Celtic post encouraging results
Celtic PLC have posted encouraging results for the financial year despite a decrease in turnover.
Turnover of the group fell by 7.7% to £57.41m, largely due to the loss of gate receipts and television income from missing out on Champions League and UEFA Cup football last season.
But the club bounced back from their qualifying defeat to Artmedia Bratislava to reduce the debt significantly to £9.09m, compared to the £19.33m for 2005.
Celtic, who won the Bank of Scotland Premier League by 17 points and the CIS Insurance Cup, also saw operating expenses reduced by 7.6% to £53.67m and profits from operations of £3.74m.
They also handed new contracts to Stilian Petrov, Stephen McManus, Stanislav Varga, Neil Lennon and Shunsuke Nakamura.
The Glasgow club also saw construction commence on the new training academy at Lennoxtown, the successful launch of new playing kits under the new agreement with Nike and the extension of Carling shirt sponsorship contract until 2010.
