Source: Team_Talk
Reid: Celtic can weather recession
The Scottish champions' results for the six-month period to 31 December 2008 were announced today and showed Celtic's success in winning the Scottish Premier League title last season - and thus entering straight in to the Champions League group stages - was reflected in their takings.[LNB]As Scotland's sole representatives in the competition after arch-rivals Rangers were knocked out in the qualifiers, Celtic saw revenues increase by 10.3 per cent, compared to the same period last year, to £46.78million.[LNB]In addition, merchandising revenues rose by 6.4% to £10.89million, while net bank debt of £0.97million at the end of the half year is set against last 2007's £3.63million.[LNB]At £8.36million, Celtic's pre-tax profit for the six months is £1.70million down on last year's interim figure, while operating expenses also rose over last year by £1.59million to £34.10million.[LNB]That rise was mainly driven by the signings of Georgios Samaras, Shaun Maloney, Glenn Loovens, Paddy McCourt and Mark Crosas, an investment of just over £7million compared with £1.04million the previous year.[LNB]Reid claimed the interim results were "a testimony to the hard work and committed support of everyone associated with Celtic; from the board to the backroom, through management and players, from shareholders to supporters".[LNB]He told the club's official website that the Hoops will continue to be run in a prudent fashion.[LNB]"In the past, we have been criticised, and indeed on occasions pilloried, for adopting a careful and business-like approach," he said.[LNB]"We know well that we are much more than just a business and, for many of us, supporting Celtic is a way of life.[LNB]"The intense and perfectly understandable hunger for immediate football success that this fuels must always be balanced with the need to ensure that the underlying financial model - and the football success dependent upon it - can be sustained, not just in one year, but year after year.[LNB]"Others in football and elsewhere are finding out just how difficult achieving and maintaining that balance can be.[LNB]"We know from experience that sound finances are necessary for football success, and vice-versa.[LNB]"While nothing can ever be guaranteed, we have managed to achieve this balance in recent times.[LNB]"Success has been delivered consistently on the football field in the last few years, and our financial model is proving to be reasonably resilient.[LNB]"But football is not immune to wider social changes and we cannot expect not to be affected at some point by the recessionary forces in the wider economy.[LNB]"Therefore, we cannot afford to be the least bit complacent and we do not underestimate the challenges that will face us later in the year in both football and in financial terms.[LNB]"But, at this stage of the year, our finances are sound, we have everything to play for in the league and cups, our supporters are strong and our commitment to deliver success remains undiminished."[LNB][LNB] Scottish Premier Winner 2008/09. Click here to bet.[LNB]
