Celtic released their Interim Report for the six months to 31 December, 2021 last week and it made for pleasant reading, with Celtic Chairman Ian Bankier announcing:
“The results for the six months ended 31 December 2021 show revenues of £52.9m (2020: £40.7m) and a profit before taxation of £27.6m (2020: loss before tax of £5.9m). The profit from trading, representing the profit excluding player related gains and charges, amounted to £7.0m (2020: loss of £0.3m). Period end net cash at bank was £25.6m (2020: £19.7m)”
Now Finance expert Dr Dan Lumley of Sheffield Hallam University, speaking to Football Insider has stated it is his belief, Celtic will follow up the half yearly figures with an “impressive” set of accounts when the club announce their full annual report later in the year.
“Yes, this is impressive in the current climate,” the Academic stated. “Yes, player sales will have boosted that figure. But fans are back in now as well, so that will boost things from a wider perspective.
“Money from UEFA will also help. You look at the business model of Celtic at the moment and some of that is constrained by the league they are in. They might lose some players because they want to go elsewhere, and that’s where we come back to the dynamics of the league.
“They’re dominant in Scotland and pushing for regular Champions League football. You have to focus on what you can control, Champions League qualification and commercial income through capitalising on the power of the brand.
“Under the circumstances, we’ll probably see some more impressive numbers for the accounts this year. That should continue to grow next season.”
Celtic have certainly come through challenging times during the pandemic with closed stadiums and limited crowds at various times last season and during the current campaign. It appears player sales have helped soften the blow somewhat, however the supporters have played a huge part in Celtic’s strong financial position, as they ensured the club could count on sold out season tickets even when there were no guarantees of being able to watch the games at Celtic Park.
🎟️ 𝐓𝐡𝐞 𝐬𝐭𝐚𝐠𝐞 𝐢𝐬 𝐬𝐞𝐭 for another entertaining night under the Paradise lights… 🤩
Don’t miss the chance to get behind the Hoops as they look to make a strong start in the #UECL
Tickets are on general sale now! 🍀⤵️
— Celtic Football Club (@CelticFC) February 8, 2022
The first six months of any club’s accounts are often a rosy picture, given season ticket money comes in the earlier part of the season, however with Celtic doing well in the League and still in European competition after Christmas – we play Bodo/Glimt tomorrow night – a good run in the Europa Conference League could help ensure the figures remain strong and Celtic sustain a solid financial position in the months ahead.
When you consider the financial position of even some of the biggest clubs in Scottish football and in the Championship in England in particular, it appears the Celtic Board are certainly due praise for steering Celtic through troubled financial waters, as are a support who no doubt feeling the financial pinch themselves continued to put their money into buying season tickets and merchandise, despite many facing genuine financial uncertainty.
Niall J
