Celtic reveal poor financial performance
Wed 17th Feb 2010 | Money & Finance
Celtic Football Club's financial results for the six month period ending in December 2009 shows a 22.8 percent drop in turnover to £36.11 million and a pre-tax profit of £1.27 million a significant decrease from £8.36 million for the same period in 2008. The club's debt has also grown from £1 million to £3.13 million.
Chairman Dr John Reid said in a statement that, "It certainly reflects different, more difficult trading conditions, and it is plain that like other commercial concerns we are affected by the recession. But it also reflects disappointing performance on the park; we did not qualify for the UEFA Champions League group stage this season as we had hoped, instead participating in the Europa League.
“While our revenues have reduced, our financial performance remains highly creditable given all the circumstances. Despite the absence of Champions League participation, over 50,000 season tickets have been sold and our merchandising business is holding up well, with this year's away kit the best selling for many years. Our sponsor programme also remains one of the most successful in British football."
Celtic trail the Scottish Premier League leaders Rangers by 10 points with the manager Tony Mowbray making big changes since taking over in summer 2009. Reid added that "Careful management of our resources has enabled us to progress the transition under our new manager Tony Mowbray and his team. Rebuilding is never easy. But our summer transfer activity and the significant further strengthening of the squad in January honour the pledge we made to support our manager and improve the team.
“We have an enormous task ahead in recovering the current league points deficit and cannot pretend otherwise, but we look forward to the SPL title challenge and a Scottish Cup run."
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