Celtic Announce Profits after Champions League Run

Scottish Premier League champions, Celtic, have announced profits for the second half of 2012, thanks to their progression in the Champions League.

A pre-tax profit of £14.9m, up from £0.18m, was announced in an interim financial result, whilst turnover increased by 71% to £50.6m.

Celtic also reduced net bank debt from £7.05m to £0.13m.

Ian Bankier, Celtic Chairman said the club’s progress to the knock-out stages of the Champions League contributed to these financial figures.

Bankier said: “The revenues generated by the team’s success in Europe this year have significantly impacted our half year results.

“Celtic’s achievements, both domestically and in Europe, have had a similarly positive effect on merchandise and ticketing income, notwithstanding the current difficult economic climate.

“The results on the park and additional matches produced an increase in operating expenses to £36.96m and our profit from trading, before asset transactions and exceptional operating expenses, was £14.94m – a significant uplift on last year’s figure of £0.18m for the same period.

“As in previous years, we continue to make investments in the playing squad and support services.

“The management of the playing squad is an important aspect of our business model. In the period under review we invested £4.65m in strengthening the first team squad, and added to this in the January transfer window.”

Celtic progressed from a tough group, including Barcelona and Benfica, and play Juventus in the knock-out stages this week.