7th Feb 2014 15:32
LONDON (Alliance News) - Football club Celtic PLC Friday posted an increase in pretax profit in the half-year ended December 31, despite declines in revenues.
The club posted a pretax profit of GBP21.3 million, up from GBP14.9 million.
Revenue declined to GBP44.8 million from GBP50.1 million, the company said that this decline in revenue was due to fewer home matches played, fewer points accumulated in the Champions League group stages leading to reduced UEFA distributions and its decision to make the GBP100 reward for adult season ticket packages.
However, the company reduced its operating expenses to GBP34.3 million from GBP37.0 million.
It posted an exceptional impairment charge of GBP2.3 million, but it also saw a GBP16.5 million profit on the transfers of players Gary Hooper, Victor Wanyama and Kelvin Wilson, which led to it seeing a higher pretax profit.
Celtic signed Holmbert Fridjonsson, Stefan Johansen and Leigh Griffiths.
The company noted that its second-half would not see trading at the same level as the first-half, as it had fewer home matches scheduled, wouldn't be participating in the Champions League, and would not have a gain on player sales.
Shares in Celtic were trading down 0.3% at 74.01 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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