Celtic announce Â£21.4m profit as revenue almost doubles

It was a blissfully happy six months at Celtic Park in the latter half of 2016. Picture: John Devlin

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The Parkhead club announced the figures to the stock market, showing a massive 94.5 per cent increase in gross revenue, up from £31.4m to £61.2m.

This was despite revenue from player sales reducing from £12.6m to £2m, with Stefan Johansen the only first-team player sold, while there was also an increase in player spending, up to £9.5m from £6.1m the year before.

Celtic’s qualification to the Champions League group stages, along with an increase in season ticket sales and matchday revenue, will largely account for the soaring profits.

Chairman Ian Bankier said: “I am pleased to report on our interim results for the period ended 31 December 2016. These show revenue of £61.2m (2015: £31.4m) and a profit from trading of £21.4m (2015: £1.6m).

“Overall this resulted in a profit before taxation of £18.6m (2015: £11.7m) and a period end net cash at bank of £18.6m (2015: £7.7m).

“The Board is optimistic about our immediate future and firmly supports the self-sustaining financial model that has served us well. We continue to seek to influence developments in domestic and European football through representation on the board of the Scottish Professional Football League, the European Club Association Executive Board and the UEFA Club Competitions Committee.

“Our objective for the remainder of the year is to win the SPFL Premiership, secure the Scottish Cup and build towards the European qualifiers in the summer.

“Off the park, we were proud to become the first club in the UK to offer 3000 of our fans the option of viewing domestic matches in a ‘safer standing’ environment, with the installation of rail seating at Celtic Park. This has been very popular with fans and has attracted much interest from clubs in Scotland and England.”