Celtic profits slump

Aug 18 2008

Revenues also down despite on field success for Glasgow club

PRE-tax profits at Celtic have fallen from £15 million to £4.44 million despite another successful year on the pitch.

Revenues at the Glasgow club also slumped by three per cent to £72.95 million.

Operating expenses rose by 8.1 per cent to more than £64 million.

Chairman John Reid said: Last year's outstanding financial and football performance was always going to be a hard act to follow.

"Record turnover, income and profit, a second successive Premier League title and progress beyond the group stages in Europe set a challenging precedent.

"Despite all of that I'm delighted to report Celtic rose to the challenge.

"We have returned a profit for the second successive year and a Championship title for a third. "Achievements off the field reflect great credit on our staff and management. Those in the football arena equally so."