Final Results - Replacement

Celtic PLC
3 August 2001


The issuer advises that the following replaces the final results announcement
released today at 1500 under RNS number 0173I.

Under note 5 the share register date was 11 August and should read 10 August.

All other details remain unchanged, the full amended text is below.



                                                                 3 August 2001



CELTIC plc


 Preliminary Results for the year ended 30 June 2001


Summary of the Results


-        Winners of the Scottish Premier League, Scottish Cup and League
         Cup; Celtic's first Treble since 1969.


-        Turnover increased by 9% to £42.01m (2000: £38.58m) with increases
         in all major revenue streams.


-        Significant (36.6%) increase in revenues from merchandising.


-        Profit from operations of £0.87m (2000: £3.05m).


-        Loss on ordinary activities after taxation of £8.12m (2000: £3.96m).


-        Exceptional costs of £4.89m in respect of impairment of intangible
         fixed assets.



-        Substantial investment in the development of the football operation
         resulting in operating expenses of £41.14m (up by 21.3%) predominantly 
         due to increases in wage costs.


-        A gross investment of £21.9m was made in signing 7 new players and
         new extended contracts awarded to key players.


-        Year end debt of £29.62m (2000: £14.50m).


-        Since the year-end £22.52m has been raised for the Company from the
         issue of 18,012,448 Convertible Preferred Ordinary Shares, pursuant to
         Celtic's recent share offer.


Commenting on the results Brian Quinn, Chairman, said:

'This year's results reflect two main factors: the outstanding success that
the first team enjoyed under Martin O'Neill's leadership; and the significant
costs associated with our decision to invest in the football division in the
last two years.

Turnover rose by 9% during the year.  This contributed to a profit from
operations of almost £1 million, despite the substantial costs arising from
the strengthening of the football squad.  In the year just ended Celtic made a
gross investment of over £21 million in players.  Players' remuneration
largely explains the increase of £5.7 million in total personnel costs, with
some signs that there has been an acceleration in the sector as the year went
on.  Nevertheless, our football costs, at 53% of turnover, compare favourably
with the sector as a whole; and we believe that we have the financial controls
in place which will enable us to maintain these costs at a manageable level.

We have also taken what we feel is the prudent step of writing down the value
of some players who may not play a continuing part in the future of the team.

The growth of turnover, particularly in merchandise sales, in the year ending
June 30th was pleasing. We recognise that we must grow and diversify our
revenue base. While sustained success will drive football revenues, management
will focus on the development of additional income streams that are less
directly dependent on achievements on the pitch; in particular, we will work
to exploit our media rights which we believe have considerable value. Probably
most important for the medium and long term, we are convinced that the
football industry is bound to change both at home and abroad. We intend to be
part of the process that leads to change and to play our full role in whatever
emerges.

We start our new year with a solid financial base and a strengthened football
squad. The Board is confident that Celtic will maintain its success in
Scotland and will seek to make real progress in European competition.'



For further information contact:

Eric Riley, Celtic plc                          Tel:      [phone]
Kate Cunningham, Celtic plc

Lindsey Harrison, Gavin Anderson & Co           Tel:      [phone]
Keith Brookbank, Gavin Anderson & Co



Financial Review

Turnover increased by 9% to £42.01m continuing the upward trend of previous
years and following a successful year in terms of football performance.
Operating expenses rose by 21.3% to £41.14m, predominantly due to increased
labour costs. Total labour costs rose by 28.4% to £25.90m. This reflects the
significant planned investment made to develop the core professional football
operation. Following the appointment of Martin O'Neill the football operations
management team was strengthened with the recruitment of John Robertson, Steve
Walford and Tommy Burns. A substantial investment in the first team playing
squad was made with seven new players being acquired which increased the base
salary costs. Whilst acknowledging the requirement to invest in the football
operation Celtic recognises the need to maintain strict control over football
wage inflation which is an issue that continues to cause concern throughout
the industry.

Profit from operations was £0.87m compared to £3.05m last year. Exceptional
amortisation costs of £4.89m were incurred following an impairment review of
intangible fixed assets. This charge represents a provision for a write down
in net book value in respect of certain players following a review of the
first team squad. A net gain of £4.26m on the sale of intangible fixed assets
was made which includes the disposal of Mark Viduka, Vidar Riseth and the
crystallisation of contingent transfer fees in respect of certain players from
previous years. The adoption of FRS19 relating to deferred tax has resulted in
the recognition of a deferred tax asset as a consequence of the tax losses
available to the Group in both 2001 and 2000.  This asset amounts to £5.68m
(2000: £2.61m). A preference dividend of £599,400 falls to be paid, which
results in a retained loss for the year of £8.72m.

At 30 June 2001, the Company's net debt was £29.62m. On 31 July 2001, the
Company raised £22.52m from the issue of 18,012,448 Convertible Preferred
Ordinary Shares pursuant to Celtic's 2001 Offer for Subscription.



PROFIT & LOSS STATEMENT

FOR THE YEAR ENDED 30 JUNE


                                                            2001           2000
                                              Notes         £000           £000
                                                                  (as restated)

TURNOVER                                        2         42,007         38,579

OPERATING EXPENSES                                      (41,136)       (33,903)

PROFIT FROM OPERATIONS                                       871          4,676

EXCEPTIONAL OPERATING EXPENSES                  3              -        (1,629)

PROFIT FROM OPERATIONS
AFTER EXCEPTIONAL OPERATING EXPENSES                         871          3,047


AMORTISATION OF INTANGIBLE FIXED ASSETS                  (9,604)        (7,203)

IMPAIRMENT OF INTANGIBLE FIXED ASSETS                    (4,892)              -

NET GAIN/(LOSS) ON SALE OF INTANGIBLE
FIXED ASSETS                                               4,260          (981)

OPERATING LOSS                                           (9,365)        (5,137)
INTEREST PAYABLE AND
SIMILAR CHARGES                                          (1,825)          (848)

LOSS ON ORDINARY ACTIVITIES
BEFORE TAXATION                                         (11,190)        (5,985)

TAX ON ORDINARY ACTIVITIES                      4          3,067          2,029

LOSS FOR THE YEAR                                        (8,123)        (3,956)

PREFERENCE DIVIDEND                             5          (599)          (599)

LOSS FOR THE YEAR TRANSFERRED TO RESERVES                (8,722)        (4,555)
                                                        --------       --------

LOSS PER ORDINARY SHARE                         6       (29.82p)       (15.64p)

DILUTED LOSS PER SHARE                                  (17.04p)        (8.34p)
All amounts relate to continuing operations.



STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES


                                                       2001                2000
                                                       £000                £000
                                                                  (as restated)

LOSS FOR FINANCIAL YEAR                             (8,722)             (4,555)
                                                                       --------

PRIOR YEAR ADJUSTMENT                     8           2,613
TOTAL LOSSES RECOGNISED SINCE LAST
ANNUAL REPORT                                       (6,109)
                                                   --------





BALANCE SHEET


AS AT 30 JUNE                             2001                   2000
                                    £000         £000    £000              £000
                                                             (as restated)

FIXED ASSETS
Tangible assets                                46,664                    46,753
Intangible assets                              24,106                    19,039

                                               70,770                    65,792
CURRENT ASSETS

Stocks                             1,228                  956
Deferred tax asset                 5,680                2,613
Debtors                            4,579                4,065
Cash at bank and in hand
                                      87                1,175

                                  11,574                8,809
                                 ---------              --------
CREDITORS - Amounts falling
due within one year              (20,066)              (12,315)

Income deferred less
than one year                    (10,447)              (8,333)

                                 (30,513)              (20,648)
                                 ---------              ---------
NET CURRENT LIABILITIES                        (18,939)                 (11,839)

TOTAL ASSETS LESS
CURRENT LIABILITIES                             51,831                   53,953

CREDITORS - Amounts falling due
after more than one year                       (21,772)                 (15,172)

NET ASSETS                                     30,059                    38,781
                                               
                                                                        
--------
CAPITAL AND RESERVES
Called up share capital                        11,392                    11,392
(includes non-equity)
Share premium                                  17,519                    17,519
Profit and loss account                         1,148                     9,870

SHAREHOLDERS' FUNDS   (see note 9)             30,059                    38,781
                                                                         -------

Approved by the Board on 2 August 2001


CASH FLOW STATEMENT

FOR THE YEAR ENDED 30 JUNE                                  2001           2000
                                                            £000           £000
                                                                  (as restated)
RECONCILIATON OF OPERATING LOSS TO NET
CASH INFLOW FROM OPERATING ACTIVITIES

Operating loss                                           (9,365)        (5,137)
Depreciation                                               1,128          1,128
Amortisation of intangible fixed assets                    9,604          7,203
Impairment of intangible fixed assets                      4,892              -
Net (gain)/loss on sale of intangible fixed assets       (4,260)            981
Grants release                                               (1)            (1)
Increase in stocks                                         (272)          (424)
(Increase)/decrease in debtors                             (809)            102
Increase in creditors                                      1,385          1,270

Net cash inflow from operating activities                  2,302          5,122
                                                         -------        -------

CASH FLOW STATEMENT

Net cash inflow from operating activities                  2,302          5,122
Returns on investments and servicing of finance          (2,424)        (1,381)
Capital expenditure and financial investment            (14,998)       (12,961)

Cash outflow before financing                           (15,120)        (9,220)

Financing                                                  6,709          8,750

Decrease in cash                                         (8,411)          (470)
                                                       ---------       --------

RECONCILIATION OF NET CASH FLOW TO
MOVEMENT IN NET DEBT (see note 7)


Decrease in cash in the period                           (8,411)          (470)
Cash inflow from increase in debt                        (6,709)        (8,590)

Change in net debt resulting from cash flows            (15,120)        (9,060)
Non-cash movement - new hire purchase agreement                -        (1,768)

Movement in net debt in the period                      (15,120)       (10,828)

Net debt at 1 July                                      (14,505)        (3,677)

Net debt at 30 June                                     (29,625)       (14,505)
                                                       ---------       --------


NOTES TO THE ACCOUNTS

1.   ACCOUNTING POLICIES

Details of the main accounting policies adopted by the Group are consistent
with last year save that, as encouraged by the Accounting Standards Board,
Financial Reporting Standard Number 19 - Deferred Tax has been adopted in the
current year and deferred tax is now provided on all timing differences at the
balance sheet date which have yet to reverse.  As a consequence of adopting
FRS 19 the previous year's financial statements have been restated leading to
an increase in debtors of £5.68m in 2001 and £2.61m in 2000.



2.   TURNOVER

Turnover in respect of the five business operations              2001      2000
comprised:
                                                                 £000      £000

Professional football                                          21,681    19,809
Multimedia and communications                                   9,904     9,228
Merchandising                                                   7,718     5,650

Stadium enterprises                                             1,478     2,803
Youth development                                               1,226     1,089

                                                               42,007    38,579
                                                            --------- ---------

In the year to 30 June 2001 the catering operation included within Stadium
enterprises was subcontracted to Sodexho, which resulted in a decline in
turnover.



3.     EXCEPTIONAL OPERATING EXPENSES

The exceptional operating expenses in the year to 30 June 2000 reflect amounts
in respect of compensation and other costs associated with the termination of
the employment contracts of former employees, principally within the football
operation.



4.      TAX ON ORDINARY ACTIVITIES

                                                       2001                2000
                                                       £000                £000
                                                                  (as restated)
(a)   Analysis of credit in period

      Current tax:
      UK corporation tax                                  -                   -

      Deferred tax:
      Origination and reversal of
      timing differences                            (3,680)             (2,086)

      Movement in discount                              613                  57

                                                    (3,067)             (2,029)

      Tax credit on ordinary activities             (3,067)             (2,029)
                                                   --------            --------




5.   PREFERENCE DIVIDEND

The preference dividend of £599,400 (2000: £599,400) reflects the dividend of 6%
(inclusive of tax credit) payable on 31 August 2001 to those holders of
Preference Shares on the share register at 10 August 2001.



6.   LOSS PER SHARE

The loss per share has been calculated by dividing the loss for the period by
the weighted average number of Ordinary Shares (29.25 million, 2000: 29.14
million) in issue during the year.  Diluted loss per share has been calculated
by dividing the loss for the period by the total weighted average number of
Ordinary and Preference Shares (total 47.75 million, 2000: 47.64 million) in
issue during the year ended 30 June 2001 assuming the exercise of all
outstanding share purchase options.



7.      ANALYSIS OF NET DEBT


                            At 1 July  Cash Flow           Other    At 30 June
                                 2000                   Non-Cash          2001
                                                       Movements
                                 £000      £000             £000          £000

Cash at bank and in             1,175   (1,088)                -            87
hand
Overdrafts                          -   (7,323)                -       (7,323)

                                1,175   (8,411)                -       (7,236)
                            --------- ---------         --------     ---------

Debt due within 1 year          (211)        27             (25)         (209)
Debt due after 1 year        (14,054)   (7,000)               25      (21,029)
Hire purchase creditors       (1,415)       264                -       (1,151)

                             (15,680)   (6,709)                -      (22,389)
                            --------- ---------         --------     ---------

Net debt                     (14,505)  (15,120)                -      (29,625)



8.   PRIOR YEAR ADJUSTMENT

As a result of the adoption of Financial Reporting Standard Number 19 -
Deferred Tax, a prior year adjustment has been made in respect of the
recognition of a deferred tax asset.  This adjustment has resulted in a
reduction in the current year's loss of £3,067,000 (2000: £2,029,000).  A
deferred tax asset of £5,680,000 has increased net assets at 30 June 2001 by
this amount (2000: £2,613,000).

The directors consider the adoption of this policy gives a fairer presentation
of the results for the year and of the financial position of the Group. The
comparative figures in the primary statements and notes have been restated to
reflect the adoption of the policy.



9.   RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS


                                                        2001              2000
                                                        £000              £000
                                                                 (as restated)

At 1 July - as reported                               36,168            42,592
Prior year adjustment                                  2,613               584
At 1 July - as restated                               38,781            43,176

Movements in year:
Retained loss for the financial year                 (8,722)           (4,555)
Share capital issued in the year                           -                 2
Share premium arising in the year                          -               158
                                                     (8,722)           (4,395)
At 30 June                                            30,059            38,781
                                                    --------          --------


At 30 June 2001 Shareholders' Funds included £11,100,000 (2000: £11,100,000)
which is attributable to non-equity shareholders.  This relates entirely to
Preference Shares.



10. ANNUAL REPORT & ACCOUNTS

Copies of the annual report & accounts will be sent to all shareholders in due
course.

The financial information set out above was approved by the directors on 2
August 2001 and does not constitute the Company's statutory accounts for the
years ended 30 June 2001 or 30 June 2000.  The auditors' opinion on the 2000
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
2000 have been filed and those for 2001 will be delivered to the Registrar of
Companies in due course.