REG - Celtic PLC - Results for the year ended 30 June 2025
19/09/2025 18:45
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RNS Number : 1389A Celtic PLC 19 September 2025
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
Announcement of Results for the year ended 30 June 2025
SUMMARY OF THE RESULTS
Key Operational Items
· Winners of the SPFL Premiership and Premier Sports Cup in season
2024/25.
· Participation in the group stages of the UEFA Champions League in
season 2024/25 achieving 12 points.
· Qualification for the Knockout Phase Play-Off of the UEFA Champions
League in season 2024/25.
· 29 home matches played at Celtic Park (2024: 24 games).
Key Financial Items
· Group revenue increased by 15.2% to £143.6m (2024: £124.6m).
· Operating expenses including labour increased by 11.1% to £117.1m
(2024: £105.4m).
· Gain on sale of player registrations of £31.5m (2024: £6.6m).
· Acquisition of player registrations of £38.6m (2024: £16.6m).
· Profit before tax of £45.7m (2024: £17.8m).
· Profit after tax of £33.9m (2024: £13.4m).
· Year-end cash of £77.3m (2024: £77.2m).
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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
Andrew Potts
CHAIRMAN'S STATEMENT
I am pleased to report on another successful year for Celtic Football Club
("the Club") both on and off the pitch. The year ended 30 June 2025 saw the
Club continue our domestic success coupled with a memorable European campaign
and the delivery of a strong set of financial results. I congratulate Brendan,
his backroom team and all our players for a memorable season.
Revenue increased to £143.6m (2024: £124.6m), with the increase driven by
a significant uplift in matchday income and UEFA rights distributions
following a successful Champions League campaign. This reflected the expanded
Champions League format which now guarantees eight matches over the previous
six and the fact we reached the play-off round. Profit after tax increased
to £33.9m (2024: £13.4m), driven by the strong revenue growth and
substantial gains from player trading of £31.5m (2024: £6.6m). These gains
were largely reinvested into the playing squad, aligned to the Club's
commitment to sustained on-field success.
Despite these strong earnings, year-end cash remained broadly flat
at £77.3m (2024: £77.2m). During the year we invested heavily in the first
team, both by way of player transfers and wages along with infrastructure
across our estate. First team labour costs were the highest levels in the
history of the Club. In total and including committed agent
fees, £42.6m was invested in player acquisitions during the year, more than
doubling the prior year spend, marking the highest single-season investment in
the Club's history including twice breaking the Club transfer record. As a
result, the carrying value of the squad is the highest it has been in the
history of the Club. Over the past three years to 30 June 2025, total
investment in player registrations including committed agent fees has
totalled £77.5m.
The Board shares the ambition of our supporters to see the strongest possible
team on the pitch and will continue to balance short-term performance with
long-term financial stability, and we must factor in the long-term
implications of all decisions made today. This strategy is vital to Celtic and
has been pivotal to our success over the last 20 years.
On the pitch, the Club secured its 55(th) league title, winning the Scottish
Premiership for the fourth consecutive season. We also lifted the Premier
Sports Cup by defeating Rangers and reached the Scottish Cup Final, narrowly
missing out on a domestic treble after losing out on penalties to Aberdeen. In
Europe, we embraced the new Champions League format, playing eight group stage
matches, earning 12 points and finishing 21(st) out of 36. This led to a
high-profile play-off tie against Bayern Munich, where we exited the
competition by a single goal following an aggregate 2-1 defeat. The campaign
was a source of pride for the Club and our supporters. Our current domestic
season has started strongly and at the time of writing we currently sit top of
the Scottish Premiership and have reached the quarter-final of the Premier
Sports Cup.
Our Women's team made their debut in the UEFA Women's Champions League in
season 2024/25, an historic milestone for the Club. While the European
challenge proved difficult, the experience gained will serve the team well as
they look to build on their progress in the seasons ahead. The physical
demands of European football undoubtedly had an adverse effect on domestic
performance where we finished fourth in the league. Elena and the team look
forward to the new season with enthusiasm and optimism.
During the 2025 summer transfer window, the Club undertook a number of changes
to the Men's first team squad as part of our ongoing strategy to refresh and
strengthen the playing group by signing 11 players. We have acquired the
registrations of Shin Yamada, Ross Doohan, Benjamin Nygren, Kieran Tierney,
Callum Osmand, Hayato Inamura, Michel-Ange Balikwisha
(https://www.67hailhail.com/tag/michel-ange-balikwisha/) , Sebastian Tounekti
(https://www.67hailhail.com/tag/sebastian-tounekti/) and Kelechi Iheanacho
along with the temporary transfers of Jahmai Simpson-Pusey and Marcelo
Saracchi.
We recognise and share the frustration and disappointment of our supporters
with respect to the timing of some of the incoming acquisitions. We will
always look to improve how we operate and overcome challenges where possible.
The registrations of Gustaf Lagerbielke, Nicolas Kühn, Adam Idah, Mitchel
Frame, Marco Tilio and Hyeok-kyu Kwon were permanently transferred to other
clubs with Scott Bain, Greg Taylor and Daniel Cummings leaving at the end of
their contracts. In addition, Maik Nawrocki, Adam Montgomery, Stephen Welsh
and Luis Palma departed on loan. As always, we thank those players for their
contributions to Celtic and wish them every success for the coming season at
their new clubs.
Looking forward, myself and the Executive team will continue to represent our
Club at the highest level of domestic and European football. Given the
financial disparity that now exists across European Leagues it is vital that
the interests of Scottish Football are represented to ensure that we are not
only able to maintain our position but also to grow and take advantage of the
continued global expansion of football.
This year also brought real sadness with the passing of Lisbon Lions John
Clark and John Fallon, and our former Chairman Jack McGinn. Their
contributions to Celtic and Scottish Football were immense, and we will
continue to honour their legacy.
My sincere gratitude and thanks go to the Club's supporters who season after
season give their unwavering support. Thanks must also go to our hardworking
and dedicated employees whose contribution is vital to the success we have
enjoyed in recent years.
Peter T Lawwell,
Chairman
19 September 2025
CHIEF EXECUTIVE'S REVIEW
The 2024/25 season marked another period of progress for Celtic Football Club,
both on and off the pitch. Our strategic focus on success and performance on
the pitch, whilst continuing to develop the Club off the pitch, delivered
strong results across the Club.
On the pitch we secured the Scottish Premiership for the 55(th) time and won
the Premier Sports League Cup for the 22(nd) time, taking our total trophy
count to 120. Although disappointed by narrowly losing out to Aberdeen on
penalty kicks in the Scottish Cup Final, we were all delighted with the team's
success over the season, and I thank Brendan, Callum and all of the management
and staff. This success was further reflected in a successful Champions League
campaign, marked by competitive performances where we achieved three wins and
three draws and progressed to the play-off round where we suffered a narrow
exit to Bayern Munich over two legs.
Elena and the Women's team started off our season with an outstanding series
of performances in the qualifying rounds that led to the team's historic
qualification for the first time to the UEFA Women's Champions League, where
we were drawn against Chelsea, Real Madrid and FC Twente. Domestically, the
team did not hit the heights we had all hoped for after securing the
Championship in the previous season, however the intensity of the season and
the Champions League experience will form the basis for valuable development
in our Women's football operation. I thank Elena, Kelly and the Women's team
management and staff for everything they have done to continue the progress of
Women's football at Celtic.
Our objective each year is to compete in the Champions League. Unfortunately
this season, we suffered a loss on penalties in the tie against Kairat Almaty,
which resulted in Europa League entry instead. As a Board, we take
responsibility for the failure to achieve that key objective and commit to
improving going forward. We now look ahead to our Europa League fixtures
against FK Crvena Zvezda, SC Braga, SK Sturm Graz, FC Midtjylland, Feyenoord,
AS Roma, Bologna FC 1909 and FC Utrecht, where we will hope to perform
strongly and progress in the competition.
Aligned to our core objective of competing in the Champions League is
successful player trading. Last year, we invested record sums between transfer
fees and first team player wages. This year, regretfully we did not achieve
all of our objectives in the transfer window. We share and understand our
supporters' disappointment and frustration, and we will continue to seek to
review and improve our strategy and execution as the market continues to
evolve.
Alongside player recruitment, the creation of Champions League players through
our academy system and pathway to first team football is crucial to our
strategy. During the year ended 30 June 2025, we completed a significant
enhancement of our Lennoxtown facility, with a further phase to follow this
year, and we recently completed the transformation of our Barrowfield training
ground. At Barrowfield, this included the construction of a full-size indoor
playing surface, a performance gym and all the facilities required for an
elite footballing environment. This facility, dedicated to our Women's first
team, under 18 professionals and boys' and girls' academies is unique to any
club in Scotland and will provide outstanding facilities for our teams and
academies to grow and develop for years to come. In addition, at Celtic
Park, we have installed a new hybrid playing surface and refurbished several
areas in the stadium. We are currently assessing a number of further capital
projects to enhance the experience for our supporters in the stadium as we
look to continue to develop Celtic Park.
The completion of our Barrowfield training ground underpins our commitment to
the development of academy players and is crucial to enabling these players to
maximise their potential and the connection they have with the Club. Nothing
demonstrates this more recently than Callum McGregor, James Forrest and Kieran
Tierney. Our captain Callum McGregor achieved the milestone of 500 appearances
for Celtic in February of this year, and my sincerest thanks and
congratulations go to Callum for everything he has achieved for Celtic over a
period of almost 25 years. I would also like to pass on my thanks and
gratitude to James Forrest. On the last day of the 2024/25 season, James
scored in the final moments of the game to mark a milestone in the history of
Celtic by scoring in the last 16 consecutive seasons of his career at Celtic.
The goal marked James' 109(th) for Celtic in his 527(th) appearance and in
lifting the Scottish Premiership trophy that day he became Celtic's most
decorated player with 26 major honours, taking over from the great Bobby
Lennox. We were also delighted to welcome Kieran back to Celtic, following a
successful spell in the English Premier League, as we continue to build for
success with our academy talent.
During the year we have also made progress with our digital strategy, as we
look to enhance engagement and communication with our supporters. The
implementation of our digital strategy will lead to improved touch points with
our supporters, including the launch of a new Club App, digital ticketing
options and the re-development of Celtic TV. We understand that our global
supporter base wishes to engage with Celtic in this way and we aim to provide
them with the opportunity to benefit from a more seamless experience.
We were also pleased to enter into new long-term partnerships with both adidas
and JD Sports demonstrating our commitment to working with the best partners
in the market. We also appreciate our longstanding shirt sponsor Dafabet,
with whom we extended our successful partnership, and we thank all of our
partners for their support.
Reflecting on an incredibly busy year, I would like to thank all of my
colleagues who work tirelessly for the best for Celtic. As we look to
the season ahead together with optimism, we have started off the domestic
season well. We must and will strive not only for success, but also to
continuously improve our Club both on and off the pitch.
I will close by thanking our supporters for their continued and relentless
support of Celtic. It is never taken for granted. Supporters underpin
everything we do and seek to achieve at Celtic.
Michael Nicholson, Chief Executive
19 September 2025
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 30 June 2025
2025 2024
Notes £000 £000
Revenue 2 143,597 124,580
Operating expenses (before intangible asset transactions and exceptional (117,062) (105,394)
items)
Profit from trading before intangible asset transactions and exceptional items 26,535 19,186
Exceptional operating (expense)/income 3 (2,005) 203
Amortisation of intangible assets (13,845) (11,483)
Profit on disposal of intangible assets 31,488 6,637
Operating profit 42,173 14,543
Finance income 5,082 4,726
Finance expense (1,568) (1,444)
Profit before tax 45,687 17,825
Tax expense 5 (11,753) (4,441)
Profit and total comprehensive profit for the year 33,934 13,384
Basic profit per Ordinary Share for the year 6 35.78p 14.14p
Diluted profit per Share for the year 6 25.22p 10.21p
CONSOLIDATED BALANCE SHEET
As at 30 June 2025
2025 2024
£000 £000
Assets
Non-current assets
Property, plant and equipment 70,204 62,143
Intangible assets 45,491 27,914
Trade receivables 23,026 5,310
138,721 95,367
Current assets
Inventories 3,468 2,871
Trade and other receivables 43,170 42,624
Cash and cash equivalents 77,310 77,228
123,948 122,723
Total assets 262,669 218,090
Equity
Issued share capital 27,214 27,197
Share premium 15,065 15,028
Other reserve 21,222 21,222
Accumulated profits 92,128 58,194
Total equity 155,629 121,641
Non-current liabilities
Debt element of Convertible Cumulative Preference Shares 4,129 4,145
Trade and other payables 14,778 3,663
Lease liabilities 233 501
Provisions 80 80
Deferred tax liabilities 5,251 3,914
24,471 12,303
Current liabilities
Trade and other payables 40,877 42,432
Lease liabilities 488 518
Borrowings 96 96
Provisions 5,614 6,245
Deferred income 35,494 34,855
82,569 84,146
Total liabilities 107,040 96,449
Total equity and liabilities 262,669 218,090
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 30 June 2025
Group Share Share Other Accumulated Total
capital premium reserve profit
£000 £000 £000 £000 £000
Equity shareholders' funds 27,168 14,990 21,222 44,810 108,190
as at 1 July 2023
Share capital issued 29 38 - - 67
Profit and total comprehensive profit - - - 13,384 13,384
for the year
Equity shareholders' funds 27,197 15,028 21,222 58,194 121,641
as at 30 June 2024
Share capital issued 17 37 - - 54
Profit and total comprehensive profit - - - 33,934 33,934
for the year
Equity shareholders' funds 27,214 15,065 21,222 92,128 155,629
as at 30 June 2025
CONSOLIDATED CASH FLOW STATEMENT
For the year ended 30 June 2025
2025 2024
£000 £000
Cash flows from operating activities
Profit for the year 33,934 13,384
Taxation charge 11,753 4,441
Depreciation 2,713 2,560
Amortisation of intangible assets 13,845 11,483
Impairment of intangible assets and other prepaid costs 2,004 -
Profit on disposal of intangible assets (31,488) (6,637)
Loss on disposal of tangible assets 255 7
Finance income (5,082) (4,726)
Finance costs 1,568 1,444
29,502 21,956
(Increase)/decrease in inventories (597) 555
Decrease in receivables 2,072 4,363
Decrease increase in payables and deferred income (1,652) (5,032)
Cash from operations 29,325 21,842
Tax paid 5 (12,433) (7,013)
Interest received 3,048 3,174
Net cash flow generated from operating activities 19,940 18,003
Cash flows from investing activities
Purchase of property, plant and equipment (11,688) (7,176)
Purchase of intangible assets (37,772) (31,561)
Proceeds from sale of intangible assets 30,856 26,854
Net cash used in investing activities (18,604) (11,883)
Cash flows used in financing activities
Payments on leasing activities (747) (683)
Dividend on Convertible Cumulative Preference Shares (507) (494)
Net cash used in financing activities (1,254) (1,177)
Net increase in cash equivalents 82 4,943
Cash and cash equivalents at 1 July 2024 77,228 72,285
Cash and cash equivalents at 30 June 2025 77,310 77,228
NOTES TO THE FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
The principal accounting policies applied in the preparation of this
announcement are detailed within the Group financial statements. These
policies have been consistently applied to financial years 2025 and 2024,
presented, for both the Group and the Company.
Going Concern
The Group has adequate financial resources available to it, including
currently undrawn bank facilities, together with established contracts with a
number of customers and suppliers.
Additionally, the Group continues to perform a detailed budgeting process each
year which is reviewed and approved by the Board. The Group also performs
regular re-forecasts and these projections, which include profit/loss and cash
flow forecasts, are distributed to the Board. As a consequence, the Directors
believe that the Group is well placed to manage its business risks
successfully over the medium term.
In consideration of the above, the Directors have a reasonable expectation
that the Group and 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 annual Financial Statements and
have not identified a material uncertainty in this regard.
2. REVENUE
2025 2024
£000
£000
The Group's revenue comprised:
Football and Stadium Operations 61,202 49,971
Merchandising 30,061 30,089
Multimedia and Other Commercial Activities 52,334 44,520
143,597 124,580
3. EXCEPTIONAL OPERATING (EXPENSES) / INCOME
The exceptional operating charge of £2.0m (2024: credit of £0.2m) can be
analysed as follows:
2025 2024
£000
£000
Impairment of intangible assets and other prepaid costs (2,004) -
Compensation for player salaries - 269
Settlement agreements on unforeseen contract termination (1) (66)
(2,005) 203
The impairment of intangible assets in the current year relates to adjustments
required as a result of management's assessment of the carrying value of
certain player registrations relative to their current market value. The
carrying value of intangible assets are reviewed against criteria indicative
of impairment and, where the carrying value exceeds their current market
value, impairment is recognised. Where events subsequent to this initial
assessment give rise to a reversal of any impairments, such as a transfer or a
significant turnaround in performance, an impairment reversal is recognised.
Settlement agreements on unforeseen contract termination are costs in relation
to exiting certain employment contracts.
The compensation for player salaries in the prior year is recovery of labour
costs as a result of players being injured while on international duty.
4. DIVIDEND ON CONVERTIBLE CUMULATIVE PREFERENCE SHARES
A 6% non-equity dividend of £0.52m (2024: £0.53m) was paid on 29 August 2025
to those holders of Convertible Cumulative Preference Shares on the share
register at 25 July 2025. A number of shareholders elected to participate in
the Company's scrip dividend reinvestment scheme for the financial year to 30
June 2025. Those shareholders have received new Ordinary Shares in lieu of
cash. No dividends were payable or proposed to be payable on the Company's
Ordinary Shares.
5. TAX ON ORDINARY ACTIVITIES
The current year tax charge was £11.8m (2024: £4.4m) and total tax payments
in the year were £12.4m (2024: £7.0m). The available capital allowances pool
is approximately £14.1m (2024: £8.5m). These estimates are subject to the
agreement of the current year's corporation tax computations with H M Revenue
and Customs.
The standard rate of corporation tax for the year in the United Kingdom is
currently 25% (2024: 25%).
2025 2024
£000
£000
Current tax expense
UK corporation tax 10,479 4,003
Adjustments in respect of prior periods (63) (261)
Total current tax expense 10,416 3,742
Deferred tax expense
Origination of temporary timing differences 1,031 561
Adjustments in respect of prior periods 306 138
Total deferred tax 1,337 699
Total tax expense 11,753 4,441
6. EARNINGS PER SHARE
Reconciliation of basic earnings to diluted earnings: 2025 2024
£000 £000
Basic earnings 33,934 13,384
Non-equity share 563 565
dividend
Diluted earnings 34,497 13,949
No.'000 No.'000
Reconciliation of basic weighted average number of ordinary shares to
diluted weighted average number of ordinary shares:
Basic weighted average number of ordinary shares 94,849 94,639
Dilutive effect of convertible shares 41,949 42,038
Diluted weighted average number of ordinary shares 136,798 136,677
Earnings per share of 35.78p (2024: 14.14p) has been calculated by dividing
the total comprehensive profit for the period of £33.9m (2024: £13.4m) by
the weighted average number of Ordinary Shares of 94.8m (2024: 94.6m) in issue
during the year.
Diluted earnings per share of 25.22p (2024: 10.21p) has been calculated by
dividing the diluted earnings for the period of £34.5m (2024: £13.9m) by the
weighted average number of Ordinary Shares, Convertible Cumulative Preference
Shares and Convertible Preferred Ordinary Shares in issue, assuming conversion
at the Balance Sheet date, if dilutive. When considering a loss per share
scenario, no adjustment is made for the Preference Share dividend and
therefore the diluted loss per share is equal to the basic loss per share.
7. ANNUAL REPORT & FINANCIAL STATEMENTS
Copies of the Annual Report & Financial Statements together with the
Notice and Notes of the 2025 AGM will be issued to all shareholders in due
course.
The financial information set out above does not constitute the Company's
statutory financial statements for the years ended 30 June 2025 or 30 June
2024. The Independent Auditor's Reports on the statutory financial statements
for 2025 and 2024 were unqualified, did not draw attention to any matters by
way of emphasis, and did not contain a statement under 498(2) or 498(3) of the
Companies Act 2006. The statutory financial statements for the year ended 30
June 2024 have been filed with the Registrar of Companies and those for the
year ended 30 June 2025 will be delivered to the Registrar of Companies in due
course.
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