Celtic reports profits

The Premier League club reported its interim results for the six months ended 31 December 2004 and showed a swing around from a pre-tax loss of £2.86m for the first half of the 2003 financial year to a profit of £2.04m in the first half of the current financial year. Turnover increased by 8.3% with ticket sales and multimedia revenues showing growth of 14% and 30% respectively, largely as a result of the club’s participation in the UEFA Champions League and from an increase in season ticket pricing. Elimination from the competition in December means that this growth will lead to second half revenues being lower than the comparable period the year before. The club kept a tight control over operating costs at £30.84m, and player amortization costs fell by 3.8% and the playing squad has expanded only slightly, although the club expects the ratio of staff costs to turnover to rise above 60% for the year as a whole. The club has been investigating sites to invest in new training and development facilities for its players and hopes to announce a preferred location before the end of the season. The balance sheet saw an improvement in net assets from £25.393m to £27.431m. Net debt on 31 December reported at £17.38m.

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