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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Celtic Plc | LSE:CCP | London | Ordinary Share | GB0004339189 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.50 | -1.93% | 127.00 | 122.00 | 137.00 | 129.50 | 129.50 | 129.50 | 1,239 | 16:35:14 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Prof Sports Clubs, Promoters | 133.35M | 33.33M | 0.3523 | 3.68 | 122.52M |
From Apr 2019 to Apr 2024
TIDMCCP
RNS Number : 9785O
Celtic PLC
12 February 2016
Celtic plc (the "Company")
INTERIM REPORT FOR THE SIX MONTHS TO 31 DECEMBER 2015
Operational Highlights
-- Currently top of the SPFL Premiership -- Continued participation in the Scottish Cup -- 17 home fixtures (2014: 18) -- Participated in Group Stages of UEFA Europa League -- Unveiling of Billy McNeil Statue
Financial Highlights
-- Revenue increased by 0.3% to GBP31.4m (2014: GBP31.3m) -- Profit from trading was GBP1.6m (2014: GBP3.2m)
-- Profit from transfer of player registrations (shown as profit on disposal of intangible assets) GBP12.6m (2014: GBP7.1m)
-- Profit before taxation of GBP11.7m (2014: GBP6.6m) -- Period end net cash at bank of GBP7.7m (2014: GBP5.3m) -- Investment in football personnel of GBP6.1m (2014: GBP5.7m)
CHAIRMAN'S STATEMENT
I am pleased to report on our financial results for the six months ended 31 December 2015. These show a profit before taxation of GBP11.7m (2014: GBP6.6m) and period end net cash at bank of GBP7.7m (2014: GBP5.3m). The introductory page to these interim results summarises the main highlights.
On the park, it has been a frustrating season. We are top of the Scottish Premiership and in the Sixth Round of the Scottish Cup, but we fell short in the SPFL League Cup, being knocked out in the semi final. In the European competitions, we were unable to progress beyond the group stages of the UEFA Europa League, having not qualified for the group stages of the UEFA Champions League.
Investment in, and management of, our playing squad remains a key component of the Club's strategy and financial performance. Our profit on disposal of intangible assets of GBP12.6m (2014: GBP7.1m) largely reflects the transfer of the registration of Virgil Van Dijk to Southampton. Over the same period we re-invested in the playing squad, with GBP6.1m expended (2014: GBP5.7m) on the registrations of Scott Allan, Logan Bailly, Carlton Cole, Ryan Christie, Nadir Ciftci, Saidy Janko and Jozo Simunovic. Subsequently, during the 2016 January transfer window, further investment has been made with the signing of Danish international Erik Sviatchenko and Turkish international Colin Kazim-Richards.
In addition to player acquisitions, we continue to fund our youth academy with the objective of developing our own first team players. The fruits of this are seen this season with the regular match appearances of Kieran Tierney, Callum McGregor and James Forrest.
The strategy of the Board is unchanged. Our overwhelming priority is to win the SPFL Premiership and to qualify for the group stages of the UEFA Champions League. Our performance in Europe this season has been the cause of considerable frustration. The challenge has been to maintain a settled and winning squad throughout the summer months when the crucial Champions League qualifying matches are played, to manage the player changes during the summer transfer window and then to kick on when the new season begins. Each season we meet this challenge within the financial constraints of where we sit in Scottish football, for to do otherwise would be reckless.
The Board considers that our self-sustaining model allows the Club to look to the future with reasonable optimism. We sit at the heart of developments in football, both at home and in Europe, being represented by Peter Lawwell on the board of the Scottish FA, the European Club Association and on the Club Competitions Committee at UEFA. Eric Riley also serves as a Director of the Scottish Professional Football League.
Looking forward to the second half, as with previous years, trading performance in the remaining months of this financial year will not be at the same level as that in the first six months (or the comparable period in 2014), with fewer home matches scheduled, no participation in European competition and lower expected gain on player sales.
At the end of the period, Eric Riley stepped down as Financial Director, having served the Company in this capacity for over 20 years. He has been a tremendous asset to the Club and the Board and I extend our sincere thanks to him for his unstinting support. He is replaced by Chris McKay, who joins us from Deloitte LLP where he was involved in their Financial Advisory practice for over 15 years. Eric continues to serve as a non-executive Director of the Company until 30 June 2016.
In December we were delighted to witness the unveiling of the magnificent statue of Billy McNeill, which commands the entrance to the Celtic Way. It is a fitting monument to Billy's massive contribution to the Club as a player, a captain and a manager. It stands as an inspiration to us all as we strive to achieve our goals. I thank Ronny, his staff, the players and all of our colleagues for their hard work and dedication. I especially thank our fans, shareholders and partners for their ongoing support.
Ian P Bankier
12 February 2016
Chairman
INDEPENDENT REVIEW REPORT TO CELTIC PLC
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2015 which comprises the Consolidated Statement of Comprehensive Income, the Consolidated Balance Sheet, the Consolidated Statement of Changes in Equity, the Consolidated Cash Flow Statement and the related notes.
We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Directors' responsibilities
The interim report, including the financial information contained therein, is the responsibility of and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for companies trading securities on AIM which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.
Our responsibility
Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Our report has been prepared in accordance with the terms of our engagement to assist the company in meeting the requirements of the rules of the London Stock Exchange for companies trading securities on AIM and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 31 December 2015 is not prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on AIM.
BDO LLP
Chartered Accountants and Registered Auditors
Glasgow
United Kingdom
Date 12 February 2016
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Hot Features
Premium
6 months to 31 December 6 months to 31 December
2015 2014
Unaudited Unaudited
Operations Operations
excluding excluding
intangible Intangible intangible Intangible
asset asset Total asset asset Total
trading trading trading trading
Note GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Continuing operations:
Revenue 2 31,443 - 31,443 31,293 - 31,293
Operating expenses
(excluding exceptional
operating expenses) (29,879) - (29,879) (28,077) - (28,077)
------------ ------------- --------- ------------ ------------- ---------
Profit from trading
before asset
transactions
and exceptional
items 1,564 - 1,564 3,216 - 3,216
Amortisation
of intangible
February 12, 2016 11:00 ET (16:00 GMT)
Net interest paid (39) (23)
------------- -------------
Net cash flow from operating
activities - A (1,675) (1,379)
------------- -------------
Cash flows from investing
activities
Purchase of property, plant
and equipment (1,639) (2,263)
Purchase of intangible assets (4,813) (5,671)
Proceeds from sale of intangible
assets 11,590 11,246
------------- -------------
Net cash generated from investing
activities - B 5,138 3,312
------------- -------------
Cash flows from financing
activities
Repayment of debt (100) (3,069)
Dividends paid (445) (481)
------------- -------------
Net cash used in financing
activities - C (545) (3,550)
------------- -------------
Net increase /(decrease)
in cash equivalents A+B+C 2,918 (1,617)
Cash and cash equivalents
(including overdraft) at
1 July 9,370 14,050
------------- -------------
Cash and cash equivalents
(including overdraft) at
period end 10 12,288 12,433
============= =============
NOTES TO THE FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
This Interim Report, comprising the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement and accompanying Notes, has been prepared in accordance with the AIM rules of the London Stock Exchange. The measurement and recognition accounting policies applied are consistent with those that will be applied in the 2016 annual financial statements which will be prepared in accordance with IFRS.
The interim results do not constitute the statutory financial statements within the meaning of s434 of the Companies Act 2006. The financial information in this Report for the six months to 31 December 2015 and to 31 December 2014 has not been audited. The comparative figures for the year ended 30 June 2015 are extracted from the Group's audited financial statements for that period as filed with the Registrar of Companies. They do not constitute the statutory financial statements within the meaning of s434 of the Companies Act 2006 for that period. Those financial statements received an unqualified audit report which did not contain any statement under sections 498 (2) or (3) of the Companies Act 2006.
The Company has considerable financial resources available to it, together with established contracts with a number of customers and suppliers. As a consequence, the Directors believe that the Company is well placed to continue managing its business risks successfully and they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing these interim financial results.
The auditor has reviewed this Interim Report and their report is set out on page 4.
2. REVENUE - SEGMENTAL INFORMATION
6 months 6 months
to to
31 December 31 December
2015 2014
Unaudited Unaudited
Revenue comprised: GBP000 GBP000
Football and stadium operations 14,832 16,550
Multimedia & other commercial
activities 9,154 7,973
Merchandising 7,457 6,770
31,443 31,293
============= =============
Number of home games 17 18
============= =============
3. FINANCE INCOME AND COSTS
6 months 6 months
to to
31 December 31 December
2015 2014
Unaudited Unaudited
Finance income: GBP000 GBP000
Interest receivable on
bank deposits 21 55
Notional interest income 130 -
on deferred consideration
------------- -------------
151 55
============= =============
Finance costs:
Interest payable on bank
and other loans (60) (78)
Dividend on Convertible
Cumulative Preference
Shares (261) (264)
------------- -------------
(321) (342)
============= =============
4. TAXATION
After taking account of unutilised tax losses brought forward, together with the projected performance for the next six months, no provision for taxation is required.
5. EARNINGS PER SHARE
Basic earnings per share has been calculated by dividing the profit for the period of GBP11.69m (2014: GBP6.60m) by the weighted average number of Ordinary Shares in issue 93,032,839 (2014: 92,723,831). Diluted earnings per share as at 31 December 2015 has been calculated by dividing the profit for the period by the weighted average number of Ordinary Shares, Preference Shares and Convertible Preferred Ordinary Shares in issue, assuming conversion at the balance sheet date if dilutive, in accordance with IAS33 'Earnings Per Share'.
6. INTANGIBLE ASSETS
6 months 6 months 12 months
to to to 30 June
31 December 31 December 2015
2015 2014
Unaudited Unaudited Audited
Cost GBP000 GBP000 GBP000
At 1 July 30,200 27,475 27,475
Additions 6,067 5,702 9,421
Disposals (8,742) (2,159) (6,696)
------------- ------------- ------------
At period end 27,525 31,018 30,200
============= ============= ============
Amortisation
At 1 July 21,844 20,278 20,278
Charge for the period 2,266 3,449 7,313
Provision for impairment - 150 378
Reversal of prior period
impairment - - (639)
Disposals (7,440) (1,199) (5,486)
------------- ------------- ------------
At period end 16,670 22,678 21,844
============= ============= ============
Net Book Value at period
end 10,855 8,340 8,356
============= ============= ============
7. TRADE AND OTHER RECEIVABLES
The increase of GBP0.8m in the level of receivables from 31 December 2014 to GBP16.3m is primarily a result of an increase in amounts due from player sales.
8. SHARE CAPITAL
Authorised Allotted, called up and fully
31 December 30 paid
June 31 December 30 June
2015 2014 2015 2015 2015 2014 2014 2015 2015
No No No No GBP000 No GBP000 No GBP000
000 000 000 000 000 000
Equity
Ordinary
Shares of
1p each 222,666 221,914 221,927 93,135 932 92,818 928 92,831 928
Deferred
Shares of
1p each 624,816 611,787 612,541 624,816 6,248 611,787 6,118 612,541 6,125
Non-equity
Convertible
Preferred
Ordinary
Shares of
GBP1 each 15,062 15,171 15,171 13,075 13,075 13,184 13,184 13,184 13,184
Convertible
Cumulative
Preference
Shares of
60p each 18,605 18,645 18,632 16,105 9,663 16,145 9,686 16,132 9,679
Less reallocated
to debt under
IAS 32:
Initial debt
Capital reserve - - - - (2,834) - (2,845) - (2,841)
February 12, 2016 11:00 ET (16:00 GMT)
- - - - (2,800) - (2,780) - (2,781)
--------- --------- ----------
881,149 867,517 868,271 747,131 24,284 733,934 24,291 734,688 24,294
========= ========= =========== ========= ========== ========= ========== ========= ==========
9. NON - CURRENT LIABILITIES
Non-current liabilities reflect the non-current element of bank loans of GBP6.8m (December 2014: GBP6.8m, June 2015: GBP6.9m) drawn down at the end of the period as part of the Company's bank facility of GBP19.4m (December 2014: GBP20.3m, June 2015: GBP19.6m) and GBP4.3m (December 2014: GBP4.3m, June 2015: GBP4.3m) as a result of the reallocation of non-equity share capital from equity to debt following the introduction of IAS 32, GBP1.4m (December 2014: GBP0.03m, June 2015: GBP2.6m) of deferred income and provisions of GBP0.9m (December 2014: GBP1.0m, June 2015: GBP0.9m).
10. ANALYSIS OF NET CASH AT BANK
The reconciliation of the movement in cash and cash equivalents per the cash flow statement to net cash is as follows:
31 December 31 December 30 June
2015 2014 2015
GBP000 GBP000 GBP000
Bank Loans due after more
than one year (6,750) (6,775) (6,850)
Bank Loans due within one
year (200) (375) (200)
Cash and cash equivalents:
Cash at bank 14,688 12,433 11,770
------------ ------------ --------
Net cash at bank at period
end 7,738 5,283 4,720
============ ============ ========
Total net cash, deducting other loans of GBP0.1m (December 2014: GBP0.1m, June 2015: GBP0.1m) and that arising from the reclassification of equity to debt following the adoption of IAS32 of GBP4.3m (December 2014: GBP4.3m, June 2015: GBP4.3m) amounted to GBP3.3m (December 2014: GBP0.9m, June 2015: GBP0.3m).
Included in the cash balance of GBP14.69m is GBP2.40m (December 2014: nil, June 2015 GBP2.40m) which is on deposit with a maturity date of greater than 3 months at the balance sheet date. The cash and cash equivalents balance for the purposes of the cash flow statement under IAS 7 is therefore GBP12.29m (December 2014: GBP12.43m, June 2015: GBP9.37m).
11. POST BALANCE SHEET EVENTS
Since the balance sheet date, we have completed the permanent signings of Erik Sviatchenko from FC Midtjylland and Colin Kazim-Richards from Feyenoord. We have also completed the loan signing of Patrick Roberts from Manchester City while Anthony Stokes, Nadir Ciftci, Jamie Lindsay and Aidan Nesbitt have had their registrations loaned to other clubs.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ELLFFQLFXBBQ
(END) Dow Jones Newswires
February 12, 2016 11:00 ET (16:00 GMT)
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