Business
Interim Results - 6 Months to 31 December 1999
Interim Results - 6 Months to 31 December 1999.
About this update from Celtic Plc
Celtic PLC 10 February 2000 INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 1999 HEADLINES * Revenues achieve underlying growth of 23.9% * Merchandising beats trend with 35% uplift * Broadcasting and publishing revenues surge to 55.5% increase HIGHLIGHTS * Turnover up 14.6% to £22.1m (1998 : £19.3m) - Only 14 home games played in the period (1998 : 16 games) - Estimated impact is reduction in turnover of £1.8m - Underlying growth rate was 23.9% - Significant increase of 35.3% in merchandising turnover - Broadcasting and publishing revenues up 55.5% as a result of increased interest in Europe and overseas. * Profit from operations down 9.5% to £4.3m (1998 : £4.8m) - Playing of fewer home games led to an estimated reduction of £1.3m. * Operating expenses up 22.5% to £17.8m (1998 : £14.6m) - Exacerbated by long-term injuries to key players - £9.98m (1998 : £6.02m) was invested in strengthening the first team squad with the signing of Berkovic, Petrov, Tebily, Kharine, Petta, Bonnes and Wright - New extended contracts awarded to Lambert, McNamara and Mahe - £4.45m invested since the period end in acquiring Rafael Scheidt - Amortisation charge increased by £925,000 - £1.95m invested in LSV screens and the development of CelticTV. * Profit on ordinary activities before tax of £0.7m (1998 : £2.0m) * In the Scottish Premier League the team is in a challenging position to secure European qualification for next season, and is in the semi-final of the CIS League Cup. * Major five-year kit sponsorship deal with Umbro announced following the period end. Along with a joint strategy to maximise and realise the potential of the Celtic brand worldwide. Commenting on the results, Allan MacDonald, Chief Executive, said: 'Our investment strategy of strengthening our first team squad is part of a process to create a firm foundation for achieving our ambitions of football success, business growth and the realisation of the international potential of the Celtic brand.' For further information contact: Allan MacDonald, Chief Executive 0141 551 4206 Eric Riley, Financial Director 0141 551 4201 Luisa Winnett - Gavin Anderson and Company 0141 551 4306 Marc Popiolek / Lindsey Harrison Gavin Anderson and Company 020 7457 2345 CHAIRMAN'S STATEMENT FINANCIAL RESULTS Turnover increased by 14.6% to £22.1m. Operating expenses rose by 22.5% to £17.8m. Increased costs are, in the main,...