Reid hails ‘outstanding’ financial performance

OUTGOING Celtic chairman John Reid described the club’s financial results as “outstanding” in the circumstances, particularly after what he had termed a “disappointing” half-yearly performance in February.

Although Celtic recorded a £7.1million profit in those six months, that was largely down to the £9.5million sale of Aiden McGeady to Spartak Moscow with the club warning then that the second part of the season would be “more challenging”.

Celtic invested more than £10million on transfers in the period, £3million less than during Tony Mowbray’s reign, and Reid was delighted that the club had balanced the books in the process. In his final annual statement as chairman before stepping down at the next agm, Reid said: “Football was not any more immune from the recession than any other activity. Our participation in Europe was shortlived, playing only two home games rather than the five of the preceding year. Those challenging economic conditions and the poor football performance in season 2009-10 undoubtedly had a detrimental effect on our revenues.

“Turnover decreased by 14.8 per cent to £52.56m, affected by the reduction in European matches and the ticket and broadcasting revenues that they generate, and a decline in merchandising sales in a difficult retail market.”

Reid added: “Against this background, the achievements of everyone at the club – management, staff and our faithful supporters – appear even more outstanding.

“To achieve and maintain financial stability, and attain a very manageable debt position, while continuing to invest significantly in strengthening the football squad and generate profit in the football sector in Scotland in these conditions is highly commendable.”