Champions League exit to hit Celtic profits

SCOTTISH football club Celtic reported strong first-half results yesterday but warned the club’s early exit from the Champions League would dent full-year revenues.

Pre-tax profits for the six months to December came in at £2 million (€2.9 million), which compared favourably with a loss of £3.3 million in the same period in 2003. Revenues increased by 8% to £39 million, while operating expenses increased by 6% to £31 million.

Chairman Brian Quinn said the club’s financial performance was excellent. Revenues from ticket sales jumped 14% on the back of higher ticket prices. TV revenue was 30% ahead, driven largely by a £2.4 million injection that was down to Celtic being Scotland’s only representative in the Champions League. However, sales of replica kit suffered from the announcement of a new deal with sportswear giant Nike, as fans held off on buying Celtic jerseys that will be out of date at the end of the season.