Celtic has announced a pre-tax profit of £14.94 million for the six months ending December 31, 2012, with the club’s accounts boosted by a 71% increase in turnover aided by its European exploits.
The Scottish Premier League champion has advanced to the Round of 16 of this season’s UEFA Champions League, where it is set to face Juventus in tonight’s first leg clash at Celtic Park. The Glasgow giant recorded a £180,000 profit for the same period 12 months ago, but Champions League revenues have resulted in its turnover rising from £29.27 million to £50.06 million. This has also had a positive effect on the club’s bank debt, which stood at just £130,000 on December 31 – down from £7.05 million 12 months previously, according to the club’s interim report.
“Celtic surpassed the expectations of many by progressing into the (Champions League’s) knockout stages from a very tough group,” said Celtic chairman Ian Bankier. “Furthermore, the club’s international reputation and standing received a substantial boost. This success had a major bearing on our financial performance in the period under review.”
Bankier added: “The revenues generated by the team’s success in Europe this year have significantly impacted our half year results, with turnover increasing to £50.06 million, a 71% improvement over the previous year. Celtic’s achievements, both domestically and in Europe, have had a similarly positive effect on merchandise and ticketing income, notwithstanding the current difficult economic climate.”