Celtic’s results mirror on-pitch showing

GLASGOW Celtic’s financial results – for the year to the end of June – mirrored the club’s poor on-field performance last season; with it slipping into the red, turnover dropping significantly and debt levels rising.

The plc holding company of the Scottish football club – in which Irish financier Dermot Desmond is the largest shareholder – has reported a pre-tax loss of £2.13 million (nearly €2.6m) for its latest fiscal year; down from a profit of £2m for the preceding 12 months.

Trading profit, before all exceptional items were taken into account, amounted to £4.46m – down from £11.23m the previous year.