Ian Bankier’s Celtic financial record in full as club post £6.1m profit
CELTIC chairman Ian Bankier said Celtic’s £6.1million pre-tax profit was due to Parkhead returning to full capacity and record sales.
The Parkhead chief detailed huge increases in revenue far outpacing the increase in operating expenses in the latest financial update on the club’s website.
The club recorded a loss of £11.5m last year, but this year saw a profit with a rise of £28m in revenue (to £88.2m) and sales players grossing £29m, up £20m from the previous year.
The accounts also noted that player signings had cost £38.4m over the past 12 months, an increase of £25m on the last set of financial reports.
Here is Chairman Ian Bankier’s statement on Celtic finance in FULL…
“These results for the year ended 30 June 2022 show revenue increased to £88.2m (2021: £60.8m) with a corresponding pre-tax profit of £6.1m. sterling (2021: £11.5 pre-tax loss) revenue growth was the restoration of a more normalized business environment as we emerged from Covid-19 and were able to operate at full stadium capacity for all matches except five at the start of the season, where crowd restrictions remained. realization of reported profit. The contribution of player swap gains, particularly in the Europa League years, ensures that we maintain a healthy and sustainable financial future. In terms of funding and liquidity, our end-of-year cash year, net of empr banking units, was £30.2m (2021: £16.6m). The increase this year is primarily due to the timing of subscription sales taking place later in the summer of 2021.
“The Covid-19 surge from December 2021 to February 2022 was mitigated by the SPFL’s initiative to bring forward the winter break to minimize disruption and protect vital matchday ticket revenue for Scottish football as a whole. As a result, our fans were able to attend two more games and we did not experience any revenue attrition from games behind closed doors. As a result, the financial performance of the second half and the reduction in revenue during this period can be attributed to the seasonality of trading and the timing of player trading gains which were weighted by the first half of the fiscal year.
“As stated in my interim statement, we acquired several excellent additions to our squad of players during the January transfer window, so we entered the second half of the fiscal year 6 points off the top of the league table. Premiership but with some confidence that we had the manager and the team to achieve our key objective of winning back the SPFL Premiership title We were delighted to win the title in May 2022 to add to the Premier Sports Cup won in December 2021.
“A hugely welcome added bonus was that the SPFL Premiership winner secured automatic qualification for the 2022/23 UEFA Champions League. It’s the first time the Scottish champions have achieved this in 12 years, due of a rise in UEFA Scotland’s Champions League draw gave us a series of exciting fixtures involving Real Madrid, Shakhtar Donetsk and RB Leipzig.
“The benefit of automatic qualification has brought certainty over the coming season, allowing us to support our manager and strengthen the squad of players. Having signed Jota, Cameron Carter-Vickers, Alexandro Bernabei and Benjamin Siegrist in June 2022 we report a total investment in player registrations of £38.4m for the financial year.After the end of the year we finalized the permanent signings of Sead Haksabanovic and Aaron Mooy as well as the temporary transfers of Moritz Jenz and Oliver Abildgaard We continue to balance the benefits of investing in experienced players alongside young talent with a view to developing the performance of all players on the pitch and trading when conditions are right. Successfully executing this model is a challenge but is vitally important for clubs like Celtic.
“Our women’s team also added to the SWPL Cup victory in December 2021 by winning the Scottish Women’s Cup in May 2022. This cup double represents a remarkable achievement in such a short time and I congratulate Fran Alonso and his team and reaffirm our commitment to women’s football in Scotland.
“The biggest influence on the financial and sporting fortunes of the Club is our ability to compete in European competition. As explained by Michael Nicholson in his report, the format of the Champions League will change in 2024. This will provide new opportunities and enhanced media rights Our task is to be ready to maximize the opportunities that will arise by remaining financially strong and stable, while investing smartly in the squad, the football department and the sports infrastructure and facilities.
“We have full confidence in our business model which, during my tenure, has demonstrated its robustness, particularly in difficult times. In closing, I thank all my colleagues at Celtic, whose enormous efforts have made it possible to achieve this pleasant year of transition. I also pay tribute to our remarkable support, which accompanied the Manager and the team at every stage.”