Celtic PLC 23/24 Results £77m cash fucking minted

https://www.celticfc.com/news/2024/...-annual-results-for-year-ended-june-30--2024/

* wow!!!

 

Announcement of Results for the year ended 30 June 2024

SUMMARY OF THE RESULTS

Key Operational Items

• Winners of the SPFL Premiership and Scottish Cup in season 2023/24.
• Winners of the SWPL in season 2023/24.
• Qualification for the group stages of the UEFA Champions League for season 2024/25.
• Participation in the group stages of the UEFA Champions League in season 2023/24 achieving 4 points.
• 24 home matches played at Celtic Park (2023: 26 games).

Key Financial Items

• Group revenue increased by 3.9% to £124.6m (2023: £119.9m).
• Operating expenses including labour increased by 10.4% to £105.4m (2023: £95.4m).
• Gain on sale of player registrations of £6.6m (2023: £14.4m).
• Acquisition of player registrations of £16.6m (2023: £13.0m)
• Profit before taxation of £17.8m (2023: £40.7m).
• Year-end cash of £77.2m (2023: £72.3m).

CHAIRMAN’S STATEMENT

I should start by congratulating Brendan, in his first season back at Celtic Park and the men’s team for securing the Scottish Premiership and Scottish Cup. I also extend my congratulations to Elena and our women’s team for securing the Club’s first ever SWPL Championship. Elena joined Celtic in February 2024, and led a competitive and exciting title run, which went to the final few minutes of the season. Success is something we can never take for granted. It is important to celebrate and appreciate these wins, but also to recognise that we should always strive continuously to improve.

The results for the year ended 30 June 2024 show an increase in revenue to £124.6m (2023: £119.9m) with a corresponding profit before tax of £17.8m (2023: £40.7m). The £4.7m increase in revenue reflects several factors including higher participation fees in the UEFA Champions League in season 2023/24, when compared to the previous season, alongside stronger retail performance in the year. 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. This was coupled with the commencement of significant capital expenditure projects, including the Barrowfield re-development and a number of stadium maintenance projects.

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.

In the summer 2024 transfer window, we have acquired the permanent registrations of Kasper Schmeichel, Viljami Sinisalo, Paulo Bernardo, Adam Idah, Arne Engels, Auston Trusty and Luke McCowan and the temporary registration of Alex Valle. We permanently transferred out the registrations of Hyeon-gyu Oh, Sead Haksabanovic, Matt O’Riley, Michael Johnston, Yuki Kobayashi, Ben Siegrist and Tomoki Iwata. We also temporarily transferred out the registrations of Gustaf Lagerbielke and Hyeokkyu Kwon.

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. We are also firmly established as a European club from a participation perspective. Over the same 25-year period we have participated in either knock-out round or group stage European competition in 23 seasons, 12 of which were in the Champions League. 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.

Notwithstanding the domestic success we have enjoyed and the establishment of Celtic as a regular European football participant, it is important that we do not deviate from our strategy, which has been successful over many years, based on maintaining a self-sustaining financial model. This involves targeting Champions League qualification each year along with introducing young players into our team, either from our academy or through recruitment, with a view to developing them and helping them to progress their careers. This is not without its challenges as domestic media rights have been unable to keep pace with the media rights environment of our competitor markets and football industry inflation in general over recent years. This means that securing the best players is more challenging and we must work harder than ever to bring success. Our strategy has been crucial to the domestic success of recent years, and it is one your Board intends to maintain. In line with all other clubs who compete in European competition, we must also be cognisant of the UEFA Financial Sustainability rules and look to balance the short term and long-term objectives of our Club. This is a difficult balance, but a vital one.

As a Club we are well represented domestically with the governing bodies. Through my capacities as Vice Chairman at the European Club Association (ECA), a member of the ECA Executive Committee and a Board member on the newly formed joint venture between the ECA and UEFA, we are able to have close proximity to, and influence over, the future of European football. This is important to the interests of Scottish football as a whole.

I wish to express my condolences to the family of John Keane who sadly passed away in June of this year. John served as a Non-Executive Director of The Celtic Football and Athletic Company Ltd (“CFAC”) for over 20 years, and in 2013 was confirmed as the Honorary Chairman. John was a Celtic supporter all his life and played a pivotal role in saving our Club from insolvency. He was there when Celtic needed him most and for that we will always be grateful. I would also like to take this opportunity to pass on my gratitude to Michael McDonald. Michael retired from the CFAC Board on 30 June 2024. He was a Director for 30 years and a true lifelong Celtic fan. His involvement with Celtic from the 1990s demonstrated that he always had the interests of Celtic at heart, through thick and thin, and for that I wish to thank him.

Thanks also go to all of our Celtic colleagues for their contribution to delivering another successful year and to all the Club’s supporters who give the Club their crucial and relentless backing, year after year.

Peter T Lawwell, Chairman
16 September 2024

 

Can see in these numbers why idah and Bernardo bought at start and the rest bought at end of window accountancy jiggery pokery


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Neither were bought before 30th June, so how is that account jiggery pokery?

 

Paid for Idah with my credit card so that I got cash back

 

They are saying g they only received upwards of 6m on sales last season


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What’s the £13.5M non recurring income he mentioned for the downturn in profits?

 

Gain on sales totally different no jiggery pokery at all.

 

Ange compo and covid payments insurance

 

Pretty sure accounts in football will have what you spend covered over the players contract and fees received as you receive it (often in installments). If we say planned to do Jota over 5 years at 1.3m per year on accounts, we then sell him and our accounts will likely have 5.2m that year. You'd have to read their accounts to find out how they did it exactly but it's not simply what Jota and Abada went for minus the grand total of signed players. There will be jiggery pokery with Idah and Bernardo but it will be over the next 5 years.

 

Cr

Creative accountancy.

 

@Foley1888 is the best on how they spread it over the terms but my understanding is we put the full value in that years figures them amortise amounts in the actual report

 

Auld JB is very good

 

More money than ever before, even with profits down, revenue still up and money in bank still up.
Shouting about breaking transfer record twice, while revenue and profit is still on the increase.

All I'm hearing is that we can still push the boat out a bit further and a bit more often than we do.

Unfortunately they then go on to try and downplay that aspect and claim we are hard done by with the TV deal compared to other clubs, but comparatively, £125m revenue, likely to go above £140m for next year, is more than the majority of clubs we should be comparing ourselves to - that isn't the English clubs.

Even more unfortunately, he then continues to say he will stick to his strategy. Which worries me that the hope a lot of fans got on the back of Engels and Idah big deals, is false hope. If he plans to stick to the strategy that's served for years, then the hope that the purse strings have been cut loose, are very unlikely and the Engels and idah deals are likely more one offs rather than a change in how we operate.

* done just enough to buy himself and his minions another year, await the excuses as always next summer when we drag our heels over everything.


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Which is what I meant by jiggery pokery


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There isnt an creative accounting lads

 

Yeh their is


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Aye it's not jiggery pokery or creative accountancy.
They are just being sly with their word choice in the statement.
Trying not to highlight how much money came in to the club via transfers, in a period that the fans operate in (between windows) and then claim to spend a lot of money over a period, but not overly highlighting the cut off dates.

It's sly to make the average fan think we've went and spent loads, when reality is, it's less than what was brought in and far less than we should/could be spending.

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How so?