Celtic annual results show £77.2m cash in bank and £17.8m pre-tax profit

Celtic’s new financials show more than £77m in the bank and a reduced profit before tax of £17.8m as chairman Peter Lawwell described the squad as carrying “the highest value in the club’s history, by a considerable margin”.

Brendan Rodgers’ side won the William Hill Premiership and Scottish Gas Scottish Cup last season and their ongoing domination of Scottish football was demonstrated by balance sheet results for the year ending June 30, 2024.

Group revenue increased by 3.9 per cent to £124.6m from £119.9m.

Operating expenses including labour increased by 10.4 per cent to £105.4m from £95.4m alongside a gain on sale of player registrations of £6.6m, from £14.4m.

There was an acquisition of player registrations of £16.6m, up from £13m.

While pre-tax profit of £17.8m is down on the previous year’s £40.7m, “in line with expectations”, year-end cash is up to £77.2m from £72.3m.

Lawwell told the club’s website: “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.

“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.”

Lawwell also noted the success that the Parkhead club continue to enjoy as they look forward to their first Champions League group game against Slovan Bratislava on Wednesday.

He said: “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.

“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.”