Rather than YES voters having to offer proof and justification for their choice, NOs would need to get up early in the morning to convince me that 280 English Conservative MPs will be rushing through the voting lobbies to ensure greater powers for a Scottish Parliament which would remain, in the words of Tony Blair, a jumped up “parish council” SOLELY reliant on Westminster pocket money.
Of course, in the event of a NO vote, the Westminster boys and girls will be true to their word and give us more powers.
I mean it’s not like they’ve lied before. We can trust Honest Dave and Gideon.
can someone bin the Darwin halfwit please?
the long wait is over
17:27 on 12 September, 2014
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.
—–
If I may , I held the same view as you up to 6 months back, the answer is easy draw a graph and under the current arrangements predict that things will actually continue to get worse , managed decline.
The future is uncertain but folks organising themselves normally rise to the challenge and we are a bright bunch
Flightcalledmustdashcfc
Geordie Munro
18:05 on
12 September, 2014
“And just what exactly have BP done to deserve the ire of the Scots nats – apart from stating what every other major oil company is in agreement with that N Sea oil is running out. ”
Frank Ryans whiskey,
Everyone knows that north Sea oil is running out. Even sillars. Nobody has denied it.
It’s the time scale that is up for debate.
That said I think you are being a little obtuse if you think that is what js was referring to.
————————————————————————–
To be fair, most things are running out…except this blog’s enthusiasm for politics :D
Neganon
Sorry mate, I’m protesting against the banks, making a stand, sticking the vikky, doing an archie, blowing multiple raspberries and laughing at the banks. They don’t control me.
I think therefore I am
FREEEEEEDOOOMMMMMMMMMMMM
my share price just fell 6 points and am ready to party
(couldny help masel….sorry)
Thebhoywithmcgrwininhisside
Current pensions are paid out of current taxation. There is no big pot of money that the government has paid for you. Those working today pay for the pensioners of today.
I believe kojo argument is that if Scotland get into financial difficulties one consequence could be an inability to pay those pensions.
Kojo:-
at 1754 you ask –
“Is the Scottish Tax Base… A Coupla Million Workers..mebbe.. Mebbe, Three..
Sufficient, tae Keep the Scottish Poat ABiling??”
At 1613 you posted about how much you hate paying tax and how the present democratic system results in governments hiking up taxes to satisfy the demands of the “huv noats” as you put it, scaring the rich away, or so you claim.
Dare I say the Scottish tax base is probably all the stronger for tax begrudgers such as yourself not being domiciled here?
Your hatred of taxes sits more with a dead football team that used to play out of Govan. No doubt you approved wholeheartedly of their use of EBTs.
I find it strange that you post about the ills of the raising and spending of taxes and then one hour later cast doubt on whether Scotland can support itself through taxes raised.
Monteblanco I am having a sense of humour failure. My daughters futures are at stake.
NegAnon2
17:54 on
12 September, 2014
Thindimebhoy see my response to ger57. It is fanciful at best to believe that scots will flock to put their money in scottish banks. Particularly when our economy will be struggling.
Please think through what you are saying here. All our futures are at stake. It’s too important for a revenge or protest vote.
—-
Its not about revenge mate
With independence we get a clean slate to our organize our financial system so the banks can be big enough to fail and the taxpayer does not foot the bill if they do.
The comparison was made about Rangers and their link to loans the taxpayer is now paying for.
We all thought that was pretty rotten considering it cost us titles and hard earned dosh we used to support our team
We were shafted and had no recompense not 1 title has came back to us
Independence gives us a chance to do something no other western country can do simply because they can not write a new rule book
We could be a benchmark for financial fair play
What’s not to like
Robert88. For many years it has been smoke and mirrors over at Ibrokes people have guessed about there financial situation.Now during this time they have paid there manager and there players top dollar and they have progressed through the leagues and nothing has changed we have no idea who is behind them or where the money is coming from but they are still operating and very likely to be in the SPL one way or another next season that is my opinion. H.H.
Davidopoulos,
Yer sharp as a tack as always pal.
Thank goodness for you and a few others for keeping the humour flowing. :)
NegAnon2 Like you I think Kojo is calling it right imo.H.H.
Well we have both voted celticrollercoaster let’s hope whoever wins got it right?!
Auldheid
Agree with your comments re: Labour.
Bearing in mind its lurch to the right being dragged there by pandering ro the prejudices of the 30m+ voters in the southern third of the UK, how do you think it can save itself from itself and remain relevant in Scotland?
I think Labour would flourish in an independent Scotland untied from the yoke of Millbank Tower. Therein lies the problem.
Joe it would take a very deep financial hole for pensions not to be paid. Far more likely we will just borrow more and more and struggle to finance that borrowing (we will not together good rates as a new country).