Staggering interims, commercials, costs, little trading

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To properly analyse Celtic’s interim account for the six months to 31 December 2017, which were published yesterday, we need to take into account the same period for the last two seasons.

Revenue for the period was a staggering £71.5m, up £10m on the previous season (which also saw Champions League group stage qualification), but more notably, a remarkable £40m from the £31.4m recorded during the last Ronny Deila season.

Clearly not all of that £40 is directly attributable to Champions League qualification, but one division of a football club drives revenue to another. For example, merchandising revenue for the period to 31 December 2015 was £7.5m, this increased to £10.7m this season. On-field success drives footfall, which drives revenue across the business.

The attributable effect of the Champions League is contained within Multimedia and Commercial income, which to Dec 17 period was £34.0m, up marginally from £29.9m the previous season, but unrecognisable from the £9.1m to Dec 15.

Also within Multimedia and Commercial are the contracts with Dafabet, Magners, New Balance, Eden Mill and Intelligent Car Leasing. It beggars belief that some of the current deals were achieved in the months before Ronny departed. The multi-year Dafabet deal is comparable to a single-year Champions League qualification.

Although Champions League football remains of the utmost importance, these commercial partnerships fortified the club’s ability to speculate as they have since 2016. Don’t underestimate their importance.

I’ll come to how spectacularly successful a period this was in a moment, but the one area Peter Lawwell will be anxious about is the cost of football and stadium operations – which are primarily wages. Costs for the period to Dec 17 were £40.7m, up from £33.7 the previous season and £24.2m under Ronny.

In the space of two years we have come close to doubling our football costs. The revenue is there to support this growth, and the overall strength of the finances can withstand a season without Champions League football, but you and I know what happens to clubs who budget assuming they will always hit the Champions League jackpot (they sell to a spiv for £1 and liquidate).

It will also occur to you that it doesn’t feel like you are watching a more expensive football team this season than last. Put another way, we got better value for money last season than this. The primary reason for this is wage inflation in England, which forces a corresponding increase when contracts are being renewed elsewhere.

Most of the Celtic first team could earn more money in England. They stay at Celtic because they want to be here, but also because the differential is palatable. For some, the money available elsewhere will be irresistible (which doesn’t make them bad people, btw).

For a club who again retained all of their top personnel, this is an incredible set of accounts. I expect more player trading in the summer, as Brendan will try to build upon the team which has largely carried him through two season.  Congratulations to the supporters, Peter Lawwell and his team, and to Brendan, his staff and players. As a club, we are probably more united than at any point post-Larsson – a period which had its own fragility.

I know Celtic continually risk-assess the future, but the level of professionalism throughout the club gives me confidence in the future. If I can attempt an understatement, things are going to be OK*.

*this does not indicate complacency about Partick Thistle tomorrow.

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  1. Celtic Squad v Patrick Thistle

     

    14 Games 10 Shut Outs Craig Gordon

     

    13 Games 00 Goals Scott Brown

     

    12 Games 07 Goals Leigh Griffiths

     

    12 Games 03 Goals Callum McGregor

     

    12 Games 00 Goals Nir Bitton

     

    11 Games 00 Goals Mikael Lustig

     

    09 Games 04 Goals Stuart Armstrong

     

    07 Games 00 Goals James Forrest

     

    06 Games 03 Goals Scott Sinclair

     

    06 Games 02 Goals Tom Rogic

     

    05 Games 01 Goals Kieran Tierney

     

    05 Games 00 Goals Jozo Simunovic

     

    04 Games 02 Goals Patrick Roberts

     

    04 Games 00 Goals Dedryck Boyata

     

    04 Games 00 Goals Cristian Gamboa

     

    04 Games 00 Goals Erik Sviatchenko

     

    02 Games 01 Goals Olivier Ntcham

     

    02 Games 00 Goals Kristoffer Ajer

     

    02 Games 00 Goals Moussa Dembele

     

    02 Games 00 Goals Odsonne Edouard

     

    02 Games 00 Goals Jonny Hayes

     

    01 Games 00 Goals Jack Aitchison

     

    01 Games 00 Goals Ryan Christie

     

    01 Games 00 Goals Nadir Ciftci

     

    01 Games 00 Goals Kouassi Eboue

     

    01 Games 00 Goals Michael Johnston .

     

    Sat 12th March 1988

     

    Scottish Cup

     

    Quarter Final

     

    Patrick Thistle 0

     

    Celtic 3

     

    Andy Walker 07 min

     

    Tommy Burns 55 min

     

    Billy Stark 60 min

     

    Patrick Thistle

     

    A.McLean

     

    Alan Dinnie

     

    J. Mitchell

     

    Purdie

     

    Billy McGhie

     

    John McCormack

     

    Pat Kelly(Willie McGuire 77 min)

     

    McNaught

     

    Eddie Gallagher-sent off

     

    R.Law

     

    Billy Dodds(John Workman 67 min)

     

    Celtic

     

    Pat Bonner

     

    Chris Morris

     

    Anton Rogan

     

    Roy Aitken

     

    Derek Whyte

     

    Tommy Burns

     

    Billy Stark

     

    Paul McStay

     

    Frank McAvennie

     

    Andy Walker

     

    Joe Miller

     

    Subs not used

     

    Tony Shepherd ,Owen Archdeacon .

     

    att-16,800

     

    ref-G.B.Smith

     

    at-Firhill Park .

  2. So the manxhild #leytonbhoy blocks me as I call him out .. cannot even speak English bar abuse. Using the words ‘f##ing and sh##t in a celtic newsnow constant in his today ‘blog’ Scum as any.

  3. Although Murty clearly says

     

    “the first trophy”,

     

    on folly folly their transcript of the interview changes it to

     

    “the next trophy”

     

    No comments mention this error in the transcript….

     

     

     

    pretendybears

  4. Liam Miller RIP

     

     

    TopKat & EuroChamps: best wishes on your continuing recovery.

     

     

    Off to Malaga for the week. Will be in Timmy’s in Torreblanca later for today’s match.

  5. Shocking news about Liam Miller. A tragedy for someone so young. Thoughts and prayers for his family and friends.

  6. Gerryfaethebrig on

    Just logged on to post my horse on fleagles comp and had s quick read back, sad sad stuff about Liam Miller was hoping when there had been no news things were getting better, gone far too soon

  7. Thoughts and prayers with Liam Miller, his family and friends at this sad time.

     

     

    Eurochamps 67 – Your spirit is inspirational, may your recovery progress well.

     

     

    Topkat – May your recovery continue in a positive way.

     

     

    HH

  8. Eternal rest, grant unto Liam O Lord

     

    and let perpetual light shine upon him.

     

     

    May he rest in peace. Amen.

  9. 50 shades of green on

    Dorus…

     

     

    Ajer *Simo *Wee KT

     

     

    Jamesy–Kouassi- Broonie– Charly

     

     

    Ollie

     

     

    Eddie n the Moussa.

     

     

     

    **Only if Hendry is cup tied **

     

     

    Release the 3 Musketeers Brendan you know it makes sense…

     

     

     

    Thats my team prediction till Mrs Musonda tells me different:-)

  10. Why do we let trivia get us down?

     

    So often bogged down by unimportant stuff.

     

    I watched Liam come through the ranks and thought we had a great player on our hands.

     

    I remember being so disappointed when he left .

     

    RIP Liam son, taken far too early

  11. Good morning Bhoys. On route at the moment from Glasgow airport to the city centre. Flight over from Ireland was quite subdued and the mood was sombre following the passing of Liam Miller. He’s gone way before his team and it’s good to see Celtic are doing a tribute for him today. Ar dheis lamh Dé go raigh sé.

     

    HH