Celtic record sizeable £6.1m profit despite increased transfer spend as club boosted by player trading model
Ange Postecoglou’s side lifted the Scottish Premiership title and earned direct entry to the Champions League group stage in the last financial year.
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Celtic have reported a pre-tax profit of £6.1 million for the financial year despite spending almost £40million on new signings.
The club announced a return to profit for the 12 months, taken from June 30, 2021 to June 30, 2022 following the disruption to trade brough about by the Covid-19 pandemic restrictions.
As a result, revenue off the pitch increased by 45.2 per cent by more than £20m (from £60.8m to £88.2m) with an increase in player sales also playing a key role.
Celtic brought in £29million in transfer fees following the departure of players such as Odsonne Edouard, Kristoffer Ajer and Ryan Chrisitie (an increase of £9.4m last year).
However, the Hoops spent more money to revamp the squad with the permanent additions of Kyogo Furuhashi, Giorgos Giakoumakis, Reo Hatate, Jota and Cameron Carter-Vickers over the last three transfer windows.
The investment of player registrations stands at £38.4m up from £13.5m in the previous financial year, while operating expenses rose to £91.7million.
Celtic reported a £11.5m loss in 2021 and outgoing chairman Ian Bankier insists the Scottish champions are in a much stronger place.
In a statement, he wrote: “The key driver of the revenue growth was the restoration of a more normalised trading environment as we emerged from Covid-19 and were able to operate at full stadium capacity for all but five matches at the beginning of th season, where crowd restricitions remained.
“This, along with record gains from player trading in the year ensured the delivery of the reported profit.”
He added: “The benefit of automatic qualifcation (for the Champions League) has delivered certainty over the season ahead, allowing us to back our manage and build greater strength into the playing squad.
“Having signed Jota, Cameron Carter-Vickers, Alexandro Bernabei and Benjamin Siegrist in June 2022, we report a total investment in the player registrations of £38.4m for the financial year.
“Post year end, we competed the permanent signings of Sead Haksabanovic and Aaron Mooy alongside the temporary transfers of Mortiz Jenz and Oliver Abildgaard.
“We continue to balance the benefits of investing in experienced players alongside younger talent with a view to developing all players’ performances on the pitch and trading when conditions are right.
“The successful execution of this model is a challenge but is vitally important for clubs such as Celtic.”