Cruel comparisons and boardroom leaks

I am told that the recent publication of Celtic’s financials did not go down at all well with the Sevco High Command.

Of course, the Blue Room chaps were aware that the Parkhead club had enjoyed a good year.

However, they did not expect that it had been THAT good.

Regardless of the result on Saturday at the stadium that John Brown played for, the financial muscle of the Champions means that it is no contest over the length of a season.

To think that Sevco can finance a challenge to Celtic would be akin to putting Mr Bean up against Olivier Ntcham in an arm wrestling match.

I’m told that Celtic intend to continue to expand their commercial department.

Moreover, their plans for the hotel complex will produce revenue on the Parkhead site 365.

The Sevco High Command know that their own financials will inevitably be compared to Celtic’s and that will not make for good reading.

It goes without saying that the stenographers will do their obedient best to serve up the high-Level spin that it isn’t all that bad at Ibrox.

As ever, the main objective of the reportage is to convince The People that everything is tickety-boo at “ra rainjurrzz”.

For the avoidance of doubt, it isn’t.

Rugger Guy has promised me that he would crunch the Celtic numbers for me and this is what he sent an hour ago:

 

“Phil, although the results were published on Wednesday, I am writing to summarise my main takeaway points on the financial results, even although the headlines have been extensively reported.

Turnover has increased by almost £40m to £90.6m, primarily assisted by Champions League income. Operating expenses has increased by £19m to £76.3m. Clearly, substantial further investment has been made across the board in all football-related activities and is further reinforced by investment in players of £14m.

What stands out very clearly, is that operating profits, which is a measure of the day to day activities, has improved by almost £20m to £14.3m. This is a very healthy improvement and when you look at the cash flow from operating activities, the real underlying state of the business, this is £16m.

At the year-end, Celtic plc had net cash of almost £18m, a very healthy position indeed.

Once again, the auditor’s report was not qualified, did not draw attention to any matters by way of emphasis. The full statutory accounts will be issued in due course, but I can say with some degree of confidence that it is highly unlikely that any troublesome issues will appear on publication.”

As ever, I’m very grateful to my egg chasing buddy.

So it looks as if Celtic currently have much cash in the bank that Charles of Normandy had at RIFC after the IPO.

Not too shabby.

I understand that Mr David Cunningham King wants the circle as tight as possible apropos the preparation of year-end accounts for the Holding Company Vehicle.

Apparently, he is concerned about leaks!

Of course, Mr King is fortunate in that any of his entirely ethical corporate machinations will be free from any journalistic scrutiny by the Fitba Fourth Estate.

As ever, your humble correspondent will keep his Skibbereen eye on Sevconia.