TIDMCCP
RNS Number : 8237P
Celtic PLC
04 October 2013
CELTIC plc
Preliminary Results for the year ended 30 June 2013
(Correction)
Celtic plc announces that the announcement made on 23 September
2013 in respect of the preliminary results for the year ended 30
June 2013 contained a typographical error in the Chairman's
statement which referred to an operating profit of GBP13.1 million
which is in fact profit from trading before asset transactions and
exceptional items as shown in the accounts later in the
announcement.
All other details remain unchanged. The full amended
announcement is shown below and reports a retained profit before
tax of GBP9.74m, compared to a loss of GBP7.37m in the previous
year.
SUMMARY OF THE RESULTS
Operational Highlights
-- Winners of the SPL.
-- Winners of the Scottish Cup.
-- Progression to the last 16 of the UEFA Champions League
having played 6 home European matches (2012: 4).
-- 30 home matches played at Celtic Park (2012: 24).
-- Celtic Park selected to host the opening ceremony for the 2014 Commonwealth Games.
-- New 3 year shirt sponsorship contract with Magners Irish Cider.
-- 125 Anniversary celebrations.
Financial Highlights
-- Group Revenue increased by 47.7% to GBP75.82m (2012: GBP51.34m).
-- Operating expenses increased by 15.2% to GBP62.71m (2012: GBP54.44m).
-- Investment in football personnel of GBP9.66m (2012: GBP5.24m).
-- Year end net cash at bank GBP3.76m (2012: GBP2.77m net bank debt).
-- Exceptional costs of GBP1.83m (2012: GBP0.54m).
-- Profit before tax GBP9.74m (2012: GBP7.37m loss).
For further information contact:
Ian Bankier, Celtic plc Tel: 0141 551 4235
Peter Lawwell, Celtic plc Tel: 0141 551 4235
Iain Jamieson, Celtic plc Tel: 0141 551 4235
I am delighted to report that success on the field and, in
particular, our European campaign have contributed to a very
successful trading period.
These annual results show that in the year to end June 2013,
turnover increased by GBP24.48m to GBP75.82m, which, after
operating expenses of GBP62.71m, produced a profit from trading
before asset transactions and exceptional items of GBP13.10m and
retained profits after tax of GBP9.74m, compared to a loss of
GBP7.37m in the previous year.
This is not only a highly satisfactory result, but represents a
five year record profit. Consistent with such a robust financial
performance, our net cash at bank position at the year end was
GBP3.76m, an improvement of GBP6.53m from the same time last
year.
Whilst the undoubted highlight of last season was qualifying
from the group stages and playing in the last sixteen of the UEFA
Champions League, it is crucial that we were able to win the
Scottish Premier League title for the second time in a row and get
another shot at Europe. This has led to another successful
qualification for the group stages with a highly memorable win
against Shakhter Karagandy on 28 August at Celtic Park.
The momentum we build by competing in Europe at this level in
two successive years is considerable, both financially and in terms
of our player pool development strategy.
The dynamics derived from the Board's strategy of developing the
player pool, which I have been reporting on over successive
statements, were employed fully throughout the financial year. We
invested GBP9.66m in strengthening the first team squad, compared
to GBP5.24m last year, and following the sales of players in the
period, we made a gain of GBP5.19m, compared to GBP3.54m last time.
Our new arrivals at Celtic Park during the financial year included;
Efe Ambrose, Tom Rogic, (on a permanent basis) Fraser Forster,
Amido Balde and Virgil Van Dijk. They were joined by Steven
Mouyokolo, Derk Boerrigter, Nir Biton and Teemu Pukki during the
summer transfer window.
Our decision, taken earlier in the financial year, not to accept
offers for key players, so that we might maximise our chances of
playing success, was a good one in hindsight. The relevant player
disposals were made post the financial year end, during the summer
transfer window.
Our strong financial performance has allowed us to invest funds
across a number of other important areas, including the Youth
Academy, with coaching staff, and the Stadium, where we have
embarked upon a programme of upgrades that will be apparent this
season. Our continued investment in the Youth Academy continues to
deliver results at all levels, but special mention must be made of
our Under 20 team, who won the league and cup double. The Academy
continues to supply young players to the first team pool.
Throughout the journey we have been hugely mindful of our
supporters, who have performed the role of the 'twelfth' man
superbly at each and every crucial fixture, not least of all the
recent encounter with Shakhter Karagandy. In recognition, we
introduced a one off GBP100 award for all standard season ticket
applications for season 2013/14 and this has been warmly received,
with season ticket numbers in excess of those for season
2012/13.
This year demonstrates, above all, the impact that football
success brings to Celtic plc in its current shape. The predominant
focus of the board is to sustain a robust structure that can
benefit fully from the fruits of playing success, yet withstand the
economic pressures of today's football environment in Scotland. The
two key elements of that structure are responsible financial
management for the long term, coupled with an intelligent player
pool strategy.
We believe that we are achieving this standard and, in so
saying, tribute must be paid to Neil Lennon, his support team and
players, the coaching staff and assistants at the Academy, Peter
Lawwell, his executive team, and all of the staff and employees of
Celtic who work enthusiastically for this great Club.
Celtic was built on charitable foundations and we continue to
recognise the importance of that ethos and the Club's role in
society. Throughout the year we provided the platform for an array
of charitable initiatives. Honouring the objectives of the Club's
founders, it was fitting that, in its 125(th) anniversary year, the
Club continued to support the Celtic Charity Fund, which did more
for charitable and social causes than it has ever done before.
Finally, we have enjoyed tremendous support from our fans,
sponsors, business partners and shareholders and I thank them
all.
Ian P Bankier 23 September 2013
Chairman
INTRODUCTION
After the groundwork laid down in previous years, season 2012/13
represented further progress for Celtic, benefiting from our clear
strategy for development and growth both on and off the field of
play.
The Club won the Scottish Premier League title by a margin of 16
points, and achieved the double with victory over Hibs in the
Scottish FA Cup Final at Hampden Park. In addition to our domestic
success, the team qualified for the last 16 of the UEFA Champions
League following a very successful campaign in the group stages,
re-establishing Celtic as a credible force in Europe.
Beating Barcelona in front of our own supporters in a packed
Celtic Park ranks as one of the greatest achievements in our
history. It was fitting, therefore, that that success followed a
memorable service at St Mary's Church in the Calton, to celebrate
the Club's 125(th) Anniversary.
Success on the field, and in particular the European campaign,
has contributed to a very successful trading period, as has the
continued commitment to excellence and innovation as we continue to
develop the Celtic brand in Scotland and around the world.
FOOTBALL INVESTMENT AND OPERATIONS
Investment in the playing squad was made during the 2012/13
season, with just under GBP10m invested in the first team. A number
of players were acquired, including Efe Ambrose, Tom Rogic and
Fraser Forster on a permanent basis. We enhanced the blend of youth
and experience in the squad, while a number of others progressed
from the youth academy.
The average age of the starting eleven was regularly in the low
twenties and we believe the value of the squad has been enhanced,
given our progression in Europe. Our decision not to accept offers
earlier for a number of key players, to maximise our chances of
success and protect future income streams, was vindicated in terms
of football success.
As the Company builds on the success achieved last season, our
commitment to ongoing improvement and investment in young talent is
reflected by the arrival of Virgil Van Dijk, Amido Balde, Steven
Mouyokolo, Derk Boerriger, Nir Biton and Teemu Pukki during the
2013 summer transfer window. We believe that the investment made
will benefit performance in the coming season, as we build on the
strong platform constructed in 2012/13.
The investment in our Lennoxtown training facility continues to
yield benefits, helping to ensure that players are recruited,
developed and sold in the most efficient and cost effective way
possible. Continued investment is planned to enhance the
infrastructure that exists at our Centre of Excellence, providing
the best possible resources, systems and facilities and thereby
offering a greater opportunity for football success. We have
created a world class scouting system, which is assisting player
identification and recruitment at all levels, enhanced by the
introduction of more advanced player performance analysis. In
addition, we have maintained our investment in the sports science
and medical team to ensure the best possible medical, nutritional
and performance advice.
Our Academy has also benefited from ongoing investment in
quality coaches and use of the facilities and expertise available
at Lennoxtown. Several members of our Development and U20 teams
have stepped up to the senior squad and we plan to continue this
policy, which has delivered significant success.
YOUTH ACADEMY
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