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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% | 135.00 | 130.00 | 140.00 | 135.00 | 135.00 | 135.00 | 1,011 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Prof Sports Clubs, Promoters | 133.35M | 33.33M | 0.3523 | 3.83 | 127.72M |
TIDMCCP
RNS Number : 0259P
Celtic PLC
15 February 2021
Celtic plc (the "Company")
INTERIM REPORT FOR THE SIX MONTHS TO 31 DECEMBER 2020
Operational Highlights
-- Currently second in the SPFL Premiership.
-- Winners of the Scottish FA Cup (season 19/20) for the fourth season in a row, securing an unprecedented fourth consecutive domestic treble.
-- 17 home fixtures (2019: 21). -- Conclusion of the most successful decade in the history of the club with 20 trophies won.
Financial Highlights
-- Revenue decreased by 23.7% to GBP40.7m (2019: GBP53.3m) -- Loss from trading was GBP0.3m (2019: profit of GBP7.1m)
-- Profit from transfer of player registrations (shown as profit on disposal of intangible assets) GBP1.0m (2019: GBP23.0m)
-- Loss before taxation of GBP5.9m (2019: profit of GBP24.4m) -- Acquisition of player registrations of GBP12.7m (2019: GBP15.0m) -- Period end net cash at bank of GBP19.7m (2019: GBP32.9m)
CHAIRMAN'S STATEMENT
The results for the six months ended 31 December 2020 show revenues of GBP40.7m (2019: GBP53.3m) and a loss before taxation of GBP5.9m (2019: profit of GBP24.4m). The loss from trading, representing the loss excluding player related gains and charges, amounted to GBP0.3m (2019: profit of GBP7.1m). Period end net cash at bank was GBP19.7m (2019: GBP32.9m). The introductory page to these interim results summarises the main highlights.
Season 2020/21 started with further significant investment into our playing squad as we prepared for the season ahead, commencing with the Champions League qualification fixtures, featuring challenging single leg knock out ties as a result of the restricted football environment. We acquired the registrations of Albian Ajeti, Vasilis Barkas and David Turbull, retained Mohamed Elyounoussi on loan and brought in experienced internationals Shane Duffy and Diego Laxalt on loan. We also retained key players who had contributed so much to the team in previous seasons.
At the time of writing we currently sit second in the league 18 points behind the leaders having played one game less and with 10 games remaining. The prolonged summer transfer window, the impact of Covid-19 and, crucially, the loss of our passionate support at matches have undoubtedly had a damaging effect on our performance levels in domestic and European competitions, but we recognise that our performance has not been good enough. Amidst this challenging environment, however, we secured victory in the postponed 2019/20 Scottish Cup Final to deliver an incredible fourth consecutive treble, following on from securing our ninth consecutive league title. The scale of this achievement cannot be underplayed and should be a cause for pride and celebration for years to come.
The two key factors that adversely affected our financial results for the period under review were: firstly, reduced gains from player trading as we sought to keep intact our squad this season; and, secondly, the unforeseen and prolonged value destructive impact of Covid-19. Our strategy for season 2020/21 was to invest in the team and to retain our best players, with the objective of delivering the league championship. As a result, gains from player trading were minimal. The effects of Covid-19 have persisted longer than many could have envisaged and, as a result, our crucial match day and other income streams derived from our stadium have been reduced to negligible proportions. These two factors largely explain the reduction in our profit before tax. No football club is immune from the effects of Covid-19.
Looking forward, the football and financial environment is still volatile and very uncertain because of the ongoing effects of Covid-19. At the time of writing, it is unclear when the 2020/21 Scottish Cup will re-commence following its suspension. Neither are we able to say at this stage when we will be able to welcome our supporters back to Celtic Park but we continue to work with the football authorities and the Scottish Government with a view to ensuring that fans are able to return to football safely as soon as possible. All of this will continue to affect our financial results meaning we are unable to offer any outlook guidance on revenue or earnings. Trading seasonality means that financial performance in the second half of the financial year will be lower than the first half owing to lower UEFA income along with less matches played.
I would like to thank our outgoing Chief Executive Peter Lawwell for his contribution to Celtic over the last 17 years. His role in transforming Celtic into a modern, highly respected European football club cannot be underestimated and has been nothing short of outstanding. It has been a pleasure to serve alongside him and we look forward to welcoming Dominic McKay as our new Chief Executive to continue to grow the Club.
Finally, on behalf of the Board I would like to reiterate to our supporters, shareholders and partners that their support has been crucial over the last 12 months, in what has been one of the most challenging times for the Club. We recognise their support and we thank them for the loyalty they have shown.
Ian P Bankier
15 February 2021
Chairman
For further information contact:
Celtic plc Tel: 0141 551 4235 Ian Bankier Peter Lawwell Canaccord Genuity Limited, Nominated Adviser Tel: 020 7523 8350 and Broker Simon Bridges Richard Andrews
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
INDEPENT REVIEW REPORT TO CELTIC PLC
Introduction
We have been engaged by the Company to review the financial information in the interim report for the six months ended 31 December 2020 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 interim report be presented and prepared in a form consistent with that which will be adopted in the Company's annual financial statements having regard to the accounting standards applicable to such annual financial statements.
Our responsibility
Our responsibility is to express to the Company a conclusion on the financial information in the interim report based on our review.
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 financial information in the interim report for the six months ended 31 December 2019 is not prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on AIM.
Use of our report
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.
BDO LLP
Chartered Accountants
Manchester, United Kingdom
Date: 15 February 2021
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE 6 MONTHS TO 31 DECEMBER 2020
2020 2019 Unaudited Unaudited Note GBP000 GBP000 Revenue 2 40,688 53,335 Operating expenses (before intangible asset transactions) (40,966) (46,274) ------------ ------------- (Loss)/profit from trading before intangible asset transactions (278) 7,061 Amortisation of intangible assets (6,583) (5,874) Profit on disposal of intangible assets 993 23,021 Operating (loss)/profit (5,868) 24,208 - Finance income 3 515 743 Finance expense 3 (516) (532) (Loss)/profit before tax (5,869) 24,419 Income tax credit/(expense) 4 730 (5,091) ------------- ------------- - (Loss)/profit and total comprehensive loss for the period (5,139) 19,328 ------------- ------------- Basic (loss)/earnings per Ordinary Share 5 (5.45p) 20.51p ============= ============= Diluted (loss)/earnings per Share 5 (5.45p) 14.36p ============= =============
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2020
2020 2019 Unaudited Unaudited Notes GBP000 GBP000 NON-CURRENT ASSETS Property plant and equipment 57,781 59,550 Intangible assets 6 25,912 23,180 Trade and other receivables 7 9,082 13,175 92,775 95,905 CURRENT ASSETS Inventories 3,000 1,772 Trade and other receivables 7 21,064 25,388 Cash and cash equivalents 9 23,183 37,604 -------------------- ------------- 47,247 64,764 -------------------- ------------- TOTAL ASSETS 140,022 160,669 ==================== ============= EQUITY Issued share capital 8 27,168 27,167 Share premium 14,912 14,848 Other reserve 21,222 21,222 Accumulated profits 13,091 37,926 -------------------- ------------- TOTAL EQUITY 76,393 101,163 ==================== ============= NON-CURRENT LIABILITIES Interest bearing liabilities/ bank loans 2,212 3,476 Debt element of Convertible Cumulative Preference Shares 4,174 4,174 Trade and other payables 4,068 3,443 Lease Liabilities 431 778 Deferred tax 4 906 1,754 Provisions 128 37 Deferred income 14 42 -------------------- ------------- 11,933 13,704 -------------------- ------------- CURRENT LIABILITIES Trade and other payables 24,997 25,572 Current borrowings 1,364 1,364 Lease Liabilities 568 722 Provisions 6,402 3,531 Deferred income 18,365 14,613 -------------------- ------------- 51,696 45,802 -------------------- ------------- TOTAL LIABILITIES 63,629 59,506 ==================== ============= TOTAL EQUITY AND LIABILITIES 140,022 160,669 ==================== =============
Approved by the Board on 15 February 2021.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Other Accumulated Total capital premium reserve profits GBP000 GBP000 GBP000 GBP000 GBP000 EQUITY SHAREHOLDERS' FUNDS AS AT 1 JULY 2019 (Audited) 27,157 14,785 21,222 18,598 81,762 Share capital issued 1 63 - - 64 Reduction in debt element of convertible cumulative preference shares 9 - - - 9 Profit and total comprehensive income for the period - - - 19,328 19,328 EQUITY SHAREHOLDERS' FUNDS AS AT 31 DECEMBER 2019 (Unaudited) 27,167 14,848 21,222 37,926 101,163 EQUITY SHAREHOLDERS' FUNDS AS AT 1 JULY 2020 (Audited) 27,167 14,849 21,222 18,230 81,468 Share capital issued 1 63 - - 64 Reduction in debt element - - - - - of convertible cumulative preference shares Loss and total comprehensive loss for the period - - - (5,139) (5,139) EQUITY SHAREHOLDERS' FUNDS AS AT 31 DECEMBER 2020 (Unaudited) 27,168 14,912 21,222 13,091 76,393 ========== =========== =========== ================= ===========
CONSOLIDATED CASH FLOW STATEMENT
FOR THE 6 MONTHSED 31 DECEMBER 2020
2020 2019 Unaudited Unaudited GBP000 GBP000 Cash flows from operating activities (Loss)/profit for the period after tax (5,139) 19,328 Taxation (credit)/charge (730) 5,091 Depreciation 1,241 1,300 Amortisation 6,583 5,874 Profit on disposal of intangible assets (993) (23,021) Finance costs * 516 532 Finance income * (515) (743) --------------- ------------ 963 8,361 (Increase)/decrease in inventories (1,730) 871 (Increase) in receivables (737) (400) (Decrease) in payables and deferred income (4,029) (8,097) --------------- ------------ Cash (used in)/generated from operations (5,533) 735 Tax paid - - Interest paid * (67) (101) Interest received * 29 120 --------------- ------------
Net cash flow from operating activities (5,571) 754 --------------- ------------ Cash flows from investing activities Purchase of property, plant and equipment (214) (792) Purchase of intangible assets (6,306) (13,824) Proceeds from sale of intangible assets 14,346 18,512 --------------- ------------ Net cash generated from investing activities 7,826 3,896 --------------- ------------ Cash flows from financing activities Repayment of debt (640) (640) Payments on leasing activities (379) - Dividend on Convertible Cumulative Preference Shares (459) (462) --------------- ------------ Net cash used in financing activities (1,478) (1,102) --------------- ------------ Net increase in cash equivalents 777 3,547 Cash and cash equivalents at 1 July 22,406 34,057 --------------- ------------ Cash and cash equivalents at 31 December 9 23,183 37,604 =============== ============
*The cash flow statement for 2019 has been restated to correctly present finance income and finance costs as well as interest paid and interest received on a gross rather than the previously net basis. There is no change to the overall reported cash flows from operating activities.
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 statements for the year ended 30 June 2021 will be in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006.
The financial information in this interim report for the six months to 31 December 2020 and to 31 December 2019 has not been audited, but it has been reviewed by the Company's auditor, whose report is set out on page 4.
Adoption of standards effective for periods beginning 1 July 2020
The following standards have been adopted as of 1 July 2020:
-- IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. (Amendment - Disclosure Initiative - Definition of Material)
-- Conceptual Framework for Financial Reporting (revised) -- IBOR Reform and its Effects on Financial Reporting - Phase 1
Going concern
As part of the Directors' consideration of the going concern assumption used in preparing the Interim Report, different scenarios have been analysed for a minimum period of 12 months from the date of approval of the report with outlook assumptions used beyond this time frame. The main factors considered were:
-- Current financial stability of the Group and on-going access to funds;
-- Continuing restrictions on trading conditions as a result of Covid-19, primarily the attendance of fans in football stadia;
-- Security of revenue streams; -- First team football performance and success; and -- Player transfer market conditions.
The Directors have adopted a prudent approach in the assumptions used in relation to the above, in order to provide additional comfort around the viability of the Group going forward.
At 31 December 2020 the cash at bank was GBP23.2m. In addition, the Group had a net receivables position with respect to player trading payables/receivables. Despite the challenges of the 6 months under review, there remains strong liquidity in the business and, although trading conditions in some areas remains uncertain, the progress being made around vaccinations and controlling the spread of the Covid-19 virus, provides optimism that normalised trading can resume in the short to medium term.
The Group has retained established contracts with a number of our commercial partners and suppliers providing assurance over future revenues and costs and we have clear visibility over committed labour costs and transfer payables. In addition, the Group has in recent years, achieved significant gains in relation to player trading and manages the movement of players in and out of the team strategically to ensure maximisation of value where required while maintaining a squad of appropriate quality to ensure, as far as possible, continued on field success. This has been illustrated by the sale of Jeremie Frimpong during the January 2021 transfer window.
The non-attendance of football fans in stadia continues to be the most significant factor in planning for the future, however as noted above our assumptions on this matter are considered to be appropriately prudent and do not consider there to be a significant risk in the medium term.
During the 6 months to 31 December 2020, the Group agreed an amended and restated GBP13m RCF with the Co-operative Bank which remains undrawn. This provides additional access to funds should these be required. The current cash flow forecasts over the period of the going concern review do not show a requirement to utilise this facility.
The Group continues to perform a detailed budgeting process each year which looks ahead four years from the current financial year, and is reviewed and approved by the Board. The Group also re-forecasts each month and this is distributed to the Board. As a consequence, and in conjunction with the additional forecasting and sensitivity analysis which has taken place, the Directors believe that the Company is well placed to manage its business risks successfully despite the continuing uncertain economic outlook.
In consideration of all of the above, the Directors have a reasonable expectation that the Group and 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 Interim Report.
2. REVENUE 6 months 6 months to 31 to 31 Dec 2020 Dec 2019 Unaudited Unaudited GBP000 GBP000 Football and stadium operations 12,570 26,987 Multimedia and other commercial activities 13,049 15,108 Merchandising 15,069 11,240 40,688 53,335 =========== =========== Number of home games 17 21 =========== =========== 3. FINANCE INCOME AND EXPENSE 6 months 6 months to to 31 December 31 December 2020 2019 Unaudited Unaudited GBP000 GBP000 Finance income: Interest receivable on bank deposits 29 120 Notional interest income on deferred consideration 486 623 -------------- -------------- 515 743 ============== ============== 6 months 6 months to to 31 December 31 December 2020 2019 Unaudited Unaudited GBP000 GBP000 Finance expense: Interest payable on bank and other loans (60) (115) Notional interest expense on deferred consideration (172) (133) Dividend on Convertible Cumulative Preference Shares (284) (284) -------------- -------------- (516) (532) ============== ============== 4. TAXATION
Tax has been charged at 19% for the six months ended 31 December 2020 (2019: 19%) 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. After accounting for prior period adjustments and deferred tax, this has resulted in tax credit in the statement of comprehensive income of GBP0.7m (2019: charge of GBP5.1m).
5. EARNINGS PER SHARE
Loss per share and diluted loss per share of 5.45p (2019: earnings per share of 20.51p, diluted earnings per share of 14.36p) has been calculated by dividing the loss for the period of GBP5.1m (2019: profit of GBP19.3m) by the weighted average number of Ordinary Shares in issue 94,315,059 (2019: 94,262,133) in issue during the year.
6 . INTANGIBLE ASSETS 31 December 31 December 2020 2019 Unaudited Unaudited Cost GBP000 GBP000 At 1 July 49,846 44,652 Additions 12,667 15,008 Disposals (1,581) (3,324) --------------- --------------- At period end 60,932 56,336 =============== =============== Amortisation At 1 July 30,018 30,496 Charge for the period 6,583 5,874 Disposals (1,581) (3,214) --------------- --------------- At period end 35,020 33,156 =============== =============== Net Book Value at period end 25,912 23,180 =============== =============== 7. TRADE AND OTHER RECEIVABLES 31 December 31 December 2020 2019 Unaudited Unaudited GBP000 GBP000 Trade receivables 19,024 28,554 Prepayments and accrued income 5,767 7,510 Other receivables 5,355 2,499 ------------- ------------- 30,146 38,563 ============= ============= Amounts falling due after more than one year included above are: 2020 2019 GBP000 GBP000 Trade receivables 9,082 13,175 ============= ============= 8. SHARE CAPITAL Authorised Allotted, called up and fully paid 31 December 31 December 2020 2019 2020 2020 2019 2019 Unaudited Unaudited Unaudited No 000 No 000 No 000 GBP000 No 000 GBP000 Equity Ordinary Shares of 1p each 223,608 223,605 94,349 944 94,290 943 Deferred Shares of 1p each 672,852 672,715 672,852 6,729 672,715 6,727 Convertible Preferred Ordinary Shares of GBP1 each 14,756 14,758 12,769 12,769 12,770 12,770 Non-equity Convertible Cumulative Preference Shares of 60p each 18,298 18,298 15,798 9,479 15,798 9,480 Less reallocated to debt: Initial debt - - - (2,753) - (2,753) ---------- ---------- 929,514 929,376 795,768 27,168 795,573 27,167 ========== ========== ========== =========== ========== =========== 9. 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 2020 2019 Unaudited Unaudited GBP000 GBP000 Bank Loans due after more than one year (2,212) (3,476) Bank Loans due within one year (1,264) (1,264) Cash and cash equivalents: Cash at bank and on hand 23,183 37,604 ------------- ------------- Net cash at bank at period end 19,707 32,864 ============= ============= 10. POST BALANCE SHEET EVENTS
Since the balance sheet date, we have secured the temporary registration of Jonjoe Kenny from Everton. We have also permanently transferred the registration of Jeremie Frimpong to Bayer Leverkusen and temporarily transferred the registration Olivier Ntcham to Marseille.
In addition we have temporarily transferred the registrations of development squad players Leo Hjelde to Ross County, Ben Wylie to Ballymena United, Barry Coffey to Cliftonville and Scott Robertson to Doncaster Rovers.
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