Annual Results to June 2021

Gary67

Well-known member
Group revenue decreased by 13.4% to £60.8m (2020: £70.2m)

Operating expenses including labour decreased by 7.6% to £74.4m (2020: £80.5m)

Gain on sale of player registrations of £9.4m (2020: £24.2m)

Acquisition of player registrations of £13.5m (2020: £20.7m)

Loss before taxation of £11.5m (2020: Profit £0.1m)

Year-end cash net of bank borrowings of £16.6m (2020: £18.2m)
 
Announcement of Results for the year ended 30 June 2021

SUMMARY OF THE RESULTS

Operational Highlights


  • Runners up in the SPFL Premiership
  • Winner of the delayed 19/20 Scottish Cup for the 4th season in a row and completing an unprecedented ‘Quadruple Treble’
  • Qualification for the group stages of the UEFA Europa League
  • 28 home matches played at Celtic Park (2020: 26 games)*
Financial Highlights

  • Group revenue decreased by 13.4% to £60.8m (2020: £70.2m)
  • Operating expenses including labour decreased by 7.6% to £74.4m (2020: £80.5m)
  • Gain on sale of player registrations of £9.4m (2020: £24.2m)
  • Acquisition of player registrations of £13.5m (2020: £20.7m)
  • Loss before taxation of £11.5m (2020: Profit £0.1m)
  • Year-end cash net of bank borrowings of £16.6m (2020: £18.2m)
* Due to the early curtailment of the 2019/20 Scottish domestic season, 4 home SPFL Premiership matches were unfulfilled.

CHAIRMAN’S STATEMENT

These results for the year ended 30 June 2021 show that revenue fell to £60.8m (2020: £70.2m) and we recorded a loss before tax of £11.5m (2020: £0.1m profit before tax). This was driven by revenue attrition and significantly lower gains on player trading, compared to the prior financial year. In the face of this adverse swing in financial performance, we are satisfied that we took sufficient and appropriate steps to mitigate the losses and control costs in the business. Our year end cash, net of bank borrowings, was £16.6m (2020: £18.2m). This gave us a base to invest in the summer transfer window as discussed further below.

The persisting trading restrictions from Covid-19 translated into lost earnings and, taking account of the seasonality in our trading, this was the key factor in the widening of our losses in the second half of the financial year. Conditions have improved markedly since the year end and we were delighted to welcome our fans back in July 2021. Although our stadium has been operating at near full capacity, recently announced Scottish Government restrictions on large venues will be a further challenge. Whilst we look forward with optimism to a more normal operating environment, we are mindful of the inherent risk of the pandemic continuing to affect public health.

The Board was delighted to welcome new manager Ange Postecoglou to the Club in June 2021. Ange is a modern, progressive coach with exciting, attacking football as his philosophy. He has received a host of prestigious coaching accolades, including being named as Australia’s PFA Manager of the decade in 2015. He has been well received by the media and our supporters.

Over the transfer window, post year end, we successfully accomplished a major overhaul of our playing squad. At the season end, we returned a number of loan players that had amplified our squad. Then we invested significant sums in the registrations of Liam Shaw, Osaze Urhoghide, Liel Abada, Carl Starflet, Kyogo Furuhashi, James McCarthy, Joe Hart, Josip Juranovic, Liam Scales, Georgios Giakoumakis plus the loan signings of Filipe Jota and Cameron Carter-Vickers. And we achieved good value from the transfer out of a number of players, notably, Kristoffer Ajer, Odsonne Edouard and Ryan Christie, who have moved on to other opportunities.

Our strategy of balancing player development and player trading is fundamental to our self-sustaining business model. In particular, the disposal of the registrations of Odsonne Edouard and Kristopher Ajer demonstrates our core strength of being able to transform young talented players into seasoned professional footballers. In turn, we invest the proceeds of these transactions back into the first team squad to enable us to continue to develop our squad and to challenge for future honours.

Dominic McKay, who was appointed CEO on 1st July 2021 chose to step down on 10th September for personal reasons. I thank Dom for his contribution over the summer and everyone at Celtic wishes him well for the future. Michael Nicholson, Director of Legal and Football Affairs, has been appointed to the Board as acting Chief Executive Officer. Michael carries the confidence of the Board, he is experienced in Celtic, highly regarded in football circles and is a most effective leader of
our executive team.

The entire season captured in the year ended 30 June 2021 was characterised by the absence of supporters in football stadiums and the huge disruption to our operations. On behalf of the Board and everyone at the Club, I thank the Celtic support for their backing and understanding last season whilst also sharing their frustration and disappointment. I must also express my gratitude to our sponsors and partners, who were also challenged by the unique circumstances. As we progress through the current season, our objective is to work with the authorities to ensure that we can continue to operate in a safe manner and in a way that facilitates our players being able to give their best and our supporters being able to attend matches at full capacity.

We look forward to the season ahead with measured confidence in both our footballing prospects and the robustness of our business model. Celtic PLC is directed by a Board of individuals with demonstrable experience both of Celtic and wider business, its operations are managed by an executive team of talented specialists led by our Chief Executive and the executive is supported by a dedicated cast of colleagues who have worked tirelessly for the Club over this most difficult financial year. I thank them all for everything that has been achieved. Celtic is in good hands.

Ian P.Bankier
September 20, 2021
 
Without studying the figures involved, first impression I got with a figure of 11.5M loss after player sales of frimpong and klimala bringing in 14M odd is the suspicions I've long had with this board is the level of GREED amongst them now is getting out of hand imo
 
16m in the bank
all they months they pleaded with the support to back the club while given fk all back in return while sitting on 16m ,,,,,,bet eveyone of them took there bonus

Bankier can't even spell players names right a shambles of a board also no mention of the champions league exit ,,,,,,,again
 
£11.5 million loss is not to bad considering. If we lost that what will sevco's accounts look like.
They lost £14m the year before covid, so they must be in a hole for about £25-30m

Revenue has decreased to £60m . The board should hang their heads in shame. They know when we have champions league group stage football Revenue is around £100m , so in 2 years they have lost the club £70m by not being properly prepared for the qualifiers.
Get the board to fuck
 
£11.5 million loss is not to bad considering. If we lost that what will sevco's accounts look like.
They lost £14m the year before covid, so they must be in a hole for about £25-30m

Revenue has decreased to £60m . The board should hang their heads in shame. They know when we have champions league group stage football Revenue is around £100m , so in 2 years they have lost the club £70m by not being properly prepared for the qualifiers.
Get the board to fuck
Had my suspicions glasbhoy for a few years now that this board doesn't really want CL money as the demand on spending increases with supporters far more demanding, yet without it, they can deceive us all far easier imo.
Disagree with you upon the figures glasbhoy and only on first impressions,
Cost of players in was offloaded with the sale of frimps and klimala, so no real difference.
Loss of 10M income, put that down to no fans for European nights, cup games, poor showing in domestic competitions etc.
Yet didn't the players take pay cuts also at the start of the pandemic?
All I can see is the club justifying losses and yet the lining of there own pockets still remains strong
 
Had my suspicions glasbhoy for a few years now that this board doesn't really want CL money as the demand on spending increases with supporters far more demanding, yet without it, they can deceive us all far easier imo.
Disagree with you upon the figures glasbhoy and only on first impressions,
Cost of players in was offloaded with the sale of frimps and klimala, so no real difference.
Loss of 10M income, put that down to no fans for European nights, cup games, poor showing in domestic competitions etc.
Yet didn't the players take pay cuts also at the start of the pandemic?
All I can see is the club justifying losses and yet the lining of there own pockets still remains strong
I’ve not had a in depth look at them yet
There’s always golden nuggets in the notes which give details on events after the 30/6/21

but from what I see at a quick scan above
16 million in bank then add the money made in window your back to around that circa 35 million they had in net cash pre covid

I wonder what they have earmarked for that pile of cash
cos it ain’t the team ,..
 
This is what you get from a PLC - the shareholders ( and directors? ) come first !
It is NOT run for the 'customers ' but does take advantage of these 'customers' actually being FANS who will support The Club regardless of which cnut is running The Club .

An exercise in Taking the Piss !

HH
 
I wouldn't mind having a look at the list of conditions of bonuses being paid to board members and how slim we have made these margins at the expense of the playing squad and fans
First time I've ever looked at the figures BBB, and I'm no accountant in any shape or form.
The main figure I looked at was expenses of 75M yet only bought in 60M.
You would have thought players wages were the bulk of that 75M.
Well if you allowed for a 25 man 1st team squad all getting paid 20k a week (which there not) would give you a total of 26M plus add on the expensive loan signings, I think I'm being generous on a total guess at 30M towards players wages.
This leaves 45M on unanswerable expenses, so coaching staff and club employees etc, would 10M,also be a generous sum.
Of course travel and kit, etc etc, would 5M again be a generous sum also towards the upkeep of the team?
So 30M, at a total guess of a figure and with being extremely generous imo, could only possibly go towards board members as I can't think of any other huge outlay in expenses
 
I’ve not had a in depth look at them yet
There’s always golden nuggets in the notes which give details on events after the 30/6/21

but from what I see at a quick scan above
16 million in bank then add the money made in window your back to around that circa 35 million they had in net cash pre covid

I wonder what they have earmarked for that pile of cash
cos it ain’t the team ,..
Wouldn't say your to far wrong either Stg.
Again at a rough guess
37M bought in on player sales, at the lower end.
23M on players bought into the club
Gives a rough profit of 14M
Which added to the current 16M in the bank allows for roughly 30M currently in the bank based upon very rough figures.
Add into the increasing revenue from the return of the fans, then financially we remain in a very healthy position still.
As a total guess, I would say Dom was very aware of this situation and wanting big changes within how money was being spent within the club, for which the old farts brigade wouldn't want if it were to upset the lining of there own pockets, very few people like greed in general, yet I still see plenty of leeway to have invested for a higher calibre of player still imo.
 
I’ve not had a in depth look at them yet
There’s always golden nuggets in the notes which give details on events after the 30/6/21

but from what I see at a quick scan above
16 million in bank then add the money made in window your back to around that circa 35 million they had in net cash pre covid

I wonder what they have earmarked for that pile of cash
cos it ain’t the team ,..
Look an attractive purchase with cash in the bank,maybe covid fkd up DDs plans to sell up
 
I’ve not had a in depth look at them yet
There’s always golden nuggets in the notes which give details on events after the 30/6/21

but from what I see at a quick scan above
16 million in bank then add the money made in window your back to around that circa 35 million they had in net cash pre covid

I wonder what they have earmarked for that pile of cash
cos it ain’t the team ,..
That money's ear marked for Desmond's moustache oil
 
3mths, or there abouts ange has been In the job, all the usual parasites in the press saying "the honeymoon periods over" Scummy Gerrard had 3yrs!! Ffs🤣🤣🤣
Aye mate, three years and 6 transfer windows, ange has had 3 months and 1 transfer window, I believe their scared of him, I can see improvements in the team, Rome wasn’t built in a day, the moves in the hun biased media to unsettle him is unbelievable, they’re trying to compare him to last hun manager Pedro….don’t fall for hun shit stirring
 
Aye mate, three years and 6 transfer windows, ange has had 3 months and 1 transfer window, I believe their scared of him, I can see improvements in the team, Rome wasn’t built in a day, the moves in the hun biased media to unsettle him is unbelievable, they’re trying to compare him to last hun manager Pedro….don’t fall for hun shit stirring
No one will ever equal Pedro, saying that Gerrards won 1 trophy in 3yrs, so he's nearly as bad🤣🤣 you coming up to watch the euro game?👍👍
 
The problem with giving Ange a year to try out Celtic is the CL money the huns would get for CL group stage automatic qualification. After all, many other teams will not make much effort to stop them. Then, with our board's prioritisation of bonuses above the team and competing, we could have an even bigger task to slap them down.
 

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