CELTIC made an £11.3million pre-tax profit during the 2018/19 season, despite losing about £18million in revenue, according to the club’s financial results.
The failure to overcome AEK Athens in the Champions League play-offs, going out on a 3-2 aggregate exit, hit the title-winners’ income while operating costs, including the wage bill, were broadly similar.
Group revenue for the year to June 30 fell to £83.4million while post-tax profits halved in relation to the previous season.
Celtic made a surplus on transfer dealings, mainly due to the then-record sale of Moussa Dembele to Lyon for almost £20million on the last day of the August transfer window last year. That has since been topped by Kieran Tierney’s £25million switch to Arsenal in the summer which, of course, does not show up in this set of figures.
GOOD BUY…Odsonne Edouard cost a record fee from PSG.
Their transfer spending was £6.2million down by just over £10million from the previous financial year, when they bought Odsonne Edouard for a club-record fee of just over £9million.
The year-end net cash was £38.9million, up almost £12million.
Chief executive Peter Lawwell said in the club’s financial statement: “The level of competition in European football continues to intensify, increasing the uncertainty connected with qualification and progression within UEFA competitions.
“The club’s long-term strategy enables the board to continue to invest in player retention, player recruitment, stadium infrastructure and everything that is needed to develop the club for future generations and to continue to deliver success, notwithstanding the failure to qualify for the group stages of the UEFA Champions League.
“The board continues to be committed to investing in our football operations and the creation of a world-class football club, not only in transfer fees and player wages (which continue to be subject to hyper inflation), but also on football management, coaching, recruitment, medical, performance, sports science and the youth academy.
“During the period, despite the 17.9 per cent reduction in revenues we maintained a very high level of investment in total labour costs of £56.1million.”