Celtic reports £77.2m cash balance in Glasgow financial results
- Celtic reported a cash balance of over £77 million and a reduced profit before tax of £17.8 million.
- Group revenue increased by 3.9% to £124.6 million, while operating expenses rose by 10.4% to £105.4 million.
- The financial results demonstrate the club's strong position and ongoing investment in player acquisitions despite rising costs.
Celtic Football Club has reported a strong financial position with a cash balance exceeding £77 million as of June 30, 2024. The club's chairman, Peter Lawwell, highlighted that the current squad holds the highest value in the club's history, reflecting the team's successful performance in recent competitions. Last season, Brendan Rodgers' squad secured the William Hill Premiership and the Scottish Gas Scottish Cup, further solidifying their dominance in Scottish football. The financial results indicate a 3.9% increase in group revenue, rising from £119.9 million to £124.6 million. However, operating expenses, including labor costs, saw a significant rise of 10.4%, climbing from £95.4 million to £105.4 million. This increase in expenses is notable as it coincides with a decrease in profit before tax, which fell to £17.8 million. Additionally, the club experienced a gain on the sale of player registrations amounting to £6.6 million, down from £14.4 million in the previous year. The acquisition of player registrations also increased, totaling £16.6 million compared to £13 million previously. These figures illustrate the club's ongoing investment in player development and acquisition, which is essential for maintaining competitive performance. Overall, the financial results reflect a robust cash position despite rising costs and a decrease in profit, indicating that Celtic is strategically investing in its future while continuing to achieve success on the pitch.