Celtic have released their annual results for year ending June 2019.
Financial Highlights
– Group revenue decreased by 17.9% to £83.4m (2018: £101.6m)
– Operating expenses including labour decreased by 0.2% to £86.9m (2018: £87.1m)
– Gain on sale of player registrations of £17.7m (2018: £16.5m)
– Acquisition of player registrations of £6.2m (2018: £16.6m)
– Profit before taxation of £11.3m (2018: £17.3m)
– Year-end cash net of bank borrowings of £28.6m (2018: £36.1m)
– Year-end net cash, net of debt and debt like items, of £38.9m (2018: £27.0m)
This is an annual result very much hit by no Champions League football and the riches it brings. Group revenue and overall profit down from the 2018 results.
Selling Moussa Dembele for £22m justifies Celtic’s continuing model of developing and selling players so they can self sustain.
The board write the sale of Dembele was KEY in the year end results. Considering Celtic and Brendan Rodgers held the line they wanted to keep Moussa – someone was lying before the striker pushed for a move.
The club want to stress the importance of the continuation of their redevelopment of Barrowfield as well as Celtic Park.
Another year without Champions League football will be sustained by Tierney’s sale.
Operating costs went down slightly but still seem pretty high.
You can read the full thing here.