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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% | 172.50 | 165.00 | 180.00 | 172.50 | 172.50 | 172.50 | 1,500 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Prof Sports Clubs, Promoters | 133.35M | 33.33M | 0.3523 | 4.90 | 163.2M |
TIDMCCP
RNS Number : 6351P
Celtic PLC
10 February 2023
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 (the "Company")
INTERIM REPORT FOR THE SIX MONTHS TO 31 DECEMBER 2022
Key Operational Items
-- Currently first in the SPFL Premiership. -- 14 home fixtures (2021: 19). -- Participation in the UEFA Champions League group stages.
Key Financial Items
-- Revenue increased by 44.8% to GBP76.5m (2021: GBP52.9m). -- Profit from trading was GBP28.1m (2021: GBP7.0m).
-- Profit from transfer of player registrations (shown as profit on disposal of intangible assets) GBP1.8m (2021: GBP25.8m).
-- Profit before taxation of GBP33.9m (2021: GBP27.6m). -- Acquisition of player registrations of GBP5.7m (2021: GBP16.8m). -- Period end cash net of bank borrowings of GBP59.2m (2021: GBP25.6m).
For further information contact:
Celtic plc Peter Lawwell, Celtic plc Tel: 0141 551 4235 Iain Jamieson, Celtic plc Canaccord Genuity Limited, Nominated Adviser Simon Bridges Tel: 0207 523 8000
CHAIRMAN'S STATEMENT
I am honoured to present my first Chairman's statement on behalf of Celtic Football Club. Being back to chair the club that I have always supported and served for almost 18 years as CEO, is a privilege. I look forward to fulfilling the role, and playing my part in our Club going forward.
The results for the six months ended 31 December 2022 show revenues of GBP76.5m (2021: GBP52.9m) and a profit before taxation of GBP33.9m (2021: profit before tax of GBP27.6m). The profit from trading, representing the profit excluding player related gains and charges, amounted to GBP28.1m (2021: profit of GBP7.0m).
The key factors driving the improvement in the underlying trading performance in the six months to 31 December 2022 compared to the same period last year, was the direct qualification to the UEFA Champions League Group stages. This was the key driver in our revenue increase over the same period last year which reflected UEFA Europa League Group stage participation. Gains from player trading this year of GBP1.8m (2021: GBP25.8m) were notably lower, reflecting our strategy of assembling a new football playing squad under our Football Manager, Ange Postecoglou. Period end net cash at bank was GBP59.2m (2021: GBP25.6m). After adjusting for a net trading balance on prior inbound and outbound transfers, this sum reduces to GBP50.2m at December 2022 (2021: GBP39.7m). The introductory page to these interim results summarises the key events in the period.
This year is the second season under Ange and the success delivered in season 2021/22 in securing the SPFL title ensured we qualified directly for the UEFA Champions League Group stages for season 2022/23. This allowed us to plan and execute our transfer business early. Following from the permanent signings of Daizen Maeda, Cameron Carter-Vickers and Joao Pedro Neves Filipe (Jota), we went on to sign Alexandro Bernabei, Sead Haksabanovic, Aaron Mooy, Benjamin Siegrist and brought in loan signings Oliver Abildgaard and Moritz Jenz.
As the season got underway in August, we were presented with a tough Champions League Group stage draw, alongside 14 times Champions League winners Real Madrid, RB Leipzig and Shakhtar Donetsk. Despite a number of strong footballing performances we all shared Ange's disappointment in not progressing further, but took heart from the competitive performances and experience gained by our young team which will serve them well in future European competition.
On domestic footballing matters, we currently sit 9 points ahead at the top of the SPFL Premiership, have reached the Viaplay Cup Final and have reached the fifth round of the Scottish Cup. We sit in a satisfactory position domestically, but strive to keep improving as a club and during the January transfer window we further added to the squad by signing Alistair Johnston, Yuki Kobayashi, Tomoki Iwata (loan with obligation to buy) and Hyeongyu Oh. Josip Juranovic, Oliver Abildgaard, Moritz Jenz, Scott Robertson and Giorgos Giakoumakis moved on to continue their careers elsewhere and we wish them all the best for the future.
Our B Team continues to develop in the Lowland League under Darren O'Dea and Stephen McManus. A key objective of our B Team and Academy is to develop first team players and already this season B Team players Bosun Lawal and Rocco Vata have made their first team debuts. This is a major milestone and achievement for our young players and reflects our strategy of developing Academy players through our system. Our Women's team also continues to progress under Fran Alonso and at the time of writing we sit second in the league and are in the fifth round of the Scottish Cup.
As we look ahead, our immediate priority is to secure domestic success for season 2022/23, with a view to progressing into the Champions League Group stages for a second consecutive year. We also wish to build upon the progress made in our Academy and the Women's team, and are currently exploring development opportunities at our Barrowfield training ground with a view to enhancing the facilities for these squads.
We will also continue to contribute to the development of UEFA European Club Competition through participation in the European Club Association. The forthcoming changes to European Club Competition from 2024 onwards bring a number of exciting changes that we will embrace and look to take advantage of.
In line with the seasonality inherent in our earnings profile, the second half of the financial year will see losses incurred, as our earnings are biased toward the first half of the financial year. These losses however will be in part mitigated by gains on player trading realised from the January 2023 transfer window along with greater revenue from operating activities than was previously anticipated. The bias in earnings towards the first half of the financial year reflects the fact that UEFA distributions and UEFA match ticket income are largely recognised in the first half of the financial year and as in previous years, the second half of the financial year typically sees lower retail sales. Our outturn earnings can also be materially impacted by football success and the year end assessment of player registration carrying values. Taking all of this into consideration, we would expect our total outturn profit before tax for the year ending 30 June 2023 to be significantly lower than the result posted for the first six months of the financial year.
On behalf of the Board, I wish to thank our supporters for their unwavering dedication and support of our Club. I wish to also thank our shareholders and commercial partners for continuing to back the Club as they have done over many years.
Peter Lawwell
Chairman
10 February 2023
INDEPENT REVIEW REPORT TO CELTIC PLC
Conclusion
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 2022 which comprises the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Consolidated Statement of Changes in Equity, Consolidated Cash Flow Statement and related explanatory notes.
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 2022 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34 and the London Stock Exchange AIM Rules for Companies.
Basis for conclusion
We conducted our review in accordance with International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410"). 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.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34, "Interim Financial Reporting".
Conclusions relating to going concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the Group to cease to continue as a going concern.
Responsibilities of directors
The directors are responsible for preparing the half-yearly financial report in accordance with the London Stock Exchange AIM Rules for Companies 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.
In preparing the half-yearly financial report, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the review of the financial information
In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, are based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report.
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 Transparency (Directive 2004/109/EC) Regulations 2007 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
Glasgow, UK
Date: 10 February 2023
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 2022
2022 2021 Unaudited Unaudited Note GBP000 GBP000 Revenue 2 76,542 52,858 Operating expenses (before intangible asset transactions) (48,398) (45,810) ------------- ------------- Profit from trading before intangible asset transactions 28,144 7,048 Exceptional operating (expense) / income 3 (53) 1,063 Amortisation of intangible assets 7 (6,018) (6,251) Profit on disposal of intangible assets 1,757 25,752 Other income 3 10,000 - Operating profit 33,830 27,612 - Finance income 4 636 456 Finance expense 4 (611) (512) ------------- ------------- Profit before tax 33,855 27,556 Income tax expense 5 (5,767) (3,210) - ------------- ------------- Profit and total comprehensive income for the period 28,088 24,346 ============= ============= Basic earnings per Ordinary Share 6 29.72p 25.78p ============= ============= Diluted earnings per Share 6 20.74p 18.01p ============= =============
CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2022
2022 2021 Unaudited Unaudited Notes GBP000 GBP000 NON-CURRENT ASSETS Property plant and equipment 55,920 57,087 Intangible assets 7 34,324 27,522 Trade and other receivables 8 4,515 14,664 ------------------- ------------- 94,759 99,273 CURRENT ASSETS Inventories 2,534 2,940 Trade and other receivables 8 30,095 32,180 Cash and cash equivalents 10 60,142 27,798 ------------------- ------------- 92,771 62,918 ------------------- ------------- TOTAL ASSETS 187,530 162,191 =================== ============= EQUITY Issued share capital 9 27,166 27,168 Share premium 14,990 14,951 Other reserve 21,222 21,222 Accumulated profits 39,566 29,975 ------------------- ------------- TOTAL EQUITY 102,944 93,316 =================== ============= NON-CURRENT LIABILITIES Interest bearing liabilities/ bank loans - 932 Debt element of Convertible Cumulative Preference Shares 4,174 4,174 Trade and other payables 9,018 7,883 Lease Liabilities 163 352 Deferred tax 5 3,189 2,904 Provisions 77 99 16,621 16,344 ------------------- ------------- CURRENT LIABILITIES Trade and other payables 38,390 26,124 Current borrowings 1,048 1,336 Lease Liabilities 394 562 Provisions 7,271 6,686 Deferred income 20,862 17,823 ------------------- ------------- 67,965 52,531 ------------------- ------------- TOTAL LIABILITIES 84,586 68,875 =================== ============= TOTAL EQUITY AND LIABILITIES 187,530 162,191 =================== =============
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTHSED 31 DECEMBER 2022
Share Share Other Accumulated Total capital premium reserve Profits GBP000 GBP000 GBP000 GBP000 GBP000 EQUITY SHAREHOLDERS' FUNDS AS AT 1 JULY 2021 (Audited) 27,168 14,912 21,222 5,629 68,931 Share capital issued - 39 - - 39 Profit and total comprehensive income for the period - - - 24,346 24,346 EQUITY SHAREHOLDERS' FUNDS AS AT 31 DECEMBER 2021 (Unaudited) 27,168 14,951 21,222 29,975 93,316 ========== =========== =========== =============== ========== EQUITY SHAREHOLDERS' FUNDS AS AT 1 JULY 2022 (Audited) 27,166 14,951 21,222 11,478 74,817 Share capital issued - 39 - - 39 Profit and total comprehensive income for the period - - - 28,088 28,088 EQUITY SHAREHOLDERS' FUNDS AS AT 31 DECEMBER 2022 (Unaudited) 27,166 14,990 21,222 39,566 102,944 ----------------------------------------- ========== =========== =========== =============== ==========
CONSOLIDATED CASH FLOW STATEMENT
FOR THE 6 MONTHSED 31 DECEMBER 2022
Note 2022 2021 Unaudited Unaudited GBP000 GBP000 Cash flows from operating activities Profit for the period after tax 28,088 24,346 Income tax expense 5,767 3,210 Depreciation 1,292 1,320 Amortisation 6,018 6,251 Reversal of prior period impairment charge - (1,095) Profit on disposal of intangible assets (1,757) (25,752) Finance costs 611 512 Finance income (636) (456) --------------- ------------ 39,383 8,336 Decrease in inventories 453 921 Decrease in receivables 4,137 1,190 Decrease in payables and deferred income (15,522) (6,644) --------------- ------------ Cash generated from operations 28,451 3,803 Interest paid (31) (42) Interest received 327 19 --------------- ------------ Net cash flow from operating activities 28,747 3,780 --------------- ------------ Cash flows from investing activities Purchase of property, plant and equipment (892) (801) Purchase of intangible assets (14,341) (13,801) Proceeds from sale of intangible assets 16,197 20,660 --------------- ------------ Net cash generated from investing activities 964 6,058 --------------- ------------ Cash flows from financing activities Repayment of debt (640) (640) Payments on leasing activities (343) (378) Dividend on Convertible Cumulative Preference Shares (455) (481) --------------- ------------ Net cash used in financing activities (1,438) (1,499) --------------- ------------ Net increase in cash equivalents 28,273 8,339 Cash and cash equivalents at 1 July 31,869 19,459 --------------- ------------ Cash and cash equivalents at 31 December 10 60,142 27,798 =============== ============
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 in accordance with UK adopted international accounting standards, 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 2023 will be in accordance with UK adopted international accounting standards.
The financial information in this interim report for the six months to 31 December 2022 and to 31 December 2021 has not been audited, but it has been reviewed by the Company's auditor, whose report is set out on pages 4 and 5.
Adoption of standards effective for periods beginning 1 July 2022
The following amended standards have been adopted as of 1 July 2022
-- Amendments to IFRS 3, IAS 16 and IAS 37 - Property Plant and Equipment Proceeds before Intended Use
-- Amendments to IFRS 1, IFRS 9, IAS 41 and Illustrative examples accompanying IFRS 16 - Annual Improvements to IFRSs (2019-2020 Cycle)
Going concern
The Company has sufficient 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.
2. REVENUE 6 months 6 months to 31 to 31 Dec 2022 Dec 2021 Unaudited Unaudited GBP000 GBP000 Football and stadium operations 28,250 23,558 Multimedia and other commercial activities 30,866 13,973 Merchandising 17,426 15,327 76,542 52,858 =========== =========== Number of home games 14 19 =========== =========== 3. EXCEPTIONAL OPERATING ITEMS AND OTHER INCOME
The exceptional operating expense of GBP0.05m represents settlement payments. In the previous period an exceptional operating credit resulted from an impairment reversal in relation to intangible assets offset by settlement payments. These items are deemed to be unusual in relation to what management consider to be normal operating conditions.
Other income represents incoming cash or receivables to the business which is not deemed to be generated from the normal course of business and does not meet the definition of revenue under IFRS15. In the current financial year, this is represented by the receipt of insurance proceeds in relation to business interruption. The amount of income is only recognised when the likelihood and value of any receipt is virtually certain i.e. the cash or confirmation of payment have been received.
4. FINANCE INCOME AND EXPENSE 6 months 6 months to to 31 December 31 December 2022 2021 Unaudited Unaudited GBP000 GBP000 Finance income: Interest receivable on bank deposits 310 19 Notional interest income 326 437 -------------- -------------- 636 456 ============== ============== 6 months 6 months to to 31 December 31 December 2022 2021 Unaudited Unaudited GBP000 GBP000 Finance expense: Interest payable on bank and other loans (31) (40) Notional interest expense (296) (188) Dividend on Convertible Cumulative Preference Shares (284) (284) -------------- -------------- (611) (512) ============== ============== 5. TAXATION
Tax has been charged at 19% for the six months ended 31 December 2022 (2021: 19%) representing the best estimate of the average annual effective tax rate expected to apply for the full year, applied to the pre-tax profit of the six month period. After accounting for deferred tax, this has resulted in tax expense in the statement of comprehensive income of GBP5.8m (2021: GBP3.2m).
6. EARNINGS PER SHARE
Basic earnings per share has been calculated by dividing the profit for the period of GBP28.1m (2021: GBP24.3m) by the weighted average number of Ordinary Shares in issue of 94,515,655 (2021: 94,446,660). Diluted earnings per share has been calculated by dividing the profit for the period by the weighted average number of Ordinary Share, Convertible Cumulative Preference Shares and Convertible Preferred Ordinary Shares in issue, assuming conversion at the balance sheet if dilutive.
7. INTANGIBLE ASSETS 31 December 31 December 2022 2021 Unaudited Unaudited Cost GBP000 GBP000 At 1 July 67,511 49,559 Additions 5,650 16,760 Disposals (13,683) (19,186) --------------- --------------- At period end 59,478 47,133 =============== =============== Amortisation At 1 July 32,022 31,256 Charge for the period 6,018 6,251 Reversal of prior period impairment - 1,094 Disposals (12,886) (18,990) --------------- --------------- At period end 25,154 19,611 =============== =============== Net Book Value at period end 34,324 27,522 =============== =============== 8. TRADE AND OTHER RECEIVABLES 31 December 31 December 2022 2021 Unaudited Unaudited GBP000 GBP000 Trade receivables 21,232 34,381 Prepayments and accrued income 7,053 7,436 Other receivables 6,325 5,027 ------------- ------------- 34,610 46,844 ============= ============= Amounts falling due after more than one year included above are: 31 December 31 December 2022 2021 Unaudited Unaudited GBP000 GBP000 Trade receivables 4,515 14,664 ============= ============= 9. SHARE CAPITAL Authorised Allotted, called up and fully paid 31 December 31 December 2022 2021 2022 2022 2021 2021 Unaudited Unaudited Unaudited No No 000 No GBP000 No GBP000 000 000 000 Equity Ordinary Shares of 1p each 223,681 223,681 94,526 945 94,457 945 Deferred Shares of 1p each 677,885 676,275 677,885 6,778 676,275 6,763 Convertible Preferred Ordinary Shares of GBP1 each 14,721 14,722 12,718 12,718 12,734 12,734 Non-equity Convertible Cumulative Preference Shares of 60p each 18,298 18,297 15,797 9,478 15,797 9,479 Less reallocated to debt: Initial debt - - - (2,753) - (2,753) ---------- ---------- 934,585 932,975 800,926 27,166 799,263 27,168 ========== ========== ========== =========== ========== =========== 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 2022 2021 Unaudited Unaudited GBP000 GBP000 Bank Loans due after more than one year - (932) Bank Loans due within one year (948) (1,236) Cash and cash equivalents: Cash at bank and on hand 60,142 27,798 ------------- ------------- Net cash at bank at period end 59,194 25,630 ============= ============= 11. POST BALANCE SHEET EVENTS
Since the balance sheet date, we have acquired the permanent registration of Hyeongyu Oh from Suwon Samsung Bluewings.
We have also permanently transferred the registrations of Josip Juranovic to Union Berlin, Scott Robertson to Fleetwood Town and Giorgos Giakoumakis to Atlanta United. In addition, the temporary registrations of Moritz Jenz and Oliver Abildgaard were cancelled and the registration of Yosuke Ideguchi was temporarily transferred to Avispa Fukuoka.
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IR KZGMZVGRGFZM
(END) Dow Jones Newswires
February 10, 2023 12:10 ET (17:10 GMT)
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