Celtic record £13m post-tax profit in third straight year of growth

Scottish giants Celtic Football Club have announced a post-tax profit of £13.4 million for the year ending June, marking its third consecutive year of profitability. While pre-tax profit saw a decline compared to the previous year, the club’s revenue increased by nearly £5 million to £124.6 million, with year-end cash reserves rising to £77.2 million.

On-field success played a significant role in Celtic’s financial performance, with the men’s team winning both the Scottish Premiership and the Scottish Cup, while the women’s team claimed their first SWPL title.

Celtic Chairman Peter Lawwell highlighted the club’s strong revenue growth, stating, “The results for the year ended 30 June 2024 show an increase in revenue to £124.6m (2023: £119.9m) with a corresponding profit before tax of £17.8m (2023: £40.7m).” He attributed the £4.7 million revenue boost to factors including higher participation fees in the UEFA Champions League for the 2023/24 season and improved retail performance.

The decrease in pre-tax profit, Lawwell explained, was primarily due to increased operating expenses and a lower gain on player sales.

“The £22.9m decrease in profit before tax, although significant, was in line with expectations due to several known and anticipated factors. Our gain on player sales was £7.8m lower than the prior year, and we invested more into the men’s team in terms of salaries. Rising overhead costs, driven by inflation, also impacted our operations, along with the absence of £13.5m in non-recurring income from the previous year.”

During the accounting period, Celtic spent £16.6 million on player acquisitions, including the record signing of midfielder Arne Engels. Lawwell also highlighted the commencement of capital expenditure projects, such as the redevelopment of the Barrowfield training facility and stadium maintenance efforts.

Since the end of the accounting period, Celtic has sold several players, including Matt O’Riley to Brighton for a club-record £25 million. The club’s total player spending has amounted to £31.2 million.