Celtic management scores with £2m half time profit

THE business suits at publicly quoted football club Celtic changed ends this week after playing a blinder in the first half when the ball of profitability found the net over two million times. However, the excitement of 10,000 shareholders at the skilful performance of their boardroom team was somewhat tempered by being told that, despite the comfortable financial position, no return on investment will be paid. The Glasgow club's corporate game plan (rumoured to be a 3-5-2 formation) is to reinvest profits to beef up the playing squad and to improve facilities at the Celtic Park stadium.

The Celtic boardroom, in which canny Irish entrepreneur Dermot Desmond plays a crucial financial striker's role with 14 per cent of the equity, kept its eye on the ball with pre tax profits in the first six months doubling to more than £2 million on turnover a up 46 per cent to £12.5 million.

Chairman Fergus McCann says that, as most of Celtic's home games take place in the first half of its financial year, income in the second half will be lower, possibly requiring a 4-3-3 reconfiguration. "Product consciousness" is growing with construction soon to start on a new retail megastore" at Celtic Park to enhance sales of the dreaded logo embossed clothing, mugs, duvet covers, wallpaper, etc. The balance sheet reflects the Bosman ruling on the value of player registrations, a 4-4-2 accountancy adjustment resulting in a £1.7 million charge in the period, compared to £902,000 previously.