Celtic reveal fall in turnover

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GLASGOW, Feb 15, 2010 (AFP) - Scottish football giants Celtic announced Monday a decrease in turnover of almost 23 percent for the six months to the end of 2009.

The Glasgow club revealed in their interim results a turnover of 36.11 million pounds (56.58 million dollars), down 22.8 percent on 46.8 million pounds (73.3 million dollars) compared to figures released this time last year.

Profits before taxation were down from 8.36 million pounds (13.09 million dollars) to 1.27 million pounds (1.98 million dollars) while bank debt more than trebled from 0.97 million pounds (1.51 million dollars) to 3.13 million pounds (4.90 million dollars).

Celtic chairman John Reid blamed the results on the club's failure to qualify for the group stages of the lucrative Champions League as well as "more difficult trading conditions".

Reid, a former British Government minister, in a statement on Celtic's website said: "A year ago I reported on a very positive set of interim results.

"This reflected good trading conditions, three recent Scottish Premier League Championships and participation in the Group Stage of the UEFA Champions League as Scotland's sole representative.

"I said then that football and commercial success went hand in hand. This year's report confirms that assertion.

"It certainly reflects different, more difficult trading conditions, and it is plain that like other commercial concerns we are affected by the recession.

"But it also reflects disappointing performance on the park; we did not qualify for the UCL (UEFA Champions League) group stage this season as we had hoped, instead participating in the Europa League.

"The difference that this and the economic climate have made to our business is borne out in our financial results for the six months to 31 December 2009."

Reid added: "Despite the absence of Champions League participation, over 50,000 season tickets have been sold and our merchandising business is holding up well, with this year's away kit the best selling for many years.

"Maintaining a sustainable economic and business model has been one of our key objectives, and for good reason.

"It has always had only one ultimate purpose - the success of Celtic Football Club.

Celtic are currently 10 points behind leaders and arch-rivals Rangers in the race for the Scottish Premier League title but Reid said funds were being made available to manager Tony Mowbray, who has brought in the likes of striker Robbie Keane, to sign new players.

"It is our financial stability that now gives us the means to plan for the years ahead and to rebuild a successful and winning team," Reid said.

He also told Celtic's supporters: "We have an enormous task ahead in recovering the current league points deficit and cannot pretend otherwise, but we look forward to the SPL title challenge and a Scottish Cup run, with determination, commitment and, most importantly of all, your support."