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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 132.50 | 125.00 | 140.00 | 132.50 | 132.50 | 132.50 | 536 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Prof Sports Clubs, Promoters | 133.35M | 33.33M | 0.3523 | 3.76 | 125.36M |
TIDMCCP
RNS Number : 3664E
Celtic PLC
08 February 2018
Celtic plc (the "Company")
INTERIM REPORT FOR THE SIX MONTHS TO 31 DECEMBER 2017
Operational Highlights
-- Currently top of the SPFL Premiership -- Winners of the Scottish League Cup for the second season in a row -- 19 home fixtures (2016: 18) -- Successfully qualified for the Group Stages of UEFA Champions League
-- Secured European football after Christmas by qualifying for the round of 32 of the Europa League
Financial Highlights
-- Revenue increased by 16.8% to GBP71.5m (2016: GBP61.2m) -- Profit from trading was GBP23.7m (2016: GBP21.4m)
-- Profit from transfer of player registrations (shown as profit on disposal of intangible assets) GBP0.5m (2016: GBP2.0m)
-- Profit before taxation of GBP19.5m (2016: GBP18.6m) -- Profit after taxation of GBP17.4m (2016: GBP18.6m) -- Period end net cash at bank of GBP30.9m (2016: GBP18.6m)
Celtic plc
CHAIRMAN'S STATEMENT
I am pleased to report on our interim results for the period ended 31 December 2017. These show revenue of GBP71.5m (2016: GBP61.2m) and a profit from trading of GBP23.7m (2016: GBP21.4m). Overall this resulted in a profit before taxation of GBP19.5m (2016: GBP18.6m) and a period end net cash at bank of GBP30.9m (2016: GBP18.6m). The introductory page to these interim results summarises the main highlights.
We are delighted with the sustained period of success on the pitch, as Brendan Rodgers, his backroom team and the players have built on their achievements of last season. They are to be congratulated on qualification for the group stages of the UEFA Champions League for a second successive season, for retaining the League Cup and for the record breaking 69 game domestic unbeaten run. At the time of writing, we sit 8 points clear at the top of the Scottish Premiership and, as we continue to progress in the Scottish Cup, we retain the prospect of winning an historic back to back domestic treble.
During the period we secured the permanent registrations of Olivier Ntcham and Kundai Benyu, and the temporary registration of Patrick Roberts. Our profit on disposal of intangible assets of GBP0.5m (2016: GBP2.0m) largely reflects the transfer of the registrations of Gary Mackay Steven and Saidy Janko. Subsequently, during the January 2018 transfer window, we have invested further by acquiring the permanent registrations of experienced German Bundesliga defender Marvin Compper, exciting young Scottish talents Lewis Morgan and Jack Hendry and the temporary registrations of sought after midfielder Charly Musonda and goalkeeper Scott Bain.
The Board is committed to a course of investment in the playing squad so as to be as competitive as we can be within the structure of Scottish football and on the European stage. With our full support and encouragement, Brendan seeks to enhance the squad by the careful acquisition of quality players and the development of existing players and young talent coming up from our Youth Academy. Youth Academy graduates James Forrest, Kieran Tierney, Michael Johnston, Callum McGregor, Calvin Miller and Anthony Ralston have all contributed to the first team this year. Furthermore, we were delighted to agree an extended contract with Kieran Tierney, who has captained Celtic and his country during the season.
The Board is also pursuing initiatives to enhance the Club's assets at Celtic Park, so as to aid our playing competitiveness, as in the case of the recent pitch improvements, and to develop and commercialise the space we occupy, as in the case of our recent planning application for a hotel, retail store and museum. The Board's investment policy, nonetheless, recognises the uncertainty inherent in football, and our long held strategy of operating a self-sustaining financial model.
Looking forward, and entirely in line with our trading seasonality, we do not expect the same level of financial performance in the second half of the year. In this period we will play fewer home fixtures and revenue from European competition will be lower. Our key objectives for the remainder of the year are to win the SPFL Premiership, secure the Scottish Cup and build towards the European qualifiers in the summer. The Club will also continue to look at ways in which to develop Celtic Park and the surrounding area to create a destination and match day experience that all Celtic fans can be proud of.
Celtic plc
CHAIRMAN'S STATEMENT
Celtic FC Foundation, which sits outwith the Group, continues to develop its reach and to assist more people in our communities, in line with the Club's founding principles. Most recently, the 2017 Christmas Appeal raised in excess of GBP230,000, which was split between local families with children, local old age pensioners, children's charities, women's aid charities and homeless, refugee and other vulnerable groups. Following the success of the Foundation's Lions Legacy campaign, these fantastic achievements are testament to the hard work and generosity of the Celtic family.
On behalf of the Board, I thank our fans, shareholders and partners, whose support is vital as we continue to build for the future.
Ian P Bankier
8 February 2018
Chairman
For further information contact:
Company
Ian Bankier, Celtic plc Tel: 0141 551 4235 Peter Lawwell, Celtic plc Tel: 0141 551 4235
Canaccord Genuity Limited, Nominated Adviser
Bruce Garrow Tel: 020 7523 8350
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Celtic plc
INDEPENT REVIEW REPORT TO CELTIC PLC
Introduction
We have been engaged by the Company to review the condensed set of financial statements in the interim report for the six months ended 31 December 2017 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 interim 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 interim 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 Financial Reporting Council 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 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 interim report for the six months ended 31 December 2017 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 8 February 2018
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
Celtic plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTHS TO 31 DECEMBER 2017
2017 2016 Unaudited Unaudited Note GBP000 GBP000 Revenue 2 71,505 61,229 Operating expenses (before intangible asset transactions and exceptional items) 3 (47,815) (39,821) ------------- ------------- Profit from trading before intangible asset transactions and exceptional items 23,690 21,408 Exceptional operating expenses - (646) Amortisation of intangible assets 4 (4,227) (3,849) Profit on disposal of intangible assets 482 1,959 Operating profit 19,945 18,872 Finance income 5 47 119 Finance expense 5 (482) (391) Profit before tax 19,510 18,600 Income tax expense 6 (2,130) - ------------- ------------- Profit and total comprehensive income for the period 17,380 18,600 ------------- ------------- Basic earnings per Ordinary Share 7 18.57p 19.92p ============= ============= Diluted earnings per share 7 12.94p 13.84p ============= =============
Celtic plc
Registered number SC3487
CONSOLIDATED BALANCE SHEET
31 December 31 December 2017 2016 Unaudited Unaudited Notes GBP000 GBP000 NON-CURRENT ASSETS Property plant and equipment 56,637 54,998 Intangible assets 8 15,996 13,224 Deferred tax asset 891 - 73,524 68,222 CURRENT ASSETS Inventories 2,039 1,615 Trade and other receivables 9 15,608 15,972 Cash and cash equivalents 37,410 25,392 --------------- --------------- 55,057 42,979 --------------- --------------- TOTAL ASSETS 128,581 111,201 =============== =============== EQUITY Issued share capital 10 27,123 24,318 Share premium 14,720 14,657 Other reserve 21,222 21,222 Capital reserve - 2,781 Accumulated profits 11,817 6,140 --------------- --------------- TOTAL EQUITY 74,882 69,118 =============== =============== LIABILITIES NON-CURRENT LIABILITIES Interest bearing loans 6,350 6,550 Debt element of Convertible Cumulative Preference Shares 4,216 4,241 Trade and other payables 10,293 - Provisions 1,082 1,285 Deferred income 86 143 --------------- --------------- 22,027 12,219 --------------- --------------- CURRENT LIABILITIES Trade and other payables 17,035 15,930 Current borrowings 304 304 Provisions 709 106 Deferred income 13,624 13,524 --------------- --------------- 31,672 29,864 --------------- --------------- TOTAL LIABILITIES 53,699 42,083 =============== =============== TOTAL EQUITY AND LIABILITIES 128,581 111,201 =============== ===============
Approved by the Board on 8 February 2018
Celtic plc
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Other Capital Retained Total capital premium reserve reserve earnings GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 EQUITY SHAREHOLDERS' FUNDS AS AT 1 JULY 2016 (Audited) 24,316 14,611 21,222 2,781 (12,460) 50,470 Share capital issued 1 46 - - - 47 Reduction in debt element of convertible cumulative preference shares 1 - - - - 1 Profit and total comprehensive income for the period - - - - 18,600 18,600 EQUITY SHAREHOLDERS' FUNDS AS AT 31 DECEMBER 2016 (Unaudited) 24,318 14,657 21,222 2,781 6,140 69,118 EQUITY SHAREHOLDERS' FUNDS AS AT 1 JULY 2017 (Audited) 27,107 14,657 21,222 - (5,563) 57,423 Share capital issued 1 63 - - - 64 Reduction in debt element of convertible cumulative preference shares 15 - - - - 15 Profit and total comprehensive income for the period - - - - 17,380 17,380 EQUITY SHAREHOLDERS' FUNDS AS AT 31 DECEMBER 2017 (Unaudited) 27,123 14,720 21,222 - 11,817 74,882 ========== =========== =========== =========== ============ ==========
Celtic plc
CONSOLIDATED CASH FLOW STATEMENT
6 months 6 months to to 31 December 31 December 2017 2016 Note Unaudited Unaudited GBP000 GBP000 Cash flows from operating activities Profit before tax 19,510 18,600 Depreciation 881 820 Amortisation 4,227 3,849 Impairment of intangible assets - 358 Profit on disposal of intangible assets (482) (1,959) Net finance costs 435 272 -------------- -------------- 24,571 21,940 Decrease in inventories 375 274 (Increase) in receivables (7,028) (5,178) (Decrease) in payables and deferred income (364) (5,540) -------------- -------------- Cash generated from operations 17,554 11,496 Net interest paid (25) (42) -------------- -------------- Net cash flow from operating activities 17,529 11,454 -------------- -------------- Cash flows from investing activities Purchase of property, plant and equipment (946) (540) Purchase of intangible assets (8,874) (5,218) Proceeds from sale of intangible assets 5,769 9,833 -------------- -------------- Net cash (used in) / generated from investing activities (4,051) 4,075 -------------- --------------
Cash flows from financing activities Repayment of debt (100) (100) Dividend on Convertible Cumulative Preference Shares (473) (487) -------------- -------------- Net cash used in financing activities (573) (587) -------------- -------------- Net increase in cash equivalents 12,905 14,942 Cash and cash equivalents at 1 July 24,505 10,450 -------------- -------------- Cash and cash equivalents at period end 11 37,410 25,392 ============== ==============
Celtic plc
NOTES TO THE FINANCIAL INFORMATION
1. BASIS OF PREPARATION
The financial information in this interim report comprises the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement and accompanying notes. The financial information in this interim report has been prepared under the recognition and measurement requirements of IFRSs as adopted for use in the European Union but does not include all of the disclosures that would be required under those accounting standards. The accounting policies adopted in the financial information are consistent with those expected to be adopted in the Company's financial statements for the year ended 30 June 2018 and are unchanged from those used in the Company's annual report for the year ended 30 June 2017.
The financial information in this interim report for the six months to 31 December 2017 and to 31 December 2016 has not been audited, but it has been reviewed by the Company's auditor, whose report is set out on page 4. Any comparative figures for the year ended 30 June 2017 are extracted from the Group's audited financial statements for that period as filed with the Registrar of Companies. The financial information for the year ended 30 June 2017 does not constitute the Company's financial statements for that period but is derived from them. The Company's statutory financial statements for the year ended 30 June 2017 have been filed with the Registrar of Companies. The auditor's report on those statutory financial statements was unqualified.
Assessment on adoption of standards not yet effective
At the date of authorisation of this interim report the following standards were not effective however will be adopted in accordance with their effective dates. An update as to the Group's assessment of the impact of each standard is provided below.
IFRS 9: Financial Instruments - A detailed review of the impact of this standard is in progress and will be completed by the end of the current financial year, the conclusion of which will be disclosed in the annual report.
IFRS 15: Revenue from Contracts with Customers - we have performed a review of the Group's revenue recognition policy for each activity type and our initial assessment is that on full year basis any impact on revenue will be immaterial. With regards to interim reporting, the impact of applying this standard has yet to be concluded however the assessment will be completed by the end of the current financial year and disclosure will be made in the annual report.
IFRS 16: Leases - Based on our assessment, the net impact to the Group's financial statements is not considered to be material, but we will recognise the asset value of the operating leases within assets and a liability reflecting the associated future obligations. There will also be a reallocation in the Statement of Comprehensive Income from rental costs to depreciation within Operating Expenses and to the unwinding of discount charge within Finance Expense. As this stage the value associated with the above adjustments has yet to be quantified.
Going concern
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 the financial information in this interim report.
Celtic plc
NOTES TO THE FINANCIAL INFORMATION
2. REVENUE 6 months 6 months to to 31 December 31 December 2017 2016 Unaudited Unaudited GBP000 GBP000 Football and stadium operations 26,802 22,583 Multimedia & other commercial activities 34,011 29,917 Merchandising 10,692 8,729 71,505 61,229 ============== ============== Number of home games 19 18 ============== ============== 3. TOTAL OPERATING EXPENSES 6 months 6 months to to 31 December 31 December 2017 2016 Unaudited Unaudited GBP000 GBP000 Football and stadium operations (excluding exceptional items and asset transactions) 40,677 33,682 Merchandising 5,923 4,968 Multimedia & other commercial activities 1,215 1,171 -------------- 47,815 39,821 ============== ============== 4. EXCEPTIONAL OPERATING EXPENSES 6 months 6 months to to 31 December 31 December 2017 2016 Unaudited Unaudited GBP000 GBP000 Impairment of intangible assets - 358 Compromise payments on contract termination - 288 ---------------- -------------- - 646 ================ ============== 5. FINANCE INCOME AND EXPENSE 6 months 6 months to to 31 December 31 December 2017 2016 Unaudited Unaudited Finance income: GBP000 GBP000 Interest receivable on bank deposits 35 19 Notional interest income on deferred consideration 12 100 -------------- -------------- 47 119 ============== ==============
Celtic plc
NOTES TO THE FINANCIAL INFORMATION
5 FINANCE INCOME AND EXPENSE (CONTINUED) 6 months 6 months to to 31 December 31 December 2017 2016 Unaudited Unaudited GBP000 GBP000 Finance expense: Interest payable on bank and other loans (61) (62) Notional interest expense on deferred consideration (134) (40) Dividend on Convertible Cumulative Preference Shares (287) (289) -------------- -------------- (482) (391) ============== ============== 6. TAXATION
Tax has been charged at 19% for the six months ended 31 December 2017 (2016: 19.75%) representing the best estimate of the average annual effective tax rate expected to apply for the full year, applied to the pre-tax income of the six month period. A deferred tax asset of GBP0.6m has been reversed due to the utilisation of tax losses. A deferred tax asset of GBP1.5m has been recognised in respect of short term timing differences and is offset by an existing deferred tax liability of GBP0.6m relating to accelerated capital allowances.
7. EARNINGS PER SHARE
Basic earnings per share has been calculated by dividing the profit for the period of GBP17.4m (2016: GBP18.6m) by the weighted average number of Ordinary Shares in issue 93,591,020 (2016: 93,374,010). Diluted earnings per share as at 31 December 2017 has been calculated by dividing the profit for the period by the weighted average number of Ordinary Shares, Convertible Cumulative Preference Shares and Convertible Preferred Ordinary Shares in issue, assuming conversion at the balance sheet date if dilutive.
Celtic plc
NOTES TO THE FINANCIAL INFORMATION
8. INTANGIBLE ASSETS 6 months 6 months to to 31 December 31 December 2017 2016 Unaudited Unaudited Cost GBP000 GBP000 At 1 July 34,335 28,244 Additions 6,634 9,497 Disposals (2,591) (5,167) -------------- -------------- At period end 38,378 32,574 ============== ============== Amortisation At 1 July 20,408 18,446 Charge for the period 4,227 3,849 Provision for impairment - 358 Disposals (2,253) (3,303) -------------- -------------- At period end 22,382 19,350 ============== ============== Net Book Value at period end 15,996 13,224 ============== ============== 9. TRADE AND OTHER RECEIVABLES
The decrease of GBP0.4m in receivables from 31 December 2016 to GBP15.6m is primarily due to the receipt of player receivables offset
by the value of UEFA receivables and increase in prepaid costs.
10. SHARE CAPITAL Authorised Allotted, called up and fully paid 31 December 31 December 2017 2016 2017 2017 2016 2016 Unaudited Unaudited Unaudited No No No GBP000 No GBP000 000 000 000 000 Equity Ordinary Shares of 1p each 223,101 222,869 93,696 937 93,403 934 Deferred Shares of 1p each 647,036 635,145 647,036 6,470 635,145 6,351 Convertible Preferred Ordinary Shares of GBP1 each 14,923 14,994 12,936 12,936 13,007 13,007 Non-equity Convertible Cumulative Preference Shares of 60p each 18,459 18,543 15,959 9,576 16,043 9,626 Less reallocated to debt: Initial debt - - - (2,796) - (2,819) Capital reserve - - - - - (2,781) ---------- ---------- 903,519 891,551 769,627 27,123 757,598 24,318 ========== ========== ========== ========== ========== ===========
Celtic plc
NOTES TO THE FINANCIAL INFORMATION
11. 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 2017 2016 Unaudited Unaudited GBP000 GBP000 Bank Loans due after more than one year (6,350) (6,550) Bank Loans due within one year (200) (200) Cash and cash equivalents: Cash at bank and on hand 37,410 25,392 ------------- ------------- Net cash at bank at period end 30,860 18,642 ============= =============
Total net cash, deducting other loans of GBP0.1m (2016: GBP0.1m) and that arising from the reclassification of equity to debt of GBP4.2m (2016: GBP4.2m) amounted to GBP26.5m (2016: GBP14.3m).
12. POST BALANCE SHEET EVENTS
Since the balance sheet date, we have secured the permanent registrations of Marvin Compper from RB Leipzig, Lewis Morgan from St Mirren and Jack Hendry from Dundee, and the temporary registrations of Charly Musonda from Chelsea and Scott Bain from Dundee. We have also permanently transferred the registration of Liam Henderson to Bari and temporarily transferred the registrations of first team players Nadir Ciftci to Motherwell, Lewis Morgan to St Mirren, Kundai Benyu to Oldham Athletic, Erik Sviatchenko to FC Midtjylland, Scott Allan to Hibernian and Conor Hazard to Falkirk.
We also temporarily transferred the registrations of development squad players, Regan Hendry to Raith Rovers, Jamie McCart to Alloa Athletic, Mark Hill to St Mirren and Joe Thomson to Queen of the South.
Celtic plc
Directors
Ian P Bankier (Chairman)
Peter T Lawwell (Chief Executive)
Chris McKay (Finance Director)
Thomas E Allison
Dermot F Desmond
Brian D H Wilson
Sharon Brown
Company Secretary
Michael Nicholson
Registered Office
Celtic Park
Glasgow
G40 3RE
Registered Number
SC3487
This information is provided by RNS
The company news service from the London Stock Exchange
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(END) Dow Jones Newswires
February 08, 2018 11:05 ET (16:05 GMT)
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