Celtic announces “disappointing” results 15/02/2011 |
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Celtic has revealed a “disappointing” set of interim financial results for the final six months of last year.
The Parkhead club, which was knocked out of the Champions League and Europa League at the first hurdle this season, posted a decrease in turnover of 21.4 per cent to £28.4m while bank debt almost trebled to £9.1m.
And although profit before taxation rose to £7.1m from £1.3m, that was largely down to the sale of Aiden McGeady to Spartak Moscow for £9.5m, with the club warning the second part of the season would be "more challenging".
Celtic chairman John Reid said: "In previous years, and again last summer, I stressed the importance to our club of financial stability and participation in Europe, and that commercial and football success cannot be separated.
"At this time last year, we knew we were facing a very difficult season, and so it proved. In turn, that left a legacy of setback at the beginning of the current season, in dropping out of European competition entirely at an early stage."
Reid revealed that a reduction in European home games from five to two had been a key factor in revenue falling by almost £8m to £28.4m, with profit from trading down from £4.7m to less than £1m.
Celtic cut its operating expenses by almost £4m but Reid admitted that "player trading" had become increasingly important to the balance sheet.
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