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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% | 170.00 | 160.00 | 180.00 | 170.00 | 170.00 | 170.00 | 7,092 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Prof Sports Clubs, Promoters | 124.58M | 13.38M | 0.1411 | 12.05 | 161.21M |
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RNS No 7218e
CELTIC PLC
9th February 1998
CELTIC PLC
CHAIRMAN'S STATEMENT
Results
Celtic's business grew strongly in turnover, by 24% over the same period a
year earlier, to #15.5m. All revenue sectors contributed higher totals, and
in particular, ticket sales benefited from the team's success in the Coca-Cola
Cup, and full attendance at most home matches.
Your Board, on the recommendation of our Football management, has taken an
aggressive approach to strengthening the first team player squad, investing
heavily in new players and sharply increased salaries. With nine players
acquired during the period, operating expenses have risen by 36% in total,
with football related costs, mainly salaries, rising by over 49%.
As a result the profit from operations has declined by #141,000 or 4%.
However, despite an outlay of #12m in transfer fees for new players, gains on
disposal of player registrations have increased the net profit for the half-
year to the record total of #7.6m (1996 - #2.1m).
Projects
The new Superstore at Celtic Park, the second largest such store in Britain,
opened in late November, in time to deliver record Christmas sales of
merchandise. The contribution from retail operations in the period has
actually exceeded the total for the whole of the last financial year, and this
strong growth is forecast to continue. Likewise, the new Visitor Centre and
Museum in the South Stand is proving to be very popular with supporters.
Work is proceeding on the South West Stand, capacity 2,650 seats, which will
open on 21st February as an extension of the Family Stand, and result in the
total of season ticket holders rising to 42,500. Construction continues at
the west end of the stadium, so that, with the removal of the temporary stand,
capacity in this financial year remains unchanged at 50,260 in total. The
Jock Stein Stand will open in this location on August 1st, completing the
reconstruction of Celtic Park as Britain's largest modern football stadium,
with a total of 60,000 quality seats.
The programme of capital projects, complementary to the staging of football
and other events continues, both in and around the stadium, along with leisure
and hospitality facilities to operate outwith matchdays. A six acre site
adjacent to the West Stand was acquired in December, intended for use as coach
parking.
Future Trading
The majority of the Club's home fixtures, which generate a significant
proportion of the Company's total income, generally arise in the first half of
the financial year. Consequently in the second half of the year there will be
a reduction in income, and the performance of the Club in the Scottish Cup and
the net effects of any transfer transactions will largely determine whether
any additional profits will be generated in the period. Looking further
ahead, the expanded stadium capacity along with contributions generated by
recent and current capital projects and the hoped for benefits arising from an
independent Scottish Premier League should deliver revenue growth to outpace
continued rising - but stabilising - football costs.
Meantime, the higher operating costs experienced in the first half of the year
will apply in the second half, although under constant review. Many football
clubs are overspending on player salaries and the football sector is showing
signs of a need for greater financial discipline. With Celtic showing an
established pattern of strong growth and the benefits of a national brand,
your Board is fully aware of its responsibility to be ambitious in its
financial backing for football success yet prudent in its management of
shareholders' funds.
4 February 1998 Fergus McCann
Group Profit and Loss Account
6 MONTHS TO 12 MONTHS
31 DECEMBER TO 30 JUNE
1997 1996 1997
Un- Un-
Audited Audited Audited
#000 #000 #000
TURNOVER 3 15,525 12,470 22,189
Operating Expenses (11,989) (8,793) (16,290)
_______ _______ _______
PROFIT FROM OPERATIONS 3,536 3,677 5,899
Amortisation of Intangible
Fixed Assets (2,697) (1,662) (3,302)
Net Gain on Sale of Intangible
Fixed Assets 6,802 97 2,606
_______ _______ _______
OPERATING PROFIT 7,641 2,112 5,203
Interest Receivable and
Similar Income 97 4 27
Interest Payable and
Similar Charges (3) (42) (78)
_______ _______ _______
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION 7,735 2,074 5,152
Tax on Profit on
Ordinary Activities 4 (113) - -
________ _______ _______
Profit for the Period 7,622 2,074 5,152
Preference Dividend 5 - - (533)
_______ _______ _______
RETAINED PROFIT FOR THE 7,622 2,074 4,619
PERIOD ======= ======= =======
EARNINGS PER ORDINARY SHARE 6 #25.36 #6.23 #15.93
======= ======== ========
FULLY DILUTED EARNINGS 6 #15.98 #4.36 #10.83
PER SHARE ======= ======= =======
All amounts relate to continuing operations
There were no gains or losses recognised in any of the above results other
than the profit for the period.
Group Balance Sheet
31 DECEMBER 30
June
1997 1996 1997
Un- Un-
Audited Audited Audited
#'000 #,000 #,000
FIXED ASSETS
Tangible Assets 7 35,419 32,171 32,606
Intangible Assets 8 17,258 8,513 8,958
_______ _______ _______
52,677 40,684 41,564
CURRENT ASSETS
Stocks 650 274 126
Debtors 9 5,833 2,276 3,367
Cash at bank and in hand 81 1,103 3,478
_______ _______ _______
6,564 3,653 6,971
CREDITORS - Amounts falling
due within one year 10 (10,826) (6,373) (6,223)
Income deferred less than one (4,528) (4,042) (6,000)
year _______ _______ _______
NET CURRENT LIABILITIES (8,790) (6,762) (5,252)
_______ _______ _______
TOTAL ASSETS LESS CURRENT
LIABILITIES 43,887 33,922 36,312
CREDITORS - Amounts falling
due after more than one year (258) (460) (305)
_______ _______ _______
NET ASSETS 43,629 33,462 36,007
======= ======= =======
CAPITAL AND RESERVES
Called up equity share capital 290 290 290
Called up non-equity share 11,100 11,100 11,100
capital
Share premium 17,361 17,361 17,361
Profit and loss account 14,878 4,711 7,256
_______ _______ _______
SHAREHOLDERS' FUNDS 43,629 33,462 36,007
======= ======= =======
Approved by the Board on 4 February 1998.
NOTES TO THE FINANCIAL STATEMENTS
1. The results for the year ended 30 June 1997 are extracted from the accounts
filed with the Registrar of Companies which contained an unqualified audit
report.
2. The interim results for the 6 months to 31 December 1997 have been prepared
on the same basis and using the same accounting policies as those used in the
preparation of the last full year's accounts to 30 June 1997.
3. TURNOVER
6 MONTHS TO 12
31 DECEMBER MONTHS
TO 30
JUNE
1997 1996 1997
#'000 #,000 #'000
Turnover comprised:
Ticket sales 7,036 6,271 10,626
Broadcasting fees and 1,828 1,044 2,079
publishing
Merchandise revenue 2,668 1,820 2,771
Catering 1,089 1,013 1,881
Other commercial income 2,904 2,322 4,832
_______ _______ _______
15,525 12,470 22,189
======= ======= =======
4. After taking account of unutilised tax losses brought forward, the charge
for taxation is based on the estimated effective rate for the year as a whole.
5. No provision has been made in respect of the 6% dividend (inclusive of tax
credit) that will be payable on the preference shares on 31 August 1998 in
respect of the year ending 30 June 1998.
6. Earnings per share have been calculated by dividing the profit for the
period by the number of ordinary shares (290,000) in issue, after taking
account of one half of the net dividends noted in 5 above. Fully diluted
earnings per share has been calculated by dividing the profit for the period
by the total number of ordinary and preference shares in issue at 31 December
1997, and the full exercise of outstanding share purchase options (total
478,650).
7. TANGIBLE ASSETS
The increase in fixed assets in the period represents mainly the construction
of the Celtic Superstore and the South West Stand.
8. INTANGIBLE ASSETS
31 DECEMBER 30 JUNE
1997 1996 1997
#'000 #,000 #'000
Cost
At 1 July 14,139 12,176 12,176
Additions 11,982 2,150 4,743
Disposals (1,500) (1,649) (2,780)
_______ _______ _______
At period end 24,621 12,677 14,139
_______ _______ _______
Amortisation
At 1 July 5,181 4,024 4,024
Charge for the period 2,697 1,662 3,302
Disposals (515) (1,522) (2,145)
_______ _______ _______
At period end 7,363 4,164 5,181
_______ _______ _______
Net Book Value at period end 17,258 8,513 8,958
======= ======= =======
9. Debtors
The increase in the level of debtors at 31 December 1997 reflects increases in
trade debtors, other debtors and prepayments and accrued income as a result of
the level of trading experienced in the period. Included in trade debtors is
an amount of #2,968,000 receivable in agreed instalments (1996 - #250,000) in
respect of the sale of intangible fixed assets.
10. Creditors - Amounts falling due within one year
Amounts due for payment by agreed instalments in respect of player
registrations acquired in the six months to 31 December 1997, resulted in a
net increase in creditors of #2,808,000 in the period. The investment in
intangible assets in the period, together with the ongoing additions to fixed
assets, has resulted in the company having an overdraft of #2,042,000 at 31
December 1997 (1996 - #1,103,000 cash).
11. Transfer Fees Payable/Receivable
Under the terms of certain contracts with other football clubs in respect of
the transfer of player registrations, certain additional amounts will be
payable/receivable by the company if specific future conditions are met.
Amounts in respect of such contracts could result in an amount payable of
#225,000 all of which could arise within one year, and amounts receivable of
#1,525,000 of which #1,025,000 could arise within one year. Amounts
receivable of #575,000 have crystallised since the period end.
END
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