15th Feb 2021 10:38
(Alliance News) - Scottish football club Celtic PLC on Monday reported a swing to loss for the first half of its financial year, as revenue plunged on the continued destructive effect of Covid-19.
For the six months to the end of December, Celtic posted a pretax loss of GBP5.9 million, compared to a profit of GBP24.4 million, as the club swung to a loss of GBP278,000 from a profit of GBP7.1 million.
Celtic noted reduced gains made from player trading as it looked to keep its squad intact for the current 2020/21 season.
This was on revenue that declined 24% year-on-year to GBP40.7 million from GBP53.3 million. Celtic attributed the weaker performance to the pandemic, as the club's crucial match day and other income streams derived from its stadium have been reduced to "negligible proportions".
Looking ahead, Celtic said both the football and financial environment remains volatile and uncertain, as it remains unclear when the Scottish Cup will recommence following its suspension.
However, the group said the pandemic will continue to affect its results, and trading seasonality means that its financial performance in the second half of its financial year will be lower compared to the first.
Shares in Celtic were down 2.1% at 95.0 pence on Monday in London.
By Dayo Laniyan; [email protected]
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