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The Board - general discussion (including Res 12); notes from the AGM
Topic Started: 15 Jul 2014, 12:03 AM (1,414,447 Views)
Zurawski 7
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Off treasure hunting in Holland
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Quote:
 
Celtic PLC

Announcement of Results for the year ended 30 June 2017


SUMMARY OF THE RESULTS


Operational Highlights


· Winner of the Scottish Domestic Treble and our sixth consecutive SPFL Premiership title

· Qualified for the UEFA Champions League playing 6 home European matches (2016: 6 UEFA Europa League)

· 31 home matches (including the ICC tournament) played at Celtic Park (2016: 28)

· Became the first stadium in the UK to accommodate 3,000 "safe standing" section

· Achieved "Invincible" status by remaining unbeaten domestically in all competitions

· Hugely successful Celebrate 67 events to recognise the 50th Anniversary of the Lisbon Lions winning the European Cup in May 1967

· Delighted to be able to provide support in assisting Celtic FC Foundation to deliver the hugely successful SSE Hydro event, Lions Lunch and Henrik versus Lubo charity match


Financial Highlights


· Group revenue increased by 74.2% to £90.6m

· Operating expenses increased by 33.3% to £76.3m

· Gain on sale of player registrations of £2.3m (2016: £12.6m)

· Profit before taxation of £6.9m (2016: £0.5m)

· Year-end cash net of bank borrowings of £17.9m (2016: £3.6m)

· Investment in football personnel of £13.8m (2016: £8.8m)



CHAIRMAN'S STATEMENT

These results, which declare sales revenue of £90.6m (2016: £52.0m) and a profit before taxation of £6.9m (2016: £0.5m), reflect the paramount importance to the Company of participation in the group stages of the UEFA Champions League.

The foundations for that success are based on consistency, stability and the implementation of a prudent long term strategy that dictates that the Company invests in its football operations, whilst maintaining a self-sustaining financial model. The Board considers that this strategy remains appropriate for Celtic plc and will continue to seek out and retain top talent on and off the field of play so as to deliver football success and, in turn, shareholder value. The Board has been able to manage short term challenges, and maintain the course it has set and reported on over the past several years, because there is consistency in the ownership, Board and executive management of the Company. These ingredients provide the stability that is so crucial for the successful operation of a football club at our level.

On behalf of the Board I warmly congratulate Brendan Rodgers, his staff and the players on a truly remarkable season during which we achieved an Invincible Treble, a sixth consecutive League Championship and consecutive qualifications for the group stages of the UEFA Champions League. Whilst the fundamentals that were in place at the Club when he joined with his staff were strong, Brendan has been a remarkable catalyst.

Just as it is important to recognise the importance to us of participation in the UEFA Champions League, so it is important to recognise that the financial gap between Celtic Football Club and the richer clubs in European football is widening. The growing financial power of a number of key constituencies within the European game makes us vulnerable to structural change. It is, therefore, vital that we are represented at the highest levels of European football. Peter Lawwell's appointments to the Board of the European Club Association, the Club Competitions Committee at UEFA and the Professional Football Strategy Council of UEFA gives the Club a voice and ensures that we are very well represented and that our image and profile are held high. We are grateful for Peter's continued commitment to promoting our interests in this very important arena.

During the year, we welcomed Sharon Brown as a non-executive director, bringing her financial expertise and business acumen, notably in the retail sector, to enhance the skill set of the Board. Ian Livingston, who was appointed in October 2007 and chaired the Audit Committee, stepped down from the Board with effect from 30 June 2017, in order to focus on his other public company commitments. On behalf of the Board, I would like to thank Ian for his contribution to the Company and wish Sharon the very best. Sharon now chairs the Audit Committee. Taken together with the changes to the Board last year, when Chris McKay replaced Eric Riley as Financial Director, I believe that we have struck a good balance between stability and progression, both of which are crucial to the long term success of the Company.

Our football success this year marked another important moment in the long history of our Club; the fiftieth anniversary of our success in Lisbon, our greatest success and such an important part of the development of our unique story. The celebrations culminated in a fantastic week of events in May, including the Club's showcase "Celebrate '67" event at The SSE Hydro in Glasgow, honouring the Lisbon Lions and their amazing achievements.

Like all Celtic supporters, I was proud that all net proceeds of those events were passed to Celtic FC Foundation to assist in its Lions' Legacy projects and other important work. This really is what it means to be Celtic. I thank all of our supporters, shareholders, sponsors, partners and colleagues for their contribution to a successful year for the Club and look forward to working with them to build on that success for the future.

Ian P Bankier

20 September 2017

Chairman

CHIEF EXECUTIVE'S REVIEW

Following last season, when our performance on the pitch did not meet our expectations, this year the Club could not have asked for any more. Winning football matches is a difficult thing to do. To remain undefeated domestically while winning all three competitions, for only the fourth time in the Club's history, and to do so whilst qualifying for and participating in the UEFA Champions League group stages, is a fantastic achievement, for which Brendan, the players and everyone at the Club should be congratulated. Our objectives for this year remain success in all three domestic competitions and in the UEFA Champions League.

Success on the pitch, in particular qualification for the UEFA Champions League group stages, leads to success off the pitch and this can be seen in our results this year. Given the restrictions in the environment in which we operate domestically, financial contribution from success in European football and prudent management of player registrations is crucial to enable the Company to continue to invest in the long term strategic objective of the Company: to create a world class football club.

We must maintain our investment in our highly regarded football operations, including: management, coaching, player recruitment, medical, performance, sports science and our youth academy. Ultimately, we hope to develop Champions League players in this environment and Brendan's trust in our young players is testament to their talent and the Academy's success and development over many years. It was very encouraging to see 5 graduates of the Youth Academy play in our victory over Kilmarnock earlier this season.

In addition, we continue to invest at Celtic Park and at Lennoxtown, with plans for a new hybrid pitch to complement our style of attacking football, new training pitches being built to improve player development and improvements being made to the stadium and surrounding land to enhance the experience for all supporters visiting Celtic Park. Celtic Park is iconic in world football and we will continue to develop a venue our supporters can be proud of.

While we cannot compete with the financial resources of some other clubs, we can and will ensure that our investment creates the infrastructure to grow the Club for the long term and helps us manage the risk and uncertainty in football.

This year we celebrated the fiftieth anniversary of the Lisbon Lions. Our triumph in Lisbon is something every Celtic supporter will always be proud of, and in becoming the first British team to win the European Cup, the Lions have laid down an amazing legacy which will resonate forever with generations to come. I would like to take this opportunity to thank all of my colleagues, our sponsors and supporters who contributed to the Celebrate 67 events and supported the ongoing work of Celtic FC Foundation.

I have had the real privilege of meeting every member of the Lisbon Lions over the years, men of such stature who represented Celtic with such grace, humility and dignity. The Lisbon Lions set the benchmark. Everyone at Celtic strives to build on their achievements and to bring continued success to our Club.


Peter Lawwell

20 September 2017

Chief Executive
https://www.investegate.co.uk/celtic-plc
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Wailer
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Rebel music.
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Rangers Tax-Case‏ @rangerstaxcase 16s16 seconds ago
More
Confirming what has been said elsewhere.
Very positive news on the Judicial Review.
Still hurdles but it looks like there is a path forward.
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Wanyerma
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Considering retirement
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Wailer
20 Sep 2017, 04:49 PM
Rangers Tax-Case‏ @rangerstaxcase 16s16 seconds ago
More
Confirming what has been said elsewhere.
Very positive news on the Judicial Review.
Still hurdles but it looks like there is a path forward.
Has there been news about this somewhere?
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tomtheleedstim
First-team captain
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Wanyerma
20 Sep 2017, 04:59 PM
Wailer
20 Sep 2017, 04:49 PM
Rangers Tax-Case‏ @rangerstaxcase 16s16 seconds ago
More
Confirming what has been said elsewhere.
Very positive news on the Judicial Review.
Still hurdles but it looks like there is a path forward.
Has there been news about this somewhere?
SFM.
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Joe Kickass
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Tired and emotional
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Yesssss Balance Sheets :rocker: :rocker: :rocker: :pumptheclown: :ynwa: :ynwa: :wub: :wub: :notmissingthis:
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CHR15
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I'll take 2 of those feckin sheep giraffes please
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Paying decent money for decent players and turning a profit. Could catch on, this ‘investing in talent’ lark
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FatherSpliffmas
Everyone's Fantasy Football first pick
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Net cash in the bank of £18m. Extremely strong position to be in.
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Brucebhoy
Club Captain
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FatherSpliffmas
20 Sep 2017, 05:57 PM
Net cash in the bank of £18m. Extremely strong position to be in.
But... but... but... the co-op bank is going to ruin us....
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tomtheleedstim
First-team captain
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FatherSpliffmas
20 Sep 2017, 05:57 PM
Net cash in the bank of £18m. Extremely strong position to be in.
How much was that hotel, museum development going to cost?
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Nisi Dominus Frustra
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Club Captain
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That's quite a jump in revenue. :rocker: Did we win the Euromillions Lottery? :)

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Hairytoes
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First-team captain
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Peter getting more congratulations for his collection of blazers, than Brendan did for his collection of trophies.
Way to go Bankier...
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puroresu_boy
First-team starter
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Does no CL qualification mean a small financial loss or not?
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Kingslim
69 and counting
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Hairytoes
20 Sep 2017, 06:16 PM
Peter getting more congratulations for his collection of blazers, than Brendan did for his collection of trophies.
Way to go Bankier...
The supporters should be getting more credit.

None of those statements acknowledge the part supporters played. 76% revenue increase ffs.
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Estadio nacional
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Retired and now a BT Sports pundit
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FatherSpliffmas
20 Sep 2017, 05:57 PM
Net cash in the bank of £18m. Extremely strong position to be in.
Would be better to have an extemley strong defence in Europe.
Edited by Estadio nacional, 20 Sep 2017, 06:49 PM.
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Dubz
Getting on a bit
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Kingslim
20 Sep 2017, 06:27 PM
Hairytoes
20 Sep 2017, 06:16 PM
Peter getting more congratulations for his collection of blazers, than Brendan did for his collection of trophies.
Way to go Bankier...
The supporters should be getting more credit.

None of those statements acknowledge the part supporters played. 76% revenue increase ffs.
:thumbsup:

I expect we will get some small acknowledgement hidden away amongst the bumf in the full report to shareholders. You are bang on though, not a mention of record season ticket sales or feck all.
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Mubo Loravcik
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Retired and now a BT Sports pundit
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Kingslim
20 Sep 2017, 06:27 PM
Hairytoes
20 Sep 2017, 06:16 PM
Peter getting more congratulations for his collection of blazers, than Brendan did for his collection of trophies.
Way to go Bankier...
The supporters should be getting more credit.

None of those statements acknowledge the part supporters played. 76% revenue increase ffs.
:thumbsup:
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Willie Wonka
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Slavery fled, oh glorious dead
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Great numbers , an extra no5 to go with them would have topped it
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jimbhoy0507
First team training
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So are we rich.
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Dubz
Getting on a bit
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jimbhoy0507
20 Sep 2017, 07:58 PM
So are we rich.
"we"?

Nothing to do with us apparently. :angry:
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Wee Ed KTF
Considering retirement
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Excellent financial results. Loadsamoney.

:clap:

And all legally gained = sporting advantage

However, illegally gained = no sporting advantage

:ponder:

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