LONDON (ShareCast) - Scottish football club Celtic’s pre-tax profits fell sharply in the six months to December 31 after it hosted fewer games and had to share money earned for qualifying for the UEFA Champions League with rival Rangers.
Pre-tax profits for the period fell to £10.07m from £17.94m in the same period the previous year. Turnover fell by 9.3% to £42.43m.
Chairman John Reid – the former home secretary – said the reduction was “principally due to two fewer home matches being played and not being Scotland's sole participant in the Champions League.”
He continued: “Our merchandising revenues dipped, having had only one new strip launch, as opposed to two at a comparable stage last year, and reflecting the competitive marketplace in which we trade.”
However, Celtic, which was yesterday ranked 17 in Deloitte’s list of the world’s richest football clubs, reduced net debt to £6.81m, from £15.02m at the end of 2006.
