Celtic PLC COVID-19 Trading Update (2318N)
May 18 2020 - 7:55AM
UK Regulatory
TIDMCCP
RNS Number : 2318N
Celtic PLC
18 May 2020
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
18 May 2020
CELTIC PLC
("Celtic" or the "Club")
COVID-19 Trading Update
Celtic (AIM: CCP) provides the following trading update in light
of the recent announcement by the Scottish Premier Football League
(the "SPFL").
Trading update:
Since the interim period end at 31 December 2019, and up to 7
March 2020 (last game played by Celtic), the Club has continued to
deliver strong football performance including being ranked first in
the Ladbrokes Scottish Premiership with 80 points (30 games
played), are semi-finalists of the Scottish Cup and were Scottish
League Cup winners in December 2019. However, the COVID-19 outbreak
in Scotland has impacted the Club's operations and premises.
Additionally, since 13 March 2020, mass gatherings including
professional football matches have been postponed following action
taken by the relevant authorities responding to the COVID-19
outbreak and no football has been played since.
Following today's decision from the SPFL, it has been announced
that the remaining games of the 2019/2020 Ladbrokes Premiership
season will no longer be played and Celtic has therefore been
awarded its ninth consecutive Scottish Premiership title, matching
an historic milestone only once before achieved by the Club in
1974.
With the current outlook remaining uncertain due to the impacts
of COVID-19, the Board of Celtic is withdrawing current market
guidance and will look to provide an update on guidance once more
clarity is known. The Club currently expects to publish its full
year results in the autumn of 2020.
Funding and liquidity:
Whilst today's decision will have a short-term impact on the
finances of the Club, Celtic remains in a strong financial position
through its robust balance sheet in terms of player registrations
and deferred transfer receivables. Since the COVID-19 outbreak, the
Board has continued to take the appropriate steps to manage its
capital, other expenditure and improve cash flow, to ensure the
business continues to be well capitalised and has sufficient
liquidity during this period of uncertainty.
Measures include the Club's Chief Executive, Manager,
Non-executive Directors, first-team squad, executive team, and
backroom staff, including Academy and Football Operation
executives, volunteering to take significant reductions in salaries
as well as making deferrals on a significant proportion of
earnings.
Our fans and team members:
The Club would like to thank its supporters, players, staff,
commercial partners and other stakeholders for their continued
support during this uncertain time. Celtic remains focused on
ensuring that the safety of all its stakeholders is paramount in
the current environment.
The Club will celebrate the achievement of winning the Ladbrokes
Scottish Premiership at the appropriate time. In the meantime the
Club looks forward to the commencement of season 2020/21; news on
the completion of the 2019/20 Scottish Cup; and a lucrative
five-year technical kit partnership with Adidas, that will take
effect from 1 July 2020, and will initially run until the summer of
2025.
Enquiries:
Celtic PLC
Michael Nicholson, Company Secretary 0141 551 4298
Canaccord Genuity Limited
Simon Bridges, Nominated Adviser
Richard Andrews 020 7523 8350
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END
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