Celtic have released their annual financial results for the year ended 30th June 2024 and the figures are eye-catching as usual.
The club have declared revenue of £124.6m – a record amount that is a 3.9% increase on the previous annual period.
Operating expenses were a hefty £105.4m, up from £95.4m.
Profit before taxation was a massive £17.8m, significantly down from £40.7m in 2024 in line with the club’s expectations due to ‘a number of known and anticipated factors’, says the statement.
Despite that profit, the cash held in the club’s bank accounts was only up by £4.9m, now standing at a huge £77.2m.
Chairman Peter Lawwell explained that this is because of investments into various areas of the club, from the team to building projects.
Lawwell said: “Our year end cash was £77.2m (2023: £72.3m). Despite Champions League qualification, the increase in cash was more modest than it may have been owing to the investment into the team in terms of transfer expenditure and wage costs in the year under review.
“This was coupled with the commencement of significant capital expenditure projects, including the Barrowfield re-development and a number of stadium maintenance projects.”
It’s worth pointing out that some will question sitting on such a mountain of money that isn’t being used.
Despite significant investment in the playing squad this summer, could the club be doing more to leverage the resources available?
The club put forward an argument for self-sustainability and ensuring compliance with UEFA Financial Sustainability rules but with plenty of work to do to modernise the club in multiple departments, the board do have the means to splash the cash a little more.
They have at least ensured it hasn’t grown by massive amounts by spending much of the profit attained over the last 12 months. Hopefully, we see more of that over the next year.
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Peter Lawwell
Mikey Johnston of West Bromwich Albion during the Sky Bet Championship match between West Bromwich Albion and Watford at The Hawthorns on April 1, …Photo by Malcolm Couzens – WBA/West Bromwich Albion FC via Getty Images
John Swift opens up on how Mikey Johnston is settling at West Brom after Celtic exit
Mon 16 September 2024 18:10
Sean Markus Clifford
Mikey Johnston will always hold a place in his heart for Celtic despite leaving in the summer for West Bromwich Albion on a permanent deal.
The Republic of Ireland international moved to the Midlands for a fee of £3 million late in the window following an excellent stint on loan at the Hawthorns last term.
Scoring seven goals in 20 appearances, Sheffield United were also heavily linked with securing his signature. However, he has since admitted he held out for a return to West Brom as he looks to hold down a starting place at the Sky Bet Championship outfit.
He stated: “It was quite late genuinely but I tried to give West Brom every chance so it was possible to come back.”
Now, teammate John Swift has revealed how Johnston is settling into life in his surroundings after departing his boyhood club.
John Swift on Mikey Johnston being back at West Brom
Speaking to Birmingham Mail, Swift revealed Johnston was put up by West Brom and Ireland teammate Jayson Molumby after completing his late departure from Celtic. The former Portsmouth midfielder also indicated that Johnston is living in a hotel while he looks to put down roots in the local area.
Meanwhile, the copy notes the former Hoops man and Swift recently watched the Bhoys’ demolition of Rangers before the international break together.
Mikey Johnston of Republic of Ireland challenges for the ball with Silvan Widmer of Switzerland during the international friendly match between Rep…
Photo by Charles McQuillan/Getty Images
“Everyone knows how important he was when he came in. He’s a great guy around the place, he gets on with everyone. He needs to wait for his chance, because KG (Karlan Grant) is doing really well at the minute. It did seem unlikely he was going to come back, from the outside for the players, but once it got closer it felt like it was actually going to happen.
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“He went to (Jayson) Molumby’s at 2 am, so that was a nice message to wake up to. I think he’s in a hotel at the minute, looking for a place. I wouldn’t have him at mine!”
Mikey Johnston will kick on at West Brom
Johnston made nearly 100 appearances for Celtic across all competitions, he just couldn’t ever sustain himself in the starting line-up for long enough due to a combination of injuries and inconsistency.
Despite this, he is a revered talent at full tilt. It is unclear whether West Brom would’ve made the Sky Bet Championship playoff berths without his contribution last season.
Hopefully, he can kick on and establish himself south of the border in the coming months. His time at Celtic may have ended, but he is someone supporters will wish well in his future endeavour