Celtic PLC - Final Results
August 12 1997 - 3:30AM
UK Regulatory
RNS No 5777h
CELTIC PLC
12th August 1997
PRELIMINARY ANNOUNCEMENT
CELTIC PLC
CHAIRMAN'S STATEMENT
The financial results in this 1997 Annual Report have met or
exceeded your Board's objectives in all areas, and are a
credit to our hard working management and staff, and to the
loyalty of our customers and supporters.
Although the season began with a strengthened player squad,
which also benefited from further investment during the year,
success on the playing field proved elusive. Our First
Team's performance over the year did not reach the hoped for
level, and the loss of key matches resulted in no domestic
trophies and a lack of progress in Europe.
I can assure both shareholders and supporters, however, that
the substantial profit earned this year will be reinvested to
improve the success of the Club on the field, and the process
of strengthening our playing resources will continue. In
turn, football success will come hand in hand with our success
as a business.
Attendance at Celtic First Team matches rose by 37% to a total
of 1,692,558, the majority at Celtic Park where occupancy
averaged 92%. Our policy of continuing to invest in a high
capacity stadium and improvements to the First Team playing
squad is being justified. The addition of 4 new players last
season, and 6 more since then, will, I am sure, improve our
prospects for success in the near future.
As Celtic grows and aspires to compete at a higher level, both
domestically and in Europe, I am convinced that the recent
change in the way our football activities are managed, is a
major step forward. With Jock Brown as General Manager of
football operations and Wim Jansen as our Head Coach, along
with a well qualified support staff, we believe we have the
right structure and the right people.
Solid progress has also been made in all areas of Celtic's
business:
- season tickets remain at the highest level of any British
club with a large number of waiting list members
- retail sales grew by 35% and an improved shirt sponsorship
deal has been secured covering the next 3 years
- the South East stand now accommodates all administrative,
commercial and football staff in centralised modern offices,
while dining and meetings capacity has been increased in the
South Stand.
- a Celtic Museum and Visitor Centre is now under
construction, along with a retail megastore, with openings
set for November
- Celtic Pools enjoyed a record year and consolidated its
position as the most successful fund raiser of any British
club.
Our determination to return Celtic to the status of a top-
level European club brings great pressure and challenges which
I welcome because I know they can be met. In common with
most major clubs, we must grow our revenue rapidly to meet the
rising costs of player acquisitions and salaries. But we are
hindered by the quality and structure of the Scottish domestic
game and its limited market. This quality will improve only
through a more productive structure for the full time
professional clubs.
Within the year we intend to start work on the next phase of
the rebuilding of Celtic Park. It will be of a scale and
quality worthy of Celtic's stature and the strength of our
support. During the current year we also intend to start
work on an upgraded Training Centre in order to develop the
star Celtic players of the future.
Please refer to the report on Celtic Charity Fund on page 20.
In thanking all those who support Celtic in many ways, I want
to commend in particular all who worked on the Fund's projects
and who made donations.
Celtic's leadership of the Youth Against Bigotry programme,
adopted in 100 Glasgow schools, was recently endorsed by the
Scottish Minister for Education and Industry to become a
project nationally. The Club's campaign also received the
Scottish Equality Award from the European Commission.
Celtic's business success will help deliver its football
success and its long term security, but its stature as a
caring institution with an unrivalled history gives us the
greatest satisfaction and pride.
Date 11 August 1997 Fergus McCann
GROUP PROFIT AND LOSS ACCOUNT
YEAR ENDED 30 JUNE 1997
1997 1996
#000 #000
TURNOVER 22,189 16,005
OPERATING EXPENSES (16,290) (13,270)
_______ _______
PROFIT FROM OPERATIONS 5,899 2,735
AMORTISATION OF INTANGIBLE FIXED ASSETS (3,302) (1,624)
NET GAIN ON SALE OF INTANGIBLE FIXED ASSETS 2,606 58
WRITE DOWN OF INTANGIBLE FIXED ASSETS - (2,178)
_______ _______
OPERATING PROFIT (LOSS) 5,203 (1,009)
INTEREST RECEIVABLE AND
SIMILAR INCOME 27 91
INTEREST PAYABLE AND
SIMILAR CHARGES (78) (95)
____ ____
PROFIT/(LOSS) ON ORDINARY ACTIVITIES
BEFORE TAXATION 5,152 (1,013)
TAX ON ORDINARY ACTIVITIES - -
_______ _______
PROFIT/(LOSS) FOR THE YEAR 5,152 (1,013)
PREFERENCE DIVIDEND (533) -
_______ _______
RETAINED PROFIT/(LOSS) FOR THE YEAR 4,619 (1,013)
--------------------
EARNINGS/(LOSS) PER ORDINARY SHARE #15.93 (#3.49)
FULLY DILUTED EARNINGS/(LOSS) PER SHARE #10.83 (#2.24)
All amounts relate to continuing operations.
There were no gains or losses recognised in 1997 other than
the profit for the year.
GROUP BALANCE SHEET
30 JUNE 1997
1997 1996
#000 #000 #000 #000
FIXED ASSETS
Tangible assets 32,606 30,935
Intangible assets 8,958 8,152
_______ _______
41,564 39,087
CURRENT ASSETS
Stocks 126 212
Debtors 3,367 1,281
Cash at bank and in hand 3,478 67
_______ _______
6,971 1,560
--------- ---------
CREDITORS - Amounts falling
due within one year (6,223) (3,808)
Income deferred less
than one year (6,000) (4,979)
_______ _______
(12,223) (8,787)
--------- ---------
NET CURRENT LIABILITIES (5,252) (7,227)
_______ _______
TOTAL ASSETS LESS
CURRENT LIABILITIES 36,312 31,860
CREDITORS - Amounts falling due
after more than one year (305) (472)
_______ _______
NET ASSETS 36,007 31,388
--------- ---------
CAPITAL AND RESERVES
Called up share capital
(includes non-equity) 11,390 11,390
Share premium 17,361 17,361
Profit and loss account 7,256 2,637
_______ _______
SHAREHOLDERS' FUNDS 36,007 31,388
--------- ---------
Approved by the Board on 11 August 1997
.........................
Fergus J McCann Director
Eric J Riley Director
NOTE
1.THE ABOVE RESULTS FOR THE YEAR HAVE BEEN EXTRACTED FROM THE
ANNUAL REPORT AND ACCOUNTS WHICH WILL BE DESPATCHED TO
SHAREHOLDERS ON 12 AUGUST 1997.
END
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