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Celtic profits down by £6m after Champions League loss

Celtic released their annual PLC results for 2018/19 showing a profit of £11.3m.

Celtic: Profits drop by £6m. SNS Group

Celtic’s profits dropped by £6m last season partly as a result of failing to reach the UEFA Champions League.

The Parkhead club released their annual PLC results for the 2018/19 season on Friday.

Figures show the Scottish Champions made a pre-tax profit of £11.3m, down from the £17.3m made in the previous year.

This was mostly down to their defeat to Greek side AEK Athens in the Champions League qualifiers.

The club also played two less home games in 2018/19 than they did in the previous year.

There was a continuation in ongoing stadium developments and the total revenue decreased by 17.9% from £101.6m in 2018 to £83.4m.

Despite failing to qualify for the Champions League Celtic made it into the last-32 of the Europa League for the second year running.

They also earned money from the sale of star-striker Moussa Dembele to Lyon and manager Brendan Rodgers to Leicester.

The £25m received from Arsenal for Kieran Tierney this summer is not included in the results that cover June 30, 2018 to June 30, 2019. In total they made a gain of £17.7m from player sales.

They ended the year with £38.9m in the bank, an increase on last seasons £27m.

Chairman Ian Bankier: “These results reflect a satisfactory performance in a financial year in which the Club did not qualify for the Group Stages of the Champions League, as it had done in the prior year.

“On behalf of the Board I congratulate Neil Lennon, his management team, the players and all staff at the Club on achieving the “Treble Treble”.

“At short notice, Neil took charge of the squad, delivered an eighth consecutive League Championship and triumphed in the Scottish Cup, making it the Club’s ninth successive domestic trophy.”

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