17th Sep 2024 09:14
(Alliance News) - Celtic PLC on Monday said its yearly pretax profit fell more than 50% due to a number of "anticipated factors", though the club celebrating a range of sporting success.
The Glasgow-based football club said pretax profit for the financial year ended June 30 fell 56% to GBP17.8 million from GBP40.7 million in 2023. Revenue was GBP124.6 million, up 3.9% on-year from GBP119.9 million, however.
Operating expenses increased 10% to GBP105.4 million from GBP95.4 million, whilst the gain on sale of player registrations fell 54% to GBP6.6 million from GBP14.4 million.
During the year, the football club won the Scottish Professional Football League Premiership, the Scottish Women's Premier League, and qualified for the group stages of the UEFA Champions League for the 2024/25 season.
Chair Peter Lawwell said: "The GBP4.7 million increase in revenue reflects several factors including higher participation fees in the UEFA Champions League in season 2023/24, when compared to the previous season, alongside stronger retail performance in the year. The GBP22.9 million decrease in profit before tax, although significant, was in line with expectations due to a number of known and anticipated factors.
"In relation to football activities, our gain on sale achieved was GBP7.8 million lower than in the prior year. We also invested higher sums into the men's team compared to the prior year in the form of salaries. In addition, we have experienced a rise in overhead costs, driven by the high inflationary environment in which the business has operated over the last year. There was also the absence of GBP13.5 million of non-recurring other income, which was specific to the prior year."
Shares in Celtic were down 1.5% at 170.00 pence each in London on Tuesday morning.
By Emily Parsons, Alliance News reporter
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