11th Sep 2015 15:34
LONDON (Alliance News) - Celtic PLC on Friday reported that it swung to a pretax loss in its last financial year, and said it was "very disappointed" not to have qualified for this season's UEFA Champions League.
Celtic last played in the Champions League in the 2013 to 2014 season.
The Glasgow, Scotland-based football club said its pretax loss was GBP4.0 million in the year to June 30, compared with a GBP11.2 million pretax profit the prior year, as revenue fell to GBP51.1 million from GBP64.7 million. Gains from selling players fell to GBP6.8 million from GBP17.1 million a year before.
Chairman Ian Bankier said the loss was due to two key factors.
"First, lower contribution from the sale of player registrations, and second, diminished income from competing in the UEFA Europa League competition," Bankier said in a statement.
Despite losing to Swedish champions Malmo to miss out on qualifying for the Champions League - Europe's top club competition - Bankier said the club is backing manager Ronny Deila.
"Disappointed at the outcome of the Champions League qualifier, we look forward with optimism to the season ahead. We wholeheartedly support Ronny Deila and his support staff as they strive to make Celtic stronger on the pitch," Bankier said.
Deila's first season in charge saw Celtic win the double of the Scottish Premiership and League Cup. The club also made the last 32 teams of the UEFA Europa League, a lower level competition to the Champions League, and lost in the semi final of the Scottish Cup.
"Our objectives this year remain success in all three domestic competitions and in the UEFA Europa League, playing creative and exciting football. We will continue to build on the foundations that have been laid and focus on qualification for the group stages of the UEFA Champions League, which is where this great club belongs," Chief Executive Peter Lawwell said in a statement.
Shares in Celtic were untraded Friday. It last closed at 75.00 pence.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Celtic