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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 | 1,883 | 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 : 8756Y
Celtic PLC
11 September 2015
Celtic PLC
Announcement of Results for the year ended 30 June 2015
SUMMARY OF THE RESULTS
Operational Highlights
-- Winner of the SPFL Premiership -- Winner of the Scottish League Cup
-- Participated in the UEFA Europa League, qualifying for the round of 32 stage, playing 7 home European matches (2014: 6)
-- 29 home matches played at Celtic Park (2014: 28)
-- Successful hosting of the Commonwealth Games Opening Ceremony and SFA International matches
-- New commercial sponsorship agreements with New Balance and Dafabet -- Completion of the highly acclaimed Celtic Way and Stadium Branding
Financial Highlights
-- Group revenue decreased by 21.1% to GBP51.08m -- Operating expenses decreased by 11.1% to GBP53.27m -- Exceptional costs of GBP0.74m (2014: GBP4.66m) -- Gain on sale of player registrations of GBP6.77m (2014: GBP17.05m) -- Loss before taxation of GBP3.95m (2014: profit of GBP11.17m) -- Year-end net cash at bank of GBP4.72m (2014: GBP3.83m) -- Investment in football personnel of GBP9.42m (2014: GBP8.07m).
For further information contact:
Company
Ian Bankier, Celtic plc Tel: 0141 551 4235 Peter Lawwell, Celtic plc Tel: 0141 551 4235 Iain Jamieson, Celtic plc Tel: 0141 551 4235
Canaccord Genuity Limited, Nominated Adviser
Bruce Garrow Tel: 020 7523 8350
CHAIRMAN'S STATEMENT
These results, which show an operating loss of GBP3.6m compared to a profit of GBP11.8m last year, reflect two key factors. First, lower contribution from the sale of player registrations, and second, diminished income from competing in the UEFA Europa League competition. The lower contribution from the disposal of player registrations was as a result of the Board deciding to retain certain registrations to aid and enhance value for the football operations.
The Board remains committed to ensuring that the medium and long-term future of the Club, and the Company, is secured. Having regard to the environment in which we continue to operate, the Board's belief in a self- sustaining financial model has not waivered. We believe that there is no other sensible way to operate. The model is designed to protect the Club from the inherent unpredictability of football. Although the Board is very disappointed not to have secured qualification for the Group Stages of the UEFA Champions League for season 2015/16, that failure does not put at risk the continued operation of the Club. We are confident that our model provides a platform for improved financial performance in the year to 30 June 2016.
The Club's strength and stability off the pitch allows us to give full support to the Football Manager in securing his transfer targets, whilst at the same time continuing to invest in the Youth Academy that will develop our young players for the first team. Disappointed at the outcome of the Champions League qualifier, we look forward with optimism to the season ahead. We wholeheartedly support Ronny Deila and his support staff as they strive to make Celtic stronger on the pitch.
Meanwhile, the Club remains engaged and represented in the Scottish and European game. Peter Lawwell, our Chief Executive, has recently been re-elected on to the board of the European Club Association. In addition, for the forthcoming season Peter remains a member of the board of the Scottish FA and the Association's Professional Game Board. Our Financial Director, Eric Riley, remains a member of the board of the Scottish Professional Football League for the season ahead. Our representation at these levels gives us the facility to continue to explore ways in which the football environment in which we operate can be enhanced.
It is important in the context of this short statement that I should note the achievements of Celtic FC Foundation, which upholds and promotes the charitable principles and heritage of Celtic Football Club. The Foundation is now involved in more educational, community and charitable work than at any time in the Club's history. The Foundation assists those who face challenges, both at home and abroad, in Health, Equality, Learning and Poverty (HELP) and, on behalf of the Board, I congratulate all those involved, whether it be by giving their time or their money, or both, to support the Foundation.
The success of Celtic is dependent on the ongoing support of our colleagues, fans, sponsors, partners and shareholders; the Board is grateful for that support and is committed to promoting and maintaining that success for future generations.
Ian P Bankier
11 September 2015
Chairman
CHIEF EXECUTIVE'S REVIEW
The year to 30 June 2015 was a period of transition for Celtic. Ronny Deila's first season as manager had successes, with Celtic winning the double of the Scottish Premiership and League Cup and progressing to the last 32 of the UEFA Europa League, as well as disappointments, most notably in failing to qualify for the UEFA Champions League Group Stages and losing in the semi final of the Scottish Cup.
Off the pitch, it was also a challenging year. Our decision not to transfer certain players registration during the period, together with failure to progress in the UEFA Champions League, have had a significant impact on revenues and profits.
Our core strategy remains focussed on a football operation with a self sustaining financial model and relies upon: the youth academy; player development; player recruitment; management of the player pool; and sports science and performance analysis, to deliver long term sustainable football success. The Board reviews our strategy on an ongoing basis and, having regard to the environment in which we play, considers that it will continue to deliver stability, growth and success for Celtic. Notwithstanding the decline in revenues and profits, at the end of the financial year our cash at bank position had increased slightly to GBP4.72m (2013:GBP3.83m). This is essential given the challenges of operating in the Scottish football environment and our fluctuating cash requirements during the year to come. Celtic has strong foundations upon which to build.
Last season, the Club won the SPFL Premiership, finishing 17 points ahead of closest rivals Aberdeen, and beat Dundee United in the Scottish League Cup Final. But for losing in the semi-final against Inverness, we may also have gone on to compete in the Scottish Cup Final, coming close to a domestic treble in Ronny Deila's first season in charge. The margins in football are very thin and games can turn on a single incident. Initial results in Europe were disappointing, exiting the UEFA Champions League before the group stage against NK Maribor. In the UEFA Europa League, however, our performances and results improved, leading to qualification from our group. Our performances against Inter Milan were very promising.
It is particularly pleasing to note that our Youth Academy, which is so important to the ethos of the Club, enjoyed another successful year. Our teams experienced domestic successes, including the U17's League and winning both the Youth Cup and the Glasgow Cup against Rangers. Our Development Squad also participated in the inaugural Premier League International Cup, gaining vital experience against the best academies in the English Premiership and Europe. Although the development of the players is paramount, the team performed very well and were unlucky to lose to Manchester City in the quarter finals.
During the year we were delighted to see the continued emergence of first team players from the Academy squads, like Callum McGregor, Eoghan O'Connell, Liam Henderson and Kieran Tierney, which is vital to the future success of the Club. The development of the partnership between the Academy and St. Ninian's High School is a cornerstone of the Youth Academy as we combine the development of talent on the pitch and in the classroom with the target of producing Champions League players with the skills to progress in football and in life.
The redevelopment of Celtic Park and surrounding areas was completed in time for the Opening Ceremony of the Glasgow 2014 Commonwealth Games. I am sure that all Celtic supporters shared my pride as Celtic and our great stadium were broadcast around the world. We are continuing to build on that exposure and the addition of the new Paradise wrap around Celtic Park over the summer has raised the stadium to a new level, creating a truly iconic structure.
The Board and I shared the disappointment of our supporters, football management team, players and all involved with the Club at the poor result in Malmo. Ronny and his coaching team are continuing to build their team and the Board will continue to support them in the transfer market and in the development of the football operation generally. The Board's commitment remains to re-invest every penny received back into the Club for the longer term. Ronny is delighted with the development of the squad in the January and summer transfer windows, with his primary signing targets acquired. Our squad mixes exciting young players, both from our Academy and from across Scotland and Europe, with experienced internationals. As Ronny develops his players and creates our team, we look forward to the forthcoming season with confidence.
(MORE TO FOLLOW) Dow Jones Newswires
September 11, 2015 11:10 ET (15:10 GMT)
My colleagues at the Club and I are dedicated to creating a world class football club. Everything that we do, we do to achieve the best for Celtic. Charity forms a fundamental aspect of the club that we aspire to create. Charity lies at the very heart of Celtic; it is part of our DNA. I am delighted to say that the Club and its supporters does more now than we ever have done for charitable purposes, most notably Celtic FC Foundation, which continues to grow from strength to strength and to inspire all those involved with it. The continued commitment of our supporters, shareholders and partners is crucial; I thank you for that commitment, which we will do all that we can to repay.
Our objectives this year remain success in all three domestic competitions and in the UEFA Europa League, playing creative and exciting football. We will continue to build on the foundations that have been laid and focus on qualification for the group stages of the UEFA Champions League, which is where this great club belongs.
Peter Lawwell
11 September 2015
Chief Executive
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
2015 2014 Operations Operations excluding excluding intangible Intangible intangible Intangible asset asset asset asset trading trading Total trading trading Total Note GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 CONTINUING OPERATIONS: Revenue 2 51,080 - 51,080 64,736 - 64,736 Operating Expenses (excluding exceptional operating expenses) 2 (53,268) - (53,268) (59,885) - (59,885) _________ _________ _________ _________ _________ _________ (Loss) / profit from trading before asset transactions and exceptional items (2,188) - (2,188) 4,851 - 4,851 _________ _________ _________ _________ _________ _________ Exceptional operating (expenses) / credit 3 (1,001) 261 (740) (575) (4,089) (4,664) Amortisation of intangible assets - (7,313) (7,313) - (5,300) (5,300) Profit on disposal of intangible assets - 6,773 6,773 - 17,052 17,052 Loss on disposal of property, plant and equipment (102) - (102) (101) - (101) _________ _________ _________ _________ _________ _________ Operating (loss) / profit (3,291) (279) (3,570) 4,175 7,663 11,838 ________ ________ ________ ________ Finance Income 185 53 Finance Expense (562) (721) _________ _________ (Loss) / profit before tax (3,947) 11,170 Income tax expense 5 - - _________ _________ (Loss) / profit and total comprehensive (3,947) 11,170 (loss) / profit _________ _________ for the year (Loss) / profit attributable to equity holders of the parent (3,947) 11,170 ________ ________ Total comprehensive (loss) / income attributable to equity holders of the parent (3,947) 11,170 ________ ________ Basic earnings per Ordinary Share from continuing operations and for the year 6 (4.25p) 12.21p ________ ________ Diluted earnings per share from continuing operations and for the year 6 (4.25p) 8.60p ________ ________
CONSOLIDATED BALANCE SHEET
2015 2014 GBP000 GBP000 Assets Non-current assets Property, plant and equipment 55,452 55,594 Intangible assets 8,356 7,197 63,808 62,791 ========= ========== Current assets Inventories 2,098 1,696 Trade and other receivables 14,740 17,258 Cash and cash equivalents 11,770 14,739 --------- 28,608 33,693 ========= ========== Total assets 92,416 96,484 ========= ========== Equity Issued share capital 24,294 24,357 Share premium 14,573 14,529 Other reserve 21,222 21,222 Capital reserve 2,781 2,695 Accumulated losses (12,919) (8,972) --------- Total equity 49,951 53,831 ========= ========== Non-current liabilities Interest bearing liabilities/bank loans 6,850 9,844 Debt element of Convertible Cumulative Preference Shares 4,262 4,284 Provisions 907 1,047 Deferred income 2,600 59 --------- 14,619 15,234 ========= ========== Current liabilities Trade and other payables 14,579 16,937 Current borrowings 308 485 Provisions 251 265 Deferred income 12,708 9,732 --------- 27,846 27,419 ========= ========== Total liabilities 42,465 42,653 ========= ========== Total equity and liabilities 92,416 96,484 ========= ==========
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Share Other Capital Retained Group capital premium reserve reserve earnings Total GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 Equity shareholders' funds as at 1 July 2013 24,341 14,486 21,222 2,650 (20,142) 42,557 Share capital issued 1 43 - - - 44 Transfer to capital reserve (45) - - 45 - - Reduction in debt element of convertible cumulative preference shares 60 - - - - 60 Profit and total comprehensive income for the year - - - - 11,170 11,170 Equity shareholders' funds as at 30 June 2014 24,357 14,529 21,222 2,695 (8,972) 53,831 Share capital issued 1 44 - - - 45 Transfer to capital reserve (86) - - 86 - - Reduction in debt element of convertible cumulative preference shares 22 - - - - 22 Loss and total comprehensive loss for the year - - - - (3,947) (3,947) Equity shareholders' funds as at 30 June
(MORE TO FOLLOW) Dow Jones Newswires
September 11, 2015 11:10 ET (15:10 GMT)
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