Celtic announce massive profit in half-year financial results

Celtic have made a pre-tax profit of £24.4 million, the club revealed in their financial results for the six months up until 31 December, 2019.

By Craig Fowler Friday, 7th February 2020, 7:06 pm

A key factor was the sale of Kieran Tierney to Arsenal with the installments already paid in the transfer fee making up most of the £23m profit from the "disposal of intangible assets".

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The results also show that the club's revenue rose from £50m in 2018 to £53.3m across last year.

Celtic Park. Picture: SNS

They were able to make such healthy profits despite missing out on the Champions League for the second season in succession.

A statement from chairman Ian Bankier read: "I am pleased to report another strong set of interim results, for the six months ended 31 December 2019. These show revenues of £53.3m (2018: £50.0m) and a profit before taxation of £24.4m (2018: £18.8m) that included a profit from trading of £7.1m (2018: £6.2m). Period end net cash at bank was £32.9m (2018: £38.6m).

"Following the permanent appointment of Neil Lennon in May 2019 and the securing of an unprecedented “Treble-Treble”, the club entered the new season with optimism. Whilst we were disappointed not to qualify for the UEFA Champions League, Neil and the team quickly put this set back behind them and took on the challenge of a testing Europa League group.

"They performed with real distinction by winning the group with a match to spare, a first-time achievement, and defeating an Italian club on its home soil which was also a first for Celtic in the current format of competitive European football.

"The club went on to secure its tenth consecutive domestic trophy by defeating Rangers in the Betfred Cup Final in December 2019. As 2019 drew to a close the club reflected on the most successful decade in its history, having won 18 trophies from a possible 30.

"Whilst the financial results were absent of the enhanced income associated with Champions League football for a second year, the overall financial performance improved.

"In addition to significant gains from player sales, the underlying trading remained buoyant through revenues from commercial arrangements, match day sales, hospitality and merchandising.

"The profit on disposal of intangible assets recognised in the period amounted to £23.0m (2018: £17.6m). A key contributor was the sale of Kieran Tierney to Arsenal.