Peter Lawwell has presented his first statement as club chairman, announcing a very strong set of interim financial results for the six months to December 31st, 2022.
Revenue for the period June to December has increased by 44.8% from 2021 to £76.5m, while profit before taxation is also up to £33.9m from £27.6m.
Period-end cash held by the club, net of borrowings and after trading adjustments, stood at an eye-watering £50.2m.
Lawwell said: “I am honoured to present my first Chairman’s statement on behalf of Celtic Football Club. Being back to chair the club that I have always supported and served for almost 18 years as CEO, is a privilege. I look forward to fulfilling the role, and playing my part in our Club going forward.
“The results for the six months ended 31 December 2022 show revenues of £76.5m (2021: £52.9m) and a profit before taxation of £33.9m (2021: profit before tax of £27.6m). The profit from trading, representing the profit excluding player related gains and charges, amounted to £28.1m (2021: profit of £7.0m).
“The key factors driving the improvement in the underlying trading performance in the six months to 31 December 2022 compared to the same period last year, was the direct qualification to the UEFA Champions League Group stages. This was the key driver in our revenue increase over the same period last year which reflected UEFA Europa League Group stage participation.
“Gains from player trading this year of £1.8m (2021: £25.8m) were notably lower, reflecting our strategy of assembling a new football playing squad under our Football Manager, Ange Postecoglou. Period end net cash at bank was £59.2m (2021: £25.6m). After adjusting for a net trading balance on prior inbound and outbound transfers, this sum reduces to £50.2m at December 2022 (2021: £39.7m).”
Lawwell goes on to reiterate the club’s commitment to domestic success in the rest of the season as well as continue to push for progress across the Celtic B and Celtic Women’s teams.
It’s a remarkable set of figures that shows the value of UEFA Champions League qualification – which would again be guaranteed with a Scottish Premiership title win this term.
If that is achieved, the board will surely endorse more investment into Ange Postecoglou’s team and facilities across the club. Even more exciting times could be on the horizon.
The cash in bank of over £50m won’t be quite that high come the end of the season due to ongoing costs and less opportunity for revenue, but there’s still a huge amount to plan ahead with.
In other news, John Kennedy takes Celtic pre-match media duties; comments on Ange Postecoglou speculation.
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