Celtic fans, including major shareholder Irish multimillionaire Dermot Desmond, were elated after the team’s emphatic 5-1 Champions League win over Slovan Bratislava. However, shareholders, particularly Desmond, who holds about 35% of the club’s shares, might have mixed feelings following the release of last season’s financial figures.
Celtic’s revenue increased from £119.8 million in June 2023 to £124.5 million by June 2024. While income from football and stadium operations slightly decreased from £51.4 million to £48.9 million, merchandising rose to £30 million, and revenue from commercial activities surged from £39.2 million to £44.5 million.
However, profits from player sales dropped to £6.6 million from £14.4 million the previous year. Additionally, the club did not receive £13.5 million in “other” income that was non-recurring, which had included compensation for former manager Ange Postecoglou’s move to Spurs and pandemic-related insurance.
Expenses also rose, climbing from £95.4 million to £105.3 million, leading to a significant drop in operating income, which fell from £40.1 million to £14.5 million. After-tax profits decreased from £33.3 million to £13.3 million. Despite these declines, the club’s balance sheet remains solid, with a cash reserve of £77.2 million and accumulated profits rising to £58.1 million.
Chairman Peter Lawwell acknowledged the need for continuous improvement, emphasizing that Champions League success is crucial to staying competitive with other European clubs. However, the financial markets reacted coolly to the results, with Celtic’s shares falling from a high of £2.10 in early September to £1.65 just before the Bratislava match.
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