Interim Results

Celtic PLC
13 February 2001

CELTIC PLC                                                    13 February 2001


              INTERIM RESULTS FOR THE YEAR ENDED 31 DECEMBER 2000


HIGHLIGHTS OF THE RESULTS

Turnover increased in the period by 3% to £22.83m (1999: £22.14m).

Merchandising revenues show significant increase of 13% to £4.07m.

£15.5m was invested in strengthening the first team squad with a number of
signings and new extended contracts awarded to key players.

Profit from operations before exceptional operating expenses of £2.23m (1999:
£4.31m).

The team is currently top of the Scottish Premier League and in strong
contention in both domestic cup competitions.

Significant progress made in discussions regarding changes in the structure of
European club football.
  
Commenting on the results Chairman, Brian Quinn, said:

'Your board is pleased to announce continued progress towards achieving our
main objectives: the team sits at the top of the SPL, our merchandising sales
have increased during the period and our plans to develop our multimedia
activities and youth development programme are moving forward.

'Martin O'Neill has successfully built up a strong squad and a successful team
which is well positioned to win the championship and has the opportunity to
qualify for a place in next season's Champions League. Your Board will
continue to support him in the building of the squad.

'Going forward, we are close to announcing the appointment of a new Chief
Executive and we are in on-going discussions with potential media partners on
how to best exploit our media rights at a price that recognises the full value
of the Celtic Brand.'

For further information contact:

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

Lindsey Harrison, Gavin Anderson & Co       Tel  [phone]



                  

                             CHAIRMAN'S STATEMENT

In the first six months of this financial year we have made good progress in
implementing the strategy outlined at the AGM. First, on the football  field,
the team sits on top of the Scottish Premier League, remains in contention in
both domestic cup competitions and continues to perform consistently at a high
standard. Secondly, our efforts to bring about changes in the structure of
European club football have been accepted in principle by the authorities and
we believe change is on the way. Celtic will continue to be actively involved
in all discussions to bring about the necessary changes. Finally, our plans
to develop our multimedia activities and youth development programme are
moving forward.

Under Martin O'Neill's direction, the team has had the most successful start
to a league campaign in the history of the SPL and has a good opportunity to
go on and win the Championship. Disappointingly, a narrow defeat against
Bordeaux meant that we did not sustain our challenge in Europe.

Significant investment has been made in the team this year with net
expenditure of £15.5m. Martin continues to work closely with the Board in
assembling a playing squad that we believe will allow Celtic to compete in
Europe while maintaining the Club's financial stability.

From a business perspective performance has been mixed. Revenue growth is
disappointing, given that more games have been played in comparison to the
same  period last year. The increase in costs reflects the decision to  embark
on a player investment strategy which we believe will lead to Celtic becoming
a force in Europe once more. Nevertheless, a profit has been recorded in the
period  and  the  Company  believes  that continued  football  success  should
compensate to some extent for the customary reduction in revenue growth in the
second half of the year.

Turnover has increased in the period by just over 3%. Merchandising has shown
significant growth with strong sales of our popular away kit helping record an
increase of over 13% in the period. However, this has been more than offset by
the failure to secure TV money for the UEFA Cup at similar levels  to  last
year.  As with all other clubs, wage inflation remains the key  concern  and
Celtic will continue to control this area closely. With total costs increasing
by  almost  £2.77m, operating profits have decreased by £2.08m to £2.23m.
Retained profit for the period is £0.60m, a reduction of £0.15m from last
year.

Last year season ticket prices were frozen. As indicated at the Annual General
Meeting, it  will be necessary to increase them for next season.  This is a
sensitive subject for all concerned.  However, I believe that our supporters
recognise that our competitors are charging higher ticket prices and
generating higher revenues from smaller stadiums, allowing greater investment
in  player squads. We hope that by adopting a policy that balances the need to
finance our football operations with the needs of our supporters, we can look
forward to a period in which trophies are regularly won and European nights
are being enjoyed well into March, April and May each year.

Discussions continue to secure suitable land to build the training and playing
facilities for our youth development programme and we have identified the
preferred  site needed for this project. In the meantime, the youth teams are
using the excellent training and playing facilities at Livingston and Glasgow
Green, under the guidance of our newly appointed Youth Development Manager.

The process of appointing a new Chief Executive is nearing its conclusion and
there will be an announcement on this in early course. The  benefits of a
careful approach in appointing our Football Manager are plain to see. The same
attention is being applied to the filling of the Chief Executive's role as
this person will be responsible for driving Celtic towards its ultimate goals.

Given the performance in the first six months, profit from operations for the
year will be closely correlated to the continued success of the team but will
be down on last year.  Profit after tax for the year, if any, will depend on
the disposal of certain players at realistic prices. We are still exploring
the best way of exploiting our media rights at a price that recognises the
full value of the Celtic Brand.

The strategy adopted by the Company has brought some initial success on the
playing field, reinforcing the belief that this is the correct path to take.
In the short term this has involved significant debt funding.  To maintain
this strategy  will require additional long term funding and the Company is
currently examining the options.

I look forward to a potentially rewarding end to the season and thank you for
your continued support of Celtic.

Brian Quinn CBE                                             12 February 2001
Chairman


                                
                                       
                    INDEPENDENT REVIEW REPORT TO CELTIC plc

Introduction
We have been instructed by the Company to review the financial information for
the six months ended 31 December 2000 set out on pages 3 to 8.  We have read
the other information contained in the interim report and considered whether
it contains any apparent misstatements or material inconsistencies with the
financial information.

Directors' Responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors.  The directors
are responsible for  preparing the interim report in accordance with the
Listing  Rules of the Financial Services Authority which require that the
accounting policies and presentation applied to the interim figures should be
consistent with those applied in preparing the preceding annual accounts
except where any changes, and the reasons for them, are disclosed.

Review Work Performed
We conducted our review in accordance with guidance contained in Bulletin
1999/4  issued by the Auditing Practices Board for use in the United  Kingdom.
A review consists  principally of making enquiries of group management and
applying analytical  procedures to the financial information and underlying
financial data and based thereon, assessing whether the accounting  policies
and presentation have been consistently applied unless otherwise disclosed.  A
review excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions.  It is substantially less in scope  than
an audit performed in accordance with United Kingdom Auditing Standards  and
therefore provides a lower level of assurance than an audit.  Accordingly  we
do not express an audit opinion on the financial information.

Review Conclusion
On the basis of our review we are not aware of any material modifications that
should  be  made to the financial information as presented for the six months
ended 31 December 2000.



PKF
Registered Auditors
Glasgow
12 February 2001

                                
                                       
GROUP PROFIT AND LOSS ACCOUNT

                                                      6 months to    12 months
                                                      31 December   to 30 June
                               Notes        2000             1999         2000
                                        Unaudited       Unaudited      Audited
                                            £'000           £'000        £'000
                                           
TURNOVER                       3          22,833           22,148       38,579
OPERATING EXPENSES                       (20,605)         (17,836)     (33,903)
PROFIT FROM OPERATIONS                     2,228            4,312        4,676
EXCEPTIONAL OPERATING                          -                -      (1,629)
EXPENSES
PROFIT FROM OPERATIONS AFTER               2,228            4,312        3,047
EXCEPTIONAL OPERATING                                                         
EXPENSES
AMORTISATION OF INTANGIBLE                (4,466)          (3,911)      (7,203)
FIXED ASSETS
NET GAIN/(LOSS) ON SALE OF                                                    
INTANGIBLE
FIXED ASSETS                    4          3,584              637        (981)
OPERATING PROFIT/(LOSS)                    1,346            1,038      (5,137)
INTEREST PAYABLE AND SIMILAR               (746)            (290)        (848)
CHARGES
PROFIT/(LOSS) ON ORDINARY                                                     
ACTIVITIES
BEFORE TAXATION                              600              748      (5,985)
TAX ON ORDINARY ACTIVITIES     5               -                -            -
PROFIT/(LOSS) FOR THE PERIOD                 600              748      (5,985)
PREFERENCE DIVIDEND            6               -                -        (599)
RETAINED PROFIT/(LOSS) FOR                   600              748      (6,584)
THE PERIOD
EARNINGS/(LOSS) PER ORDINARY   7           1.03p            1.54p     (22.60p)
SHARE
DILUTED EARNINGS/(LOSS) PER    7           1.26p            1.57p     (12.57p)
SHARE


All amounts relate to continuing operations.


There  were  no  gains or losses recognised in any of the above results  other
than the profit/(loss) for the period.


                                  
                                       
GROUP BALANCE SHEET
 
                                         31 December                   30 June
                              Notes             2000        1999          2000
                                           Unaudited   Unaudited       Audited
                                               £'000       £'000         £'000
                            
FIXED ASSETS                                                                  
Tangible assets                  8            46,735        46,607     46,753
Intangible assets                9            33,605        17,048     19,039
                                              80,340        63,655     65,792
CURRENT ASSETS                                                                
Stocks                                           955         1,018        956
Debtors                          10            6,628         5,594      4,065
Cash at bank and in hand                         197           962      1,175
                                               7,780         7,574      6,196
                                                                              
    
CREDITORS - Amounts falling due  11          (22,701)      (10,525)   (12,315)
within one year
Income  deferred less  than  one              (6,600)       (7,907)    (8,333)
year
                                                                              
    
NET CURRENT LIABILITIES                      (21,521)      (10,858)   (14,452)
                                                                              
    
TOTAL ASSETS LESS CURRENT                      58,819        52,797     51,340
LIABILITIES
                                                                              
    
CREDITORS - Amounts falling due                                             
after more than one year
                                  12          (22,051)       (9,377)  (15,172)
                                                                              
    
NET ASSETS                                     36,768        43,420    36,168
                                                                              
    
CAPITAL AND RESERVES                                                          
    
Called  up equity share capital    13          11,392        11,391    11,392
(includes non-equity)
Share premium                                  17,519        17,440    17,519
Profit and loss account                         7,857        14,589     7,257
SHAREHOLDERS' FUNDS                            36,768        43,420    36,168

Approved by the Board on 12 February 2001
                                      
                                     
            
GROUP CASH FLOW STATEMENT

                                         
                                                6 months to       12 months to
                                                31 December            30 June
                                                 2000       1999          2000
                                            Unaudited   Unaudited      Audited
                                             £'000        £'000          £'000

RECONCILIATION OF OPERATING PROFIT TO                                         

NET CASH INFLOW FROM OPERATING                                       
ACTIVITIES
Operating profit/(loss)                        1,346      1,038        (5,137)
Depreciation                                     551        524         1,128
Amortisation                                   4,466      3,911         7,203
Net(gain)/loss on sale of intangible          (3,584)      (637)          981
fixed assets
Grants release                                     -          -            (1)
Decrease/(increase) in stocks                       1      (486)         (424)
(Increase)/decrease in debtors                  (520)      (406)          102
(Decrease)/increase in creditors              (1,062)      (232)        1,270
Net cash inflow from operating                 1,198      3,712         5,122
activities
                                                                              

CASH FLOW STATEMENT                                                           

Net cash inflow from operating                 1,198      3,712         5,122
activities
Returns on investments and servicing  of      (1,345)      (823)       (1,381)
finance
Capital expenditure and financial            (11,844)    (8,288)      (12,961)
investment
Cash outflow before use of  liquid                                      
resources and financing                      (11,991)    (5,399)       (9,220)
                         
Financing                                      6,896      4,716         8,750
Decrease in cash                              (5,095)      (683)         (470)
                                                                              

RECONCILIATION OF NET CASH FLOW TO                                            

MOVEMENT IN NET FUNDS                                                         

Decrease in cash in the period                (5,095)      (683)         (470)
Cash outflow from movement in debt            (6,896)    (4,636)       (8,590)
Changein net debt resulting from  cash       (11,991)    (5,319)       (9,060)
flows
Non cash movement  -  hire purchase              -          -          (1,768)
agreement
Movement in net debt in the period           (11,991)    (5,319)      (10,828)
Net debt at 1 July                           (14,505)    (3,677)       (3,677)
Net debt at period end                       (26,496)    (8,996)      (14,505)
                                       
                               
                                       
                       NOTES TO THE FINANCIAL STATEMENTS

1.  The results for the year ended 30 June 2000 are extracted from the
accounts filed with the Registrar of Companies, which contained an unqualified
audit report.

2.  The interim results for the 6 months to 31 December 2000 have been
prepared on the same basis and using the same accounting policies as those
used in the preparation of the last full year's accounts to 30 June 2000.

3.  TURNOVER


                                             6 months to          12 months to
                                             31 December               30 June
                                          2000            1999            2000
Turnover comprised:                     £'000            £'000           £'000
Professional football                  12,718           11,198          19,809
Multimedia & communications             4,640            5,156           9,228
Merchandising                           4,070            3,591           5,650
Stadium enterprises                       780            1,613           2,803
Youth development                         625              590           1,089
                                       22,833           22,148          38,579
Number of home games                       17               14              26

  The  reduction  in  Stadium  enterprises turnover  from  1999  reflects  the
  outsourcing of the Company's catering operation in July 2000.

4.  NET GAIN ON SALE OF INTANGIBLE FIXED ASSETS
In the current period the net gain on sale was represented principally        
by the disposal of Mark Viduka (1999:  Craig Burley, Enrico Annoni and       
Harald Brattbakk).
  
5.  After taking account of unutilised tax losses brought  forward, together
with the projected performance for the next six months, no provision for
taxation is required.  This is subject to the agreement by the Inland
Revenue of prior years' computations.

6.  No provision has been made in respect of the 6% dividend (inclusive of tax
credit)that is payable on the preference shares on 31 August 2001 in
respect of the year ending 30 June 2001.

7.  Earnings per share has been calculated by dividing the profit for the
period  by the number of ordinary shares (29,250,000) in issue, after taking
account of one half of the net dividends noted in 6 above. Diluted earnings
per share has been calculated by dividing the profit for the period by the
total number of ordinary and preference shares in issue at 31 December 2000,
and the full exercise of outstanding share purchase options in accordance     
with FRS14.
                                                                              
8.  TANGIBLE ASSETS
Included within the depreciation charge in the current period is a cost of
£10,000 for those buildings with a useful life of up to 50 years. An
impairment review has been undertaken in respect of those buildings whose
expected life is greater than 50 years and no provision is deemed
necessary.
  
9.  INTANGIBLE ASSETS

                                                31 December            30 June
                                            2000           1999           2000
                                           £'000          £'000          £'000
Cost                                                                          
At 1 July                                 34,053         26,592         26,592
Additions                                 20,848          9,982         16,070
Disposals                                (4,475)        (7,044)        (8,609)
At period end                             50,426         29,530         34,053
Amortisation                                                                  
At 1 July                                 15,014         13,054         13,054
Charge for the period                      4,466          3,911          7,203
Disposals                                (2,659)        (4,483)        (5,243)
At period end                             16,821         12,482         15,014
                                                                              
Net Book Value at period end              33,605         17,048         19,039


   The  transfer  system in Europe relating to players'  registrations  for
   European  nationals  is presently under review by the European  Commission.
   There is uncertainty surrounding the outcome of this review such that there
   is  the  possibility of the abolition of the present system  between  clubs
   where  compensation is paid for the acquisition of a player's registration.
   Until the outcome of the European Commission review is known the accounting
   treatment of intangible assets remains consistent with previous years.
  
10.  DEBTORS
The increase in the level of debtors at 31 December 2000 is primarily a
result of an increase in the amounts receivable in instalments in respect
of the sale of intangible fixed assets.  As at 31 December 2000 the amounts
receivable in respect of the sale of intangible fixed assets amounted to
£3,088,000 (1999 - £2,050,000).

11.CREDITORS - AMOUNTS FALLING DUE WITHIN ONE YEAR
The amounts  payable in agreed instalments in respect of the transfer of
player registrations at 31 December 2000 and included in creditors amounted
to £10,517,000 (1999 - £4,204,000).
                                                                        
                                       
12. CREDITORS - AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
The  increase  in  creditors  due after more than one year reflects the
drawdown of a £21m 20 year loan, of which £14m was drawn at 30 June 2000.
£6.4m of this facility is repayable in equal quarterly  instalments  from
October 2009 until April 2019, and £14.6m is repayable in July 2019.  The
Company has the option to repay the loans earlier than these dates without
penalty.

13. SHARE CAPITAL

                            Authorised    Alloted, called up and fully paid
                            31 December                31 December
                             
Group and Company             2000   1999      2000    2000        1999   1999
                           No.'000  No.'000  No.'000   £000     No.'000   £000
                           
Equity                      35,000  35,000  29,250      292      29,125    291
Ordinary shares of 1p each

Non-equity                                                            
Convertible cumulative                                                
preference shares of 60p    21,000  21,000  18,500    11,100    18,500  11,100
each
                            56,000  56,000  47,750    11,392    47,625  11,391


  
14.  TRANSFER FEES PAYABLE/RECEIVABLE
Under the terms of certain contracts with other football clubs in respect
of  the transfer of player  registrations,  additional amounts will be
payable/receivable by the Company if specific future conditions are  met.
Amounts in respect of such contracts could result in an amount payable of
£1,628,125 of which £1,503,125 could arise within one year, and amounts
receivable of £385,000 of which all could arise within one year.
  


Directors

Brian Quinn CBE (Non-Executive Chairman)
Eric J Riley (Financial)
Kevin Sweeney (Legal)
Dermot F Desmond (Non-Executive)
Sir Patrick Sheehy (Non-Executive)


Secretary

Kevin Sweeney

Directors of The Celtic Football and Athletic
Company Limited and Celtic Football Club

Eric J Riley (Financial)
Jim Hone (Business Operations and Resources)
Kevin Sweeney (Legal)
John S Keane (Non-Executive)
Michael A McDonald (Non-Executive)


Secretary

Kevin Sweeney

Football Manager

Martin O'Neill