Celtic accounts show reduced £17.8m profit but more cash in the bank

CHIEF executive Michael Nicholson says Celtic aim to ‘continue to be the domination of football in Scotland’ as the Hoops published their accounts from last season.

The club’s financial figures, to June 30 this year, were announced by the Stock Exchange this evening showing an increase in revenue, but a lower profit than last year.

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However the Hoops still made a healthy £17.8m according to the papers – down from £40.7m in 2023.

Chairman Peter Lawwell detailed the ongoing investment in the playing squad in his opening remarks – £68m over three years – but bemoaned the TV deals as hindering the balance sheet.

And as well as the Hoops playing at the top level, he also highlighted ‘their influence and close proximity to the future of European football‘ via his place as vice chairman of the European Club Association.

Chief Executive Michael Nicholson briefed on the playing side of the business in the women‘s and men‘s teams, as well as the charity foundation.

He hailed James Forrest for eclipsing Billy McNeill‘s medal haul and set out the plan for ‘further progress in the Champions League‘ as the Hoops goal for both Brendan Rodgers and Elena Sadiku.

Nicholson wrote: “Off the pitch, the financial results reflected [the on-field] success as well as the continued commitment of our supporters, partners and sponsors, for which we are very grateful.

“This allows us to continue to invest in improvement and progress, both for the short and long term. Our primary objectives continue to be the domination of football in Scotland and competing in the group stages of the UEFA Champions League.”

The Hoops balance sheet shows a healthy bank balance boosted by almost £5m to £77.2m year on year.

And revenue is also up from £119.9m to £124.6m but the reduced profit of “17.8m from £40.7m was expected, Lawwell’s notes say “due to a number of known and anticipated factors”.

He added: “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.”

He added: “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.

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“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.”

However the chairman also cautioned of the “difficult balance, but vital one” to follow Uefa’s Financial Sustainability rules within the short and long-term objectives of the Hoops.

He added: “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.

Our primary objectives continue to be the domination of football in Scotland and competing in the group stages of the Uefa Champions League.”

Michael NicholsonCeltic CEO

“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.”

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