Celtic announce eye-watering £77m in the bank as annual report released
The Scottish champions have announced their financial results for the year ended 30 June 2024
Celtic have a whopping £77.2million in the bank after the club announced their latest set of financial results.
The Hoops released their annual report to the London Stock Exchange today with group revenue increasing from £119.9m to £124.6m. The Double-winners also posted a pre-tax profit of £17.8m, which is down from £40.7m last year and “in line with expectations” as the club invests in its multi-million-pound Barrowfield re-development, stadium improvements and increased transfer expenditure.
Key financial highlights include:
Group revenue increased by 3.9% to £124.6m (2023: £119.9m).
Operating expenses including labour increased by 10.4% to £105.4m (2023: £95.4m).
Gain on sale of player registrations of £6.6m (2023: £14.4m).
Acquisition of player registrations of £16.6m (2023: £13.0m)
Profit before taxation of £17.8m (2023: £40.7m).
Year-end cash of £77.2m (2023: £72.3m).
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Chairman Peter Lawwell said: “The results for the year ended 30 June 2024 show an increase in revenue to £124.6m (2023: £119.9m) with a corresponding profit before tax of £17.8m (2023: £40.7m). The £4.7m increase in revenue reflects several factors including higher participation fees in the UEFA Champions League in season 2023/24, when compared to the previous season, alongside stronger retail performance in the year.
“The £22.9m decrease in profit before tax, although significant, was in line with expectations due to a number of known and anticipated factors. In relation to football activities, our gain on sale achieved in the year was £7.8m lower than in the prior year. We also invested higher sums into the men’s team compared to the prior year in the form of salaries. In addition, we have experienced a rise in overhead costs driven by the high inflationary environment in which the business has operated over the last year. There was also the absence of £13.5m of non-recurring other income which was specific to the prior year.
“Our year end cash was £77.2m (2023: £72.3m). Despite Champions League qualification, the increase in cash was more modest than it may have been owing to the investment into the team in terms of transfer expenditure and wage costs in the year under review. This was coupled with the commencement of significant capital expenditure projects, including the Barrowfield re-development and a number of stadium maintenance projects.
“Further to the investment in player registrations of £13.0m in the previous financial year ended 30 June 2023, the Club made significant investment by committing an additional £16.6m in the year under review. This took our total spend to £68.0m over the three financial years to 30 June 2024. Since the year end, and up to the closure of the transfer window on 30 August 2024, we have invested a further £31.2m into player registrations (including transaction costs). Over the summer transfer window, we twice broke the Club’s previous record transfer. As a result of this period of sustained investment, our current squad carries the highest value and resulting amortisation charge in the Club’s history, by a considerable margin.”
Brendan Rodgers’ side can make history this season by overtaking Rangers’ cherished silverware count, with both clubs locked on 118 trophies apiece. And Lawwell has vowed that the club won’t stand still as they seek to continue an unprecedented period of dominance in Scottish football, as well as progressing in Europe.
He continued: “Winning the Scottish Premiership in 2023/24 resulted in automatic qualification into the new UEFA Champions League format for season 2024/25. This new structure brings more variety, the opportunity for more teams to participate at the highest level and a fresh dynamic for fans to enjoy. Last year’s Scottish Premiership and Scottish Cup trophies brought our total men’s team honours to 118, including 54 league titles, 42 Scottish Cups, 21 League Cups and a European Cup.
“When compared to the 80 trophies won by the start of season 1999/2000 this represents a truly remarkable achievement over the last 25 years. We are also firmly established as a European club from a participation perspective. Over the same 25-year period we have participated in either knock-out round or group stage European competition in 23 seasons, 12 of which were in the Champions League. As well as delivering domestic success, we are determined to progress as far as possible in European competition and improve upon our recent record. We cannot and must not be complacent and we must strive for progression as a club as the football industry evolves at a remarkable pace.
“Notwithstanding the domestic success we have enjoyed and the establishment of Celtic as a regular European football participant, it is important that we do not deviate from our strategy, which has been successful over many years, based on maintaining a self-sustaining financial model. This involves targeting Champions League qualification each year along with introducing young players into our team, either from our academy or through recruitment, with a view to developing them and helping them to progress their careers.
“This is not without its challenges as domestic media rights have been unable to keep pace with the media rights environment of our competitor markets and football industry inflation in general over recent years. This means that securing the best players is more challenging and we must work harder than ever to bring success. Our strategy has been crucial to the domestic success of recent years, and it is one your Board intends to maintain. In line with all other clubs who compete in European competition, we must also be cognisant of the UEFA Financial Sustainability rules and look to balance the short term and long-term objectives of our Club. This is a difficult balance, but a vital one.
“As a Club we are well represented domestically with the governing bodies. Through my capacities as Vice Chairman at the European Club Association (ECA), a member of the ECA Executive Committee and a Board member on the newly formed joint venture between the ECA and UEFA, we are able to have close proximity to, and influence over, the future of European football. This is important to the interests of Scottish football as a whole. Thanks also go to all of our Celtic colleagues for their contribution to delivering another successful year and to all the Club’s supporters who give the Club their crucial and relentless backing, year after year.”
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