Celtic reveal drop in turnover

CELTIC have announced a decrease in turnover of almost 23% for the six months to the end of 2009.

The Parkhead club revealed in their interim results a turnover of €41.5m, down 22.8% on €54m at the same time last year. Profits before taxation were down from €9.6m to €1.46m while bank debt increased from just over €1m to €3.6m.

Chairman John Reid blamed the downturn on failure to qualify for the Champions League in addition to “more difficult trading conditions”.