19th Sep 2018 16:54
LONDON (Alliance News) - Football club Celtic PLC on Wednesday said its profit came close to trebling in its most recent financial year as a result of player registrations and increased revenue from all three of its key businesses.
In its financial year ended June 30, the company's pretax profit jumped to GBP17.3 million from GBP6.9 million. This included a gain on sale of player registrations of GBP16.5 million compared to just GBP2.3 million the prior year.
Revenue increased 12% to GBP101.6 million from GBP90.6 million, with the contribution from football & stadium operations rising to GBP43.6 million from GBP37.6 million. Revenue from merchandising grew to GBP17.7 million from GBP16.6 million, with multimedia & other commercial activities up at GBP40.3 million from GBP36.6 million.
Celtic paid a total 6% non-equity dividend of GBP510,000 on its convertible cumulative preference shares.
The club's chairman, Ian Bankier, said the results describe "a year in which everything went well".
However, Celtic Chief Executive Peter Lawwell noted that the club was disappointed by its failure to qualify for the group stages of the Champions League in the upcoming financial year.
"As we shared the successes of the last two seasons, we share in that disappointment, but given the club's strategy over many years we have financial reserves to rely upon as we continue to look to the future with ambition and optimism," said Lawwell.
Shares in Celtic closed broadly flat at 163.90 pence on Wednesday.
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