Yesterday Celtic released their Interim Report for the six months to December 31, 2018.
You can read them in full here.
As per usual for these events, I contacted Rugger Guy to give me his expert analysis on these matters.
Despite a busy schedule, he had this in my inbox this morning:
Phil, as per your request, I have looked at the interim results of Celtic PLC “Celtic” for the half year to 31 December.
These comprise a 16-page report, unlike the full year results which are 55 pages plus.
The audit report is limited in scope but once again there is a clean opinion expressed.
Regarding the numbers themselves, they are a strong set of interims and demonstrating that the company is in rude financial health.
The key take away points are as follows:
Revenue is down 30% to £50m Profit before tax is £18.8m which compares with £19.5m last year.
Cash flow from operations (the clearer underlying position) is £15.2m vs. £17.4m.
Net cash position which takes into consideration player trading, shows a healthy position of £37.7m.
The overall results very clearly demonstrate the effect of not having Champions League revenues, but the results are bolstered by making a profit of almost £18m from the sale of Dembélé. The exact staff costs breakdown is not available, but it is clear that Celtic have invested heavily on the first team squad, coaching and technical departments.
My simple take from these numbers is that Celtic will continue to be self-sustaining, that is, should they not achieve success in Europe, then clearly player trading and development will be the core of long term financial success.
Post balance sheet event relate solely to player loans and there is nothing else of a peculiar nature.
The overall conclusion is one of rude financial health, with very healthy cash balances capable of sustaining substantial financial investment in the playing squad.
As ever, I’m hugely grateful to my egg chasing buddy for this forensic examination of the numbers.
To my untrained eye, the key term in the foregoing is “self-sustaining”.
Brendan Rodgers has the benefit of being able to operate with the biggest football budget in Scotland without the club having to borrow to pay for it.
You could almost say the finances at Celtic confers a sporting advantage.
I do accept that this is a controversial view in some parts…
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Sign up, sign up, petition by IN to have Clare Whyte removed from her position as Compliance Officer.
Apparently she used to be a ST holder for another Scottish team.
Apply that logic to our refs and we would be importing officials from abroad every week, as long as they didn’t come from a predominantly Catholic country!
Don’t know what the IN guys are on but when they explain the reason for Katic not playing they take the biscuit.
Why run the risk of ruining the career of your own signed player, Katic, when you can ruin the career of a loanee, Worral, instead.
They also claimed that Rangers had pulled a masterstroke by having McGregor’s case put back 24 hours so that if necessary they could use the verdicts on the previous day to stand up McGregor’s case.
That worked out well and not a mention that the super busy Mr Blair was in court defending his employer against Orlit, and losing, as the real reason for the 24 hour delay.
Follow up to my comment after your “Decade of Litigation” item a few days ago Phil. I see that the Easdale brothers, named as having given assurances that they did not want to sell up, according to King’s statement in court, have decided that they want out of Dodge. Their combined holding will, I believe, cost around £1.3m at the share offer price.
Two hard headed businessmen who realise the price ordered by the TOP is as good as it’s going to get. Any other shareholders with more than two brain cells should follow their lead.
Some big hitting Sevco shareholders confirm they are definitely selling…
https://www.heraldscotland.com/news/17430812.ex-rangers-chief-to-sell-shares-as-he-tells-dave-king-i-want-out/
Easdales out…. The mythical Blue Pitch out…
Sounds like more queueing up never mind the McCoists etc..
I though Mr King had cast iron guarantees that all these groups were not for selling!?!
Mc Gregor got 2 match ban….the Peepul will be beelin’……
Lol.
Another SFA balls up according to Baz Ferguson who bumped into McGregor at the weekend and the goalie looked him in the eye and declared that he didn’t try to hurt Ferguson’s nephew.
Phew, thank God for that, now we know.
Yellow all day says Baz and the offence was outside the box!
Wow, it’s not just the officials that require the services of Specsavers, some of the ex players are in the same boat.
Where has Baz been for the last week? He’s the only person I’ve heard claim the contact was outside the box.
I think these ‘half term’ financials reflect exactly where we are as a club with respect to domestic and European football…
Domestically strong and on course for a clean sweep but clearly not got enough quality for the Champions League and I suspect the Europa League either.
The club could clearly buy players sufficient to progress far in the Europa League but are not willing to do so as the team would be overkill in both talent and cost for the domestic competitions.
There is also the old routine of having to negotiate the summer qualification rounds *** before money is committed to the European cause. Something I find to be a self defeating tactic as it shows ambition towards Europe as a short term thing done on a ‘maybe’ budget.
You can’t hedge your bets unless you actually make a few bets….
I think we are stuck for the moment…
The gulf between domestic and European requirements is too great to justify (in our boards eyes anyway) a squad capable of doing a quadruple ….
…. now there really would be something to top a triple treble.
*** (never ceases to rile me that champions of a country who have actually won the trophy have to endure 6/8 qualifying matches while the fourth placed clubs in England , Spain, Italy, Germany go straight to the main draw…. utterly contemptible.)
Great summary, thanks PNB
Ah, Morelos linked with a summer move to Real Betis is seen by IN an attempt to unsettle the Columbian man/child and no coincidence that Celtic are playing a Spanish team tomorrow.
Make of that what you will.
The TV evidence against McGregor was black and white.
The silence from the players union is deafening whilst each week their members are facing career threatening tackles which in the main are being missed, or ignored, by the officials.
The consistency problem starts and ends with the officials.
Fleming has been the supremo for years and we are progressively seeing a deterioration in the product he is responsible for but somehow he appears to be above criticism and untouchable.
I’ve yet to see or hear anyone in the media question Fleming’s role.
How can that be?
Do Real Betis know that they are interested yet?
Shhh! It’s a secret!! 😆 to paraphrase Kevin Bridges, ” yir no’ huvin’ a party – yir gettin’ a party!”.
“The silence from the players union is deafening” Why is that? Should they be defending the players at risk or their colleagues who threaten to end their fellow professionals’ careers? #nobrainer
I don’t think you will Joe,he most probably is well up the pyramid in the ludge.💩
Was registering a complaint with BT after they wheeled hugh dallas out to consult on VAR.!!
The BT operative must’ve been checking what I was telling him was true as he started to rhyme off dallas’s Wikipedia page.He was horrified that BT very obviously didn’t do their homework on this one.I explained it well,I think,when I said the west of Scotland also requires different types of checks on their potential employees.They’d have to check he was adequately informed and held the correct certification on what they were allowing him to advise on.But he said they’ve somehow missed the fact that dallas was sacked in disgrace from his refereeing post,also he is a confirmed bigot,sectarian and racist who hates RCs and anything to do with CelticFC.
Anyway I DID something about what happened,but how many CFC🍀 fans will moan like buggery then do heehaw about it?Tweeting away about it serves no real purpose as you really have to go to where it started,ie.BT.
BT customers can call 150
Non BT customers can call free on 0800 800 150
Email BT on [email protected]
IF We don’t tell them how feel they will eventually turn into Sly Sports,who ,for me,IF they gave me a full tv package for free I’d,again,tell them,again,exactly what I think of them.We All know sly sports and their pundits see Scottish football as a feeder league for the epl,especially CFC🍀and they really do not care for Scottish football as a whole,their main interest is in a derby that for me and many others died 7 years ago to the day.
Sorry for the length Phil,but We All need to act as one on this,or BT will simply become sly sports in everything but name.
Thanks to you and Rugger Guy for today’s summary,appreciated.
HH🍀
For me the key quote was “capable of sustaining substantial financial investment in the playing squad”, so let’s see less sales of prize assets and more retention and acquisitions and we might yet see the much fabled “next step” in Europe.
Any views on Jon Moulton getting involved at Ibrox…???
Haven’t seen anything about this. In what capacity is he involved. In fact, who the fuck is he???
Sounds good Phil. Is there any way that Pilot could re-release their ‘January’ song in the new year of 2021?
Oh and also their ‘Magic’ song! You know….it’s going to be 10 in a row
The real outrage from the blue side following the Morelos decision is a sight to behold.
The SFA bias against them is blatant, they scream.
Not a peep about the Colombian man/child 3 sending off offences in the Celtic game seen by Beaton but no big deal.
His previous get out of jail card!
The serial offender McGregor whose latest kick out offence is being dealt with today.
I suppose in mitigation that he can highlight the previous incidents and claim that it’s just part of his game.
The 4 penalties awarded, 2 outside the box, well, till Candeilas dived forward.
Yep the bias is definitely blatant.
And on and on it goes. Orlit now have a judgement agains the Ibrox club which will result in a near £300k pay out.
Remember them, contracted by Charles Green to drum up investors then when they did Charlie boy told them to do one.
Have you a link to this other than via a certain blogger? Thanks
Just stumbled upon a site called Rangers Finances. The Orlit thing is mentioned briefly and dated Feb 13th.
I spent 40 minutes or so wading through a veritable sea of illiteracy, reading more shite than you’d find in a sewage treatment plant. The majority of those who posted still think the sun shines out of every orifice on the Lying King’s body.
There is no one outside ipox who isn’t corrupt and doesn’t have it in for them and their proud club. Celtic, the SFA, the Courts, Ashley, EVERYONE!!!
A wee word of warning to anyone who feels an urge to visit this site. Have a bottle of aspirin handy, because I can guarantee, ten minutes in your heid will be fuckin’ burstin’!!!
Oh aye, it might be an idea to have a dictionary handy as well. Just to satisfy yourself that you’re not stupid. A lot of the words really ARE made up!!