Celtic net pre-tax profit of £21.3m

CELTIC today announced a pre-tax profit of £21.3m as club bosses posted their financial results for the second half the year.

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The results released to the Stock Exchange showed turnover was up by more than 40% on the same period last year.

Hoops bosses said there is "little doubt" the interim results "reflect a club that is in excellent financial health".

As of December 31 2013, the club had £5.7m net cash in the bank.

Celtic chairman Ian Bankier revealed the financial results today.

The businessman said: "The strategy of the board is unchanged.

"Our overwhelming priority is to win the SPFL Premiership and to qualify for the group stages of the UEFA Champions League and beyond.

"We seek to give our manager the best tools for the job, within the constraints of our economic environment.

"We aim to create value by investing in our youth academy and by acquiring players that we can develop; and in terms of the finances we seek to live within our means.

"All of this helps us prepare for the future and the economic uncertainties, which have had such a devastating effect on many other football clubs."

The club's financial success is matched on the pitch at they sit top of the SPFL.

But it was success in Europe that really help make the difference for the club's finances.

Mr Bankier added: "Our Chief Executive, Peter Lawwell, is serving as a Director of the Scottish FA.

"While our Financial Director, Eric Riley, serves as a Director of the Scottish Professional Football League.

"The structural and financial difficulties that face Scottish football are well documented.

"It is fair to say that the outlook for the game is challenging.

"I am gratified that Peter and Eric can make a contribution to overcoming the obstacles that lie ahead.

"Most importantly, I pay tribute to the fans, whose support, encouragement and dedication is second to none."

Finance

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