Celtic interim results reveal they have £31m in the bank

Celtic have announced an increase in revenue but a fall in post-tax profit in their interim results for the six months to 31 December 2017.

Celtic chairman Ian Bankier, right, with chief executive Peter Lawwell, left, and major shareholder Dermot Desmond, centre. Picture: John Devlin

The Parkhead side have also revealed they have almost £31 million in the bank.

With the club dominant on the pitch domestically and through to the last 32 of the Europa League, chairman Ian Bankier declared himself satisfied with the latest financial figures and pledged that the club would continue to help manager Brendan Rodgers invest in new players.

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Revenue increased by 16.8 per cent to £71.5m compared with £61.2m for the same period in 2016.

Profit before taxation rose from £18.6m to £19.5m but profit after taxation fell from £18.6m to £17.4m.

Celtic also announced their net cash at the bank to be £30.9m, up significantly from £18.6m in 2016.

Qualifying for the group stage of the Champions League in consecutive seasons has had a significantly positive impact on the club’s financial health.

Chairman Bankier said in his statement: “We are delighted with the sustained period of success on the pitch, as Brendan Rodgers, his backroom team and the players have built on their achievements of last season. “They are to be congratulated on qualification for the group stages of the Uefa Champions League for a second successive season, for retaining the League Cup and for the record breaking 69 game domestic unbeaten run.”

He added: “During the period we secured the permanent registrations of Olivier Ntcham and Kundai Benyu, and the temporary registration of Patrick Roberts.

“Our profit on disposal of intangible assets of £0.5m (2016: £2.0m) largely reflects the transfer of the registrations of Gary Mackay Steven and Saidy Janko.

“Subsequently, during the January 2018 transfer window, we have invested further by acquiring the permanent registrations of experienced German Bundesliga defender Marvin Compper, exciting young Scottish talents Lewis Morgan and Jack Hendry and the temporary registrations of sought after midfielder Charly Musonda and goalkeeper Scott Bain.

“The Board is committed to a course of investment in the playing squad so as to be as competitive as we can be within the structure of Scottish football and on the European stage.

“With our full support and encouragement, Brendan seeks to enhance the squad by the careful acquisition of quality players and the development of existing players and young talent coming up from our Youth Academy.”