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Celtic annual profit surges after win of domestic Treble

18th Sep 2023 18:55

(Alliance News) - Celtic PLC on Monday reported a skyrocketed annual revenue, after it won the domestic treble in Scotland in the 2022/23 season for a world record eighth time in early June.

The Glasgow-based football club said pretax profit in the financial year to June 30 surged to GBP40.7 million from GBP6.1 million a year prior.

Revenue jumped 36% to GBP119.9 million from GBP88.2 million.

Part of the revenue growth was a GBP13.5 million one off via a combination of compensation after the departure of former coach Ange Postecoglou, who left a few days after the club won the Scottish Treble, and a business interruption insurance recovery relating to Covid.

Further, the company registered a GBP14.4 million gain that predominantly came from the sales of players Jota, Juranovic and Giakoumakis.

Operating expenses increased 4.0% to GBP95.4 million from GBP91.7 million.

Net cash as at June 30 was GBP72.3 million, up sharply from GBP30.2 million a year prior.

Looking ahead, Chair Peter Lawwell said: "Our successfully proven strategy has delivered stability and footballing success over many years and remains the same. We must balance the signing of players that can be developed and sold when conditions are optimal alongside the need to sign players who are able to make an immediate impact and deliver footballing success."

Celtic shares closed 3.8% higher at 132.40 pence each on Monday in London.

By Tom Budszus, Alliance News reporter

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