“As a Board, we take responsibility for the failure,” Michael Nicholson

Celtic PLC accounts were released last night and the headline numbers include a jump in revenue to a record breaking £143.6m, up from £124.6m last year, this of course being boosted by UEFA’s new Champions League distribution model and stronger match-day income as a result of more matches, mostly caused by the new Champions League format. And profit after tax more than doubled to £33.9m, compared to £13.4m in 2024.

Player trading brought in £31.5m, while spending also hit record breaking levels or our football club. Celtic twice broke their transfer record and invested £42.6m on new recruits, the largest outlay in the club’s unbroken history.

The key financial items listed in the accounts are as follows:

* Group revenue increased by 15.2% to £143.6m (2024: £124.6m).
* Operating expenses including labour increased by 11.1% to £117.1m (2024: £105.4m).
* Gain on sale of player registrations of £31.5m (2024: £6.6m).
* Acquisition of player registrations of £38.6m (2024: £16.6m).
* Profit before tax of £45.7m (2024: £17.8m).
* Profit after tax of £33.9m (2024: £13.4m).
* Year-end cash of £77.3m (2024: £77.2m).

Both Peter Lawwell, the Celtic Chairman and Michael Nicholson the Celtic SEO provide some commentary on the accounts and the events in the course of the financial year that has shaped the numbers. Lawwell wrote:

‘Revenue increased to £143.6m (2024: £124.6m), with the increase driven by a significant uplift in match-day income and UEFA rights distributions following a successful Champions League campaign. This reflected the expanded Champions League format which now guarantees eight matches over the previous six and the fact we reached the play-off round. Profit after tax increased to £33.9m (2024: £13.4m), driven by the strong revenue growth and substantial gains from player trading of £31.5m (2024: £6.6m). These gains were largely reinvested into the playing squad, aligned to the Club’s commitment to sustained on-field success.

‘Despite these strong earnings, year-end cash remained broadly flat at £77.3m (2024: £77.2m). During the year we invested heavily in the first team, both by way of player transfers and wages along with infrastructure across our estate. First team labour costs were the highest levels in the history of the Club. In total and including committed agent fees, £42.6m was invested in player acquisitions during the year, more than doubling the prior year spend, marking the highest single-season investment in the Club’s history including twice breaking the Club transfer record. As a result, the carrying value of the squad is the highest it has been in the history of the Club. Over the past three years to 30 June 2025, total investment in player registrations including committed agent fees has totalled £77.5m.’

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