Celtic reports interim loss

Adjust font size:

The Premier League club has announced a pre-tax loss of GBP 961,000 for the six months ended 31 December 2005 compared with a profit of £1.55 million in the same period the year before. Turnover reported just over £33 million down by 15 percent (GBP 5.9 million) compared to the previous period.

Operating profit fell from GBP 2.9 million in the six months ended 31 December 2004 to only £74,000 in the first half of 2005/06.

Ticket sales fell GBP 3.9 million, merchandising rose by 48% to GBP 9.6 million as the club recently moved to Nike as kit supplier, while revenue from multimedia and communications dropped by GBP 5.5 million.

Operating costs reported approx. GBP 29.5 million, and net debt had fallen from GBP 19.5 million to GBP 8.7 million. The club raised nearly GBP 15 million from a new share issue in December, while third of went on reducing the debt, GBP 10 million will be used for the youth academy and scouting.