Post by Admin on Feb 13, 2012 12:15:37 GMT
Interim financial results have shown Celtic reduced bank debt by £2million to just over £7million during the second half of last year.
Turnover increased by 3.1 per cent to £29.3million during the six months to December 31 while the Bhoys made a pre-tax profit of around £180,000.
Chairman Ian Bankier insists a disciplined approach to the club's finances in the past has allowed manager Neil Lennon to add strength and depth to his league-leading squad.
Dynamic
"We can confidently say that the strength and depth of the player pool now available to the football manager is better than it has been for several seasons."
Celtic chairman Ian Bankier
Quotes of the week
"At this time last year we reported a profit from player transfer activity of £13.2m," commented Bankier. "This year, the comparable figure is considerably less, at £3.15m.
"The key dynamic driving these interim results and our financial performance for the remainder of this financial year is our player investment and transfer strategy.
"We invested £4.44m in the first half of the year and have followed this with further acquisitions in the most recent January registration window.
"We can confidently say that the strength and depth of the player pool now available to the football manager is better than it has been for several seasons.
"This has been a conscious decision that the financial discipline of the past has allowed us to take.
"As a result, we have been able to enjoy the virtuous trilogy of being able to keep our best players, build and develop significant value in our player pool, and see improvements in football performance."
Reprieve
Celtic's Europa League reprieve helped increase turnover by almost £1million after they were reinstated following the exclusion of Sion before bowing out in the group stages.
"This increase offset reduced revenues from pre-season tours and merchandising," he continued. "Both are areas where the marketplace domestically and internationally remains very challenging.
"Like many with a presence in the high street, we continue to see difficult conditions driven by a squeeze on household incomes."
Operating expenses rose in line with turnover while Bankier predicted a similar trading pattern in the first six months of this year.
He added: "Our period-end bank debt of £7.05m is around £2m less than at the same time last year, and remains manageable, and well within the club's facilities."
Turnover increased by 3.1 per cent to £29.3million during the six months to December 31 while the Bhoys made a pre-tax profit of around £180,000.
Chairman Ian Bankier insists a disciplined approach to the club's finances in the past has allowed manager Neil Lennon to add strength and depth to his league-leading squad.
Dynamic
"We can confidently say that the strength and depth of the player pool now available to the football manager is better than it has been for several seasons."
Celtic chairman Ian Bankier
Quotes of the week
"At this time last year we reported a profit from player transfer activity of £13.2m," commented Bankier. "This year, the comparable figure is considerably less, at £3.15m.
"The key dynamic driving these interim results and our financial performance for the remainder of this financial year is our player investment and transfer strategy.
"We invested £4.44m in the first half of the year and have followed this with further acquisitions in the most recent January registration window.
"We can confidently say that the strength and depth of the player pool now available to the football manager is better than it has been for several seasons.
"This has been a conscious decision that the financial discipline of the past has allowed us to take.
"As a result, we have been able to enjoy the virtuous trilogy of being able to keep our best players, build and develop significant value in our player pool, and see improvements in football performance."
Reprieve
Celtic's Europa League reprieve helped increase turnover by almost £1million after they were reinstated following the exclusion of Sion before bowing out in the group stages.
"This increase offset reduced revenues from pre-season tours and merchandising," he continued. "Both are areas where the marketplace domestically and internationally remains very challenging.
"Like many with a presence in the high street, we continue to see difficult conditions driven by a squeeze on household incomes."
Operating expenses rose in line with turnover while Bankier predicted a similar trading pattern in the first six months of this year.
He added: "Our period-end bank debt of £7.05m is around £2m less than at the same time last year, and remains manageable, and well within the club's facilities."