Celtic have released their annual financial results for the year ended 30th June 2024 and the figures are eye-catching as usual.
The club have declared revenue of £124.6m – a record amount that is a 3.9% increase on the previous annual period.
Operating expenses were a hefty £105.4m, up from £95.4m.
Profit before taxation was a massive £17.8m, significantly down from £40.7m in 2024 in line with the club’s expectations due to ‘a number of known and anticipated factors’, says the statement.
Despite that profit, the cash held in the club’s bank accounts was only up by £4.9m, now standing at a huge £77.2m.
Peter Lawwell on Celtic’s cash reserves
Chairman Peter Lawwell explained that this is because of investments into various areas of the club, from the team to building projects.
Lawwell said: “Our year end cash was £77.2m (2023: £72.3m). 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.”
Celtic sit on incredible resources
It’s worth pointing out that some will question sitting on such a mountain of money that isn’t being used.
Despite significant investment in the playing squad this summer, could the club be doing more to leverage the resources available?
The club put forward an argument for self-sustainability and ensuring compliance with UEFA Financial Sustainability rules but with plenty of work to do to modernise the club in multiple departments, the board do have the means to splash the cash a little more.
They have at least ensured it hasn’t grown by massive amounts by spending much of the profit attained over the last 12 months. Hopefully, we see more of that over the next year.
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