Final Results

CELTIC PLC
13 August 1999

              PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 1999

Celtic plc ('Celtic') is pleased to announce preliminary results for the year
ended 30 June 1999.

- Turnover                               £33.84m      (1998 : £27.82m)

- Profit from operations                  £6.75m       (1998 : £5.09m)

- Profit on ordinary activities           £0.55m       (1998 : £7.10m)
  before tax

- Shareholders Funds                    £42.592m     (1998 : £42.575m)


HIGHLIGHTS

*    Turnover has increased by 21.6% to £33.84m.

*    Profit from operations increased by 32.6% to £6.75m.

*    Reduction in net gain on sale of player registration to £347,000 (1998:
     £7.41m).

*    £6.06m was invested in strengthening the first team squad with the
     signing of Viduka, Moravcik, Riseth, and Mjallby.

*    New 4 year contract agreed with Henrik Larsson, Scotland's Player of the
     Year and top goal scorer.

*    New Chairman and Chief Executive appointed.

*    New structure of Celtic's football operation with the appointment of
     Kenny Dalglish as Director of Football Operations, and John Barnes as    
     Head Coach.

*    Since the year end, £9.37m has been invested in acquiring Berkovic,
     Petrov, Tebily, Kharine, Petta and Bonnes.

*    Major new four-year sponsorship deal with ntl.

  
In his statement to shareholders, Chairman, Frank O'Callaghan, said:

'Celtic's pattern of growth, established over the last five years under the
direction of Fergus McCann, continued in 1998/99.

Your Board is committed to achieving success on the football field, using that
success to generate significant revenue from other activities.   I believe we
have the management in place to achieve both and I am confident that, with
your support, we can achieve our goals.'

For further information contact:

Allan MacDonald, Chief Executive        On the day     0171 457 2345
Eric Riley, Financial Director          On the day     0171 457 2345
Celtic plc                              Thereafter     0141 551 4201

Luisa Winnett / Lindsey Harrison
Gavin Anderson & Company                Tel            [phone]


EXTRACTS FROM THE CHAIRMAN'S STATEMENT

FINANCIAL RESULTS

Turnover increased by 21.6% to £33.84m, with income levels improving in all
areas of operation.   Operating expenses rose by 19.2% to £27.09m so that
profit from operations increased significantly by 32.6% to £6.75m.

The ongoing strengthening of the first team squad reflected by a net
investment of £4.2m in the year, has resulted in an increase in the
amortisation of player registrations of 13.8% to £6.09m, while the net gain on
sale of player registrations has reduced by over £7m to £0.35m. It is believed
that the market value of the intangible assets representing player
registrations is well in excess of the net book value.

Profit before and after tax was £550,000 from which a preference dividend of
£533,000 falls to be paid.  Your Board does not recommend the payment of an
ordinary dividend.


LABOUR COSTS

In the year under review, wage costs increased by 16.6% to £14.50m reflecting
the increased costs involved in the strengthening of the first team squad and
additional labour in respect of the incremental turnover generated.  Our
desire to strengthen the entire football operation, particularly the first
team, together with the wage inflation currently being experienced in the
football sector will substantially increase wage costs next year.  Your Board
will, however, continue to closely monitor this area.


PERSONNEL

The man who must be given most credit for Celtic's considerable development
over the last five years is Fergus McCann.   He stepped down as Chairman and
Managing Director of Celtic plc in April 1999.   It is appropriate at this
time to recognise the role Fergus played in rejuvenating Celtic and creating a
firm foundation for the Club's future.  The name of Fergus McCann and his
contribution to the rebirth of our Club will rightly remain a key part in
Celtic's history.  On behalf of my fellow Directors, shareholders and
supporters I would like to officially record our thanks for his considerable
efforts.

It is my further pleasure to welcome Allan Macdonald, former Managing Director
of British Aerospace in Asia and Africa, as our new Chief Executive.  Although
his official date of appointment was 1 July 1999, he has been working behind
the scenes since April to ensure a smooth transition and has already made a
considerable positive impact.


PROSPECTS

I look to the future with real optimism. We have the largest club stadium in
the UK, with the largest number of season ticket holders.  Your Board is
committed to achieving success on the football field, using that success to
generate significant revenue from other activities.  I believe we have the
management in place to achieve both and I am confident that, with your
support, we can achieve our goals.

F O'Callaghan
Chairman





EXTRACTS FROM THE CHIEF EXECUTIVE'S REVIEW


STADIUM CAPACITY AND TICKET PRICES

Completion of the new 'Jock Stein Stand' at Celtic Park in July 1998
successfully concluded the Company's four-year programme to develop and expand
the stadium to its current spectator capacity of 60,506.

The additional seating available in the new stand created the opportunity to
increase the number of season ticket holders from 42,322 to 53,388.

High demand for tickets reserved for match day sales resulted in 'near full
capacity' attendance at almost all of Celtic's home matches. This demand was
achieved despite match day ticket prices being increased by 12.5%, on average.
No corresponding increase was applied to season ticket prices.

Income from season ticket and match day ticket sales rose by 28.4% to £15.4
million, primarily as a consequence of the growth in stadium capacity but also
(albeit to a much lesser extent) as a result of match day ticket price
increases.

Season ticket price increases for the 1999/2000 season have been contained to
around 6 %, on average. Celtic's pricing therefore remains at a level well
below the average charged by the major clubs competing in the English
Premiership, clubs that Celtic requires to compete against for European
success.


BROADCASTING & PUBLISHING REVENUE

Income from broadcasting and publishing increased by 28.6% to £4.38 million
during the course of the financial year. This growth largely derived from
Celtic's share of additional revenue generated by the new TV broadcasting
contract between the Scottish Premier League and broadcasters for the coverage
of domestic league matches.  This new contract was effective from the start of
the 1998/1999 football league season.

The Company is also committed to working with the management of the Scottish
Premier League to create further value from the sale of Scottish Premier
League matches to overseas markets.


MERCHANDISING

Against a background of declining sales within the general retail sector in
the U.K., and particularly within the sports goods sector, steady growth of
6.9% in the Company's revenue from retail merchandising (£5.1 million) in the
course of the financial year was a commendable achievement. Such performance
in a very challenging retail market environment is indicative of the
underlying strength of the Celtic brand.

A new retail outlet was opened in Dublin on 30th November 1998.

The Club is continuing to pursue its already well-established plans to expand
merchandising revenues.  By the end of the current financial year, the new
Dublin store will have been operating for a whole trading year, and it is also
intended to open two additional outlets. There are also plans to generate
additional sales via the Internet.


CATERING

Income from catering rose by 21.8% to £2.65 million, largely as a result of
additional match day food outlets being opened in the new Jock Stein stand and
the opening at the end of September 1998 of the Kerrydale Suite which provides
conference facilities for up to 800 and banqueting for up to 500.

The Company will continue to expand and strengthen the appeal of its retail
catering business. The new Kerrydale Suite will continue to be heavily
promoted during its initial year of operation and additional fast-food outlets
are being opened within the stadium in the early course of the new football
season in order to cater for the near full capacity attendances anticipated
for most home matches.


OTHER COMMERCIAL REVENUES

Sponsorship

Umbro, Phoenix Honda and other corporate sponsors maintained their active
support of the Club and its activities during the 1998/1999 football season.

A major new four-year sponsorship deal has been concluded with the
international media company, ntl.  The contract became effective from the
commencement of the current season.

Corporate Hospitality

Income from corporate hospitality (£3.21 million) was 39% higher than in the
previous financial year primarily as a result of the creation of the '67 Club,
a new match day hospitality facility located in the Jock Stein Stand. This
growth was above expectations and it is encouraging to note that high levels
of 'repeat business' are the norm in the corporate hospitality market as a
whole.

Plans are in place to maintain the growth trend in this important business
sector.  The renewed level of interest in Celtic amongst supporters, the
general public and the business community has resulted in a number of the
Company's corporate hospitality facilities being taken up by corporate
customers early in the season and, in many cases, for the complete season.


FOOTBALL OPERATIONS

Success on the field of play is of critical importance to Celtic's business
operations and corporate strategy. The Club has a stadium and playing
environment to match the best in Europe. It has also invested in the
development of a competitive first team squad, which succeeded in winning the
Scottish Premier League in 1998.

Celtic's aim is to achieve and sustain success in all domestic competitions
and to restore the club as a force in European football. A new management team
has been established to achieve these objectives.

Kenny Dalglish, as Director of Football Operations, is now in charge of all
aspects of Celtic's footballing activities, John Barnes has been engaged as
Head Coach, supported by Eric Black as Assistant Head Coach. Terry McDermott
has been employed as Head Scout and Assistant First Team Coach. The Company
has appointed its first ever full-time doctor, Roddy MacDonald, who
specialises in sports medicine.

Player acquisition and personal remuneration costs in the professional
football world have soared to new levels in recent years, following the Bosman
ruling.

In order to achieve a viable football business, within which the cost of
successful football operations is affordable relative to the income of the
business as a whole, it is essential for Celtic to develop its own young
players of a quality consistent with the club's footballing aspirations. It is
therefore intended to establish a national and international youth development
programme and facilities capable of delivering highly talented young players
able to compete for and win places in Celtic's first team. Kenny Dalglish will
play the lead role in this critical aspect of Celtic's future.


SUMMARY

The backing of Celtic supporters is unique.  It is the aim of the Board and
Management of the club to continue to develop the many opportunities that such
passionate backing brings, and to deliver success both on the field of play,
in all of the competitions in which Celtic competes, and in the business arena
in which Celtic must also compete effectively.


Allan MacDonald
Chief Executive




Celtic plc
GROUP PROFIT AND LOSS ACCOUNT
YEAR ENDED 30 JUNE 1999

                                                     1999           1998
                                                     £000           £000
                                                                        
TURNOVER (note 3)                                  33,840         27,821
                                                                        
OPERATING EXPENSES                               (27,086)       (22,727)
                                                  _______        _______
                                                                        
PROFIT FROM OPERATIONS                              6,754          5,094
                                                                        
AMORTISATION OF INTANGIBLE                        (6,088)        (5,348)
FIXED ASSETS
                                                                        
NET GAIN ON SALE OF INTANGIBLE                                          
FIXED ASSETS                                          347          7,410
                                                    _____          _____
                                                                        
OPERATING PROFIT                                    1,013          7,156
                                                                        
INTEREST RECEIVABLE AND                                                 
SIMILAR INCOME                                          -             97
                                                                        
INTEREST PAYABLE AND                                                    
SIMILAR CHARGES                                     (463)          (121)
                                                     ____           ____
                                                                        
PROFIT ON ORDINARY ACTIVITIES                                           
BEFORE TAXATION                                       550          7,132
                                                                        
TAX ON ORDINARY ACTIVITIES                              -           (31)
                                                     ____           ____
                                                                        
PROFIT FOR THE YEAR                                   550          7,101
                                                                        
PREFERENCE DIVIDEND                                 (533)          (533)
                                                    _____          _____
                                                                        
RETAINED PROFIT FOR                                                     
THE YEAR                                               17          6,568
                                                    _____          _____
                                                                        
EARNINGS PER ORDINARY SHARE (note 4)                0.06p         22.65p
                                                                        
DILUTED EARNINGS PER SHARE (note 4)                 1.16p         14.90p

All amounts relate to continuing operations.

There were no gains or losses recognised in 1999 other than the profit for the
year.



Celtic plc
GROUP BALANCE SHEET
30 JUNE 1999

                                     1999                     1998
                                  £000         £000      £000         £000
                                                                          
FIXED ASSETS                                                              
Tangible assets                              43,773                 41,724
Intangible assets                            13,538                 14,441
                                             ______                 ______
                                             57,311                 56,165
CURRENT ASSETS                                                            
Stocks                             532                    495             
Debtors                          3,556                  2,642             
Cash at bank and                                                          
in hand                          1,645                     21
                                ______                 ______
                                 5,733                  3,158
                                ______                 ______
                                                                          
CREDITORS - Amounts                                                       
falling                        (7,148)                 (8,621)
due within one year                                         
                                                                          
Income deferred less                                                      
than one year                  (8,525)                 (7,918)
                                ______                 ______  
                                                      
                              (15,673)                 (16,539)             
                                ______                 ______  
                                                      
                                                                          
NET CURRENT LIABILITIES                     (9,940)               (13,381)
                                             ______                 ______
TOTAL ASSETS LESS                                                         
CURRENT LIABILITIES                          47,371                 42,784
                                                                          
CREDITORS - Amounts                                                       
falling due after more than                                                   
one year                                    (4,779)                  (209) 
                                            ______                 ______
                                                                          
NET ASSETS                                   42,592                 42,575
                                             ______                 ______
                                                                          
CAPITAL AND RESERVES                                                      
Called up share capital                                                   
(includes non-equity)                        11,390                 11,390
Share premium                                17,361                 17,361
Profit and loss account                      13,841                 13,824
                                             ______                 ______
SHAREHOLDERS' FUNDS                          42,592                 42,575
                                             ______                 ______



Celtic plc
GROUP CASH FLOW STATEMENT
YEAR ENDED 30 JUNE 1999

                                                        1999        1998
                                                        £000        £000
RECONCILIATION OF OPERATING PROFIT                                      
TO NET CASH INFLOW FROM OPERATING
ACTIVITIES
                                                                        
Operating profit                                       1,013       7,156
Depreciation                                             974         747
Amortisation of intangible                                              
fixed assets                                           6,088       5,348
Net gain on sale of intangible                                          
fixed assets                                           (347)     (7,410)
Grants release                                           (1)         (2)
Increase in stocks                                      (37)       (369)
Increase in debtors                                  (1,520)       (188)
Increase in creditors                                  1,707       2,303
                                                      ______      ______
                                                                        
Net cash inflow from operating                                          
activities                                             7,877       7,585
                                                       _____       _____
                                                                        
CASH FLOW STATEMENT                                                     
                                                                        
Net cash inflow from operating                                          
activities                                             7,877       7,585
Returns on investments and servicing                                    
of finance                                             (996)       (557)
Taxation paid                                          (139)       (133)
Capital expenditure and financial                                       
investment                                           (8,250)    (12,033)
                                                      ______      ______
                                                                        
Cash outflow before use of liquid resources                             
and financing                                        (1,508)     (5,138)
                                                                        
Financing                                              4,909        (96)
                                                       _____         ___
                                                                        
Increase/(decrease) in cash                            3,401     (5,234)
                                                       _____       _____
                                                                        

RECONCILIATION OF NET CASH FLOW TO                                      
MOVEMENT IN NET DEBT
                                                                        
Increase/(decrease) in cash                                             
in the period                                          3,401     (5,234)
Cash (outflow)/inflow from (increase)/                                  
decrease in debt                                     (4,909)          96
                                                       _____         ___
                                                                        
Change in net debt resulting                                            
form cash flows and                                                     
movement in net debt in the period                   (1,508)     (5,138)
                                                                        
Net (debt)/funds at 1 July                           (2,169)       2,969
                                                       _____       _____
                                                                        
Net debt at 30 June                                  (3,677)     (2,169)
                                                       _____       _____


NOTES TO THE PRELIMINARY RESULTS


1    The financial information set out above was approved by the directors on
     12th August 1999 and does not constitute the Company's statutory accounts
     for the years ended 30 June 1999 or 1998. The auditors' opinion on the   
     1998 statutory accounts is unqualified and does not include a statement  
     under Section 237 (2) or (3) of the Companies Act 1985. The statutory    
     accounts for 1998 have been filed and those for 1999 will be delivered to
     the Registrar of Companies in due course.

2    The preference dividend of 6% (inclusive of tax credit) will be paid on
     31 August to the preference shareholders on the register at 20 August    
     1999. The directors do not recommend the payment of an ordinary dividend.

3    Turnover

  Turnover comprised:

                                  1999       1998    Change      Change
                                  £000       £000      £000           %
                                                                       
   Ticket sales                 15,404     11,993     3,411        28.4
   Broadcasting fees and         4,383      3,407       976        28.6
   publishing
   Merchandise revenue           5,100      4,771       329         6.9
   Catering                      2,647      2,174       473        21.8
   Other commercial income       6,306      5,476       830        15.2
                                                                       
                                33,840     27,821     6,019        21.6

4 Earnings Per Share

  Earnings  per  share  has been calculated by dividing  the  profit  for  the
  period  by  the  number of ordinary shares (29 million) in  issue.   Diluted
  earnings  per  share  has been calculated by dividing  the  profit  for  the
  period  by  the total number of ordinary and preference shares  (total  47.5
  million)  in  issue  at  30 June 1999 and the full exercise  of  outstanding
  share purchase options.

  The  1998 comparative figures have been adjusted to take account of the  100
  for 1 share split, which took place during the year to 30 June 1999.

5 Copies of the Preliminary Results can be obtained from the Company's
  Registered office at 95, Kerrydale Street, Glasgow, G40 3RE. Telephone      
  Number 0141 556 2611.