Quinn warning despite improved Celtic finances

Chairman Brian Quinn today admitted Celtic’s early exit from Europe could prove costly for the Glasgow giants.

The Hoops have reported an improved financial performance when announcing the interim results for the six months leading up to December 31 of last year.

Group turnover had increased by 8.3% to £38.98m ( €56.6m) while they had a profit from operations of £8.15m (€11.8m) compared to £3.3m (€4.8m) for the same period in the previous year and profit before taxation of £2.04m (€3m) in contrast to a loss of £2.86m (€4.1m).

The Bank of Scotland Premier League champions and Tennent’s Scottish Cup winners also reduced debt to £17.38m (€25.2m) in contrast to £18.17m (€26.4m) for the same period in 2003.

Their improved financial results are down to their involvement in the Champions League but Quinn warned the financial picture for the next six months would not be so rosy.

“Elimination from European competition in December and the fact that we will play fewer domestic home games in the second half of the year, will lead to football revenues in the second half being lower than in the first half.”