Those ‘Dembele Dollars’ to the Rescue, as Celtic PLC release Interim Report

CELTIC this evening released their Interim Report for the six months to 31 December 2018 and as expected there is a £30million ‘hole’ caused by the failure to progress to the Champions League Group Stages. But the sale of Big Moussa to Lyon on the last day of the summer transfer window brought in enough of those fabled ‘Dembele Dollars’ (copyright FF) to compensate for that dip.

The club’s Rrevenue decreased by 30.1% to £50.0m (2017: £71.5m) whereas profit from trading was £6.2m (2017: £23.7m)
However there was a huge jump in profit from transfer of player registrations (shown as profit on disposal of intangible assets) at £17.6m (2017: £0.5m).

As a result of this, mostly as a result of the sale of Moussa Dembele, the profit before taxation was £18.8m – not too far behind the previous year’s figure (2017: £19.5m).

The profit after taxation was £15.2m (2017: £17.4m) and the period end net cash at bank was actually higher than the 2017 figure at £38.6m (2017: £30.9m).

Finally the period end net cash, net of debt and debt like items, was £37.7m up by more than £20m on the year before (2017: £17.0m).


The PLC Chairman Ian P Bankier released the following statement:

I am pleased to report on our interim results for the period ended 31 December 2018. These show revenue of £50.0m (2017: £71.5m) and a profit from trading of £6.2m (2017: £23.7m). Overall, this resulted in a profit before taxation of £18.8m (2017: £19.5m) and a period end net cash at bank of £38.6m (2017: £30.9m). The introductory page to these interim results summarises the main highlights.

The Club has continued to build on its historic “Double Treble” achieved last year by adding the League Cup trophy in December 2018, the seventh consecutive trophy lifted since Brendan Rodgers joined us, continuing our domestic clean sweep of trophies. At the time of writing, we remain unbeaten at home in domestic competitions this season and sit 6 points clear at the top of the Scottish Premiership. We have also made it to the quarter finals of the Scottish Cup. We were very disappointed not to qualify for the group stages of the UEFA Champions League (a task that continues to be challenging) but qualification from a very difficult group in the UEFA Europa League was a great achievement.

These results reflect the absence of substantial UEFA Champions League revenues in comparison to the same period last year. But they are counter-balanced by the benefit of player trading, significantly by the permanent transfer of the registration of Moussa Dembele to Olympique Lyonnais. The profit on disposals of intangible assets of £17.6m (2017: £0.5m) largely represents this sale. Our period end net cash at bank, as indicated above, was highly satisfactory. We also enjoyed exceptionally strong trading across all of our commercial bases, including match day sales, hospitality and merchandise.

Our financial commitment to the playing squad, including transfer fees and first team salaries, and the coaching, technical and performance departments is at an all-time high. During the period we secured the permanent registrations of Emilio Izaguirre and Youssouf Mulumbu and the temporary registrations of Daniel Arzani and Philip Benkovic. Subsequently, during the January transfer window, we have acquired the permanent registrations of talented young international players Vakoun Bayo, Andrew Gutman, Emanuel Perez and Marian Shved and the temporary registrations of exciting talents Oliver Burke, Jeremy Toljan and Timothy Weah. Furthermore, the contracts of Kristoffer Ajer, Scott Brown, Ryan Christie, James Forrest, Leigh Griffiths, Michael Johnston, Callum McGregor, Olivier Ntcham and Tom Rogic have been extended. We believe that we have secured the core of a powerful squad for the Club. In addition, we are delighted to see the continued emergence of young graduates from our Youth Academy, with Ewan Henderson making his first team debut and Karamoko Dembele signing his first professional contract with the Club.

My fellow directors and I continue to be highly alert to the uncertainties inherent in football and our long held strategy of operating a self-sustaining financial model has delivered stability and success. The Board and Brendan Rodgers are committed to maintaining that crucial balance between competitive performance for our immediate targets this season and developing the Club for the longer term. Our key objectives for the remainder of the season are to win the SPFL Premiership, secure The Scottish Cup and build towards the European qualifiers in the summer.

We continue to work on our plans to develop Celtic Park and the surrounding area for our supporters and the City as a whole. The Fraser of Allander Institute’s economic survey that was commissioned and published in the period highlights the very substantial economic contribution made by Celtic and its supporters each year to the economy of Glasgow and Scotland as a whole. In putting this important information into the public domain, we seek to encourage the Scottish Government, Glasgow City Council and other public agencies to recognise the contribution of football in general and Celtic in particular.

Entirely in line with our trading seasonality, we do not expect the same level of financial performance to be achieved during the second half of the financial year. This is due to participating in fewer home fixtures and receiving lower income from European competition. However, due to the positive first half performance of football, media and merchandise sales, the expectation is to achieve a full year profit after tax marginally above previously communicated market expectations, with year end net cash at bank expected to be lower than December, reflecting the increased investment into football personnel. In line with previous years, the ultimate financial performance remains subject to the outcome of key events and fixtures, which typically are not known until the end of the football season.

On behalf of the Board, I thank our fans, shareholders and partners, for their outstanding support and contribution to the ongoing success of Celtic Football Club.

Ian P Bankier

12 February 2019


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About Author

The Celtic Star founder and editor, who has edited numerous Celtic books over the past decade or so including several from Lisbon Lions, Willie Wallace, Tommy Gemmell and Jim Craig. Earliest Celtic memories include a win over East Fife at Celtic Park and the 4-1 League Cup loss to Partick Thistle as a 6 year old. Best game? Easy 4-2, 1979 when Ten Men Won the League. Email

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