Celtic announce huge £27.6m profit as Odsonne Edouard and Kristoffer Ajer transfer exits boost financial results


Celtic have posted a pre-tax profit of £27.6million in their latest financial results.

The Hoops have released six-month figures until the period ending December 31, 2021.

Profits have been boosted by the summer transfer of Odsonne Edouard to Crystal Palace and Kristoffer Ajer to Brentford in the summer window.

The full profit from player sales rose to £25.8m from just £1m in the same period in 2020, while £16.8m was spent on player registrations. This showed a rise from £12.7m last year.

The overall profit is up from a loss before of £5.9m on the same period last year, leaving Celtic with £25.6m in the bank despite missing out on the Champions League once again.

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The club competed in the Europa League group stage before dropping into the Europa Conference League.

A statement from Celtic chairman Ian Bankier said: The major factors driving the much improved financial performance for the period under review were: first, the return of fans to the stadium driving crucial match day income; second, our qualification for another season in the Europa League with the accompanying ticket sales that were absent last year; and third, the revenues received from successful player trading.


“Notably the sales of Odsonne Edouard and Kristoffer Ajer. In the same period we made substantial investments back into the player squad in order to target the football success that drives our financial success.

“Whereas the Covid-19 environment has improved markedly, the sudden emergence of the Omicron variant and resulting reintroduction of temporary societal restrictions in Scotland adversely affected the football sector.

“This demonstrates our continued sensitivity to the threat of the pandemic. Mindful of the risks posed to the club’s finances from further restrictions, we continue to manage the business on a prudent basis, balanced against the benefits of investing in the football department.

“The forecast outturn for the second half of this financial year is expected to be more modest owing to the trading seasonality inherent in the business.

“As we know, most of our earnings are typically derived in the first six months of the financial year. In line with prior years, we expect to incur losses in the second six months of the financial year owing to the expectation of having less player trading gains, lower UEFA media right distributions and associated UEFA match ticket income, higher amortization emanating from player acquisitions in January and seasonally lower retail income.

“In addition, our outturn earnings may be materially impacted by success in footballing competition. On the basis that the impact of Covid-19 appears to be receding at present, we anticipate to finish the financial year with revenues ahead of our previous expectations.”




www.dailyrecord.co.uk

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George Holan

George Holan is chief editor at Plainsmen Post and has articles published in many notable publications in the last decade.

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