Interim Results

Celtic PLC
15 February 2008


                                                                15 February 2008


                                   CELTIC plc

             INTERIM RESULTS FOR THE SIX MONTHS TO 31 DECEMBER 2007

SUMMARY OF THE RESULTS

Operational Highlights

   • Opening of the training centre at Lennoxtown

   • Currently second in the Clydesdale Bank Premier League

   • Qualification for the last 16 of the UEFA Champions League for the
     second successive year

   • Continued participation in the Scottish Cup

   • 16 home matches played at Celtic Park in the period (2006: 18)

Financial Highlights

   • Group turnover decreased by 9.3% to £42.43m.

   • Operating expenses increased by 1.5% to £32.52m.

   • Profit from operations of £9.92m (2006: £14.76m).

   • Profit before taxation of £10.07m (2006: £17.94m).

   • Period end total net debt of £6.81m (2006: £15.02m).


For further information contact:

John Reid, Celtic plc                         Tel: [phone]
Peter Lawwell, Celtic plc                     Tel: [phone]
Iain Jamieson, Celtic plc                     Tel: [phone]

                                   Celtic plc
                              CHAIRMAN'S STATEMENT
I am pleased to report to you on Celtic plc's results for the six month period
to 31 December 2007.

Last year's Annual Report outlined a highly successful year for Celtic both on
and off the park with the twin achievement of a Scottish Premier League
Championship and exceptional financial results. The challenge that sets the Club
in terms of maintaining standards is a significant one. Even more so since the
business environment for football clubs remains very challenging indeed. The
twin pressures of producing immediate success and maintaining long-term
sustainability are unremitting. There is ultimately no use buying the minutes at
the expense of the hours. Planning success in both short and long-term is
essential.

Sustaining Celtic's strength in the longer term requires a judicious mix of
financial stability, scouting, coaching and youth development, sports science
and sensible player trading. I believe that we are continuing to make
satisfactory progress in all of these areas.

Turnover in the six months was £42.43m, down 9.3% on the same period's record
high last year, principally due to 2 fewer home matches being played and not
being Scotland's sole participant in the Champions League. Our merchandising
revenues dipped, having had only 1 new strip launch, as opposed to 2 at a
comparable stage last year , and reflecting the competitive marketplace in which
we trade. However, our supporters have continued to demonstrate their commitment
to the Club, with season ticket sales up year - on - year.

Operating costs increased by £476,000 (1.5%) to £32.52m attributable mainly to
increases in football labour costs. The increase in our football costs
demonstrates our continuing commitment to invest in the first team squad,
scouting, sports science and in developing our youth players through the
Academy. Following the end of last season we have invested more than £11m,
before allowing for any proceeds from player trading, in the acquisition of
football players to strengthen the first team squad, which has assisted in
providing success at both domestic and European levels. It has also been
particularly pleasing to see the new Lennoxtown Training Centre become fully
operational, which has led to increased integration of our football operations.

Our retained profit for the period of £10.07m compares with £17.94m last year,
again mainly due to the two fewer home games, a reduction in gains from player
trading and not being Scotland's sole participant in the UCL. Strong cash
generation places our total net debt at £6.81m against £15.02m at the same time
last year. Looking forward, as with previous years trading performance in the
remaining months of the financial year, with fewer home matches scheduled, will
not be at the same level as that in the first 6 months.

Once again this year, our performance has been heavily influenced by
participation in the UEFA Champions League. The Company continues to benefit
financially and in football terms, having reached the last 16 for the second
year in succession. Credit must go to Gordon Strachan and his team for keeping
Celtic at the highest level in European football. As we go to print we look
forward to our next European ties against Barcelona, another giant in terms of
European football history. For the fans as much as the finances it is nights
like this that make a season.

We continue to make good progress in the Scottish Cup, but, disappointingly,
exited from the CIS Cup earlier than we would have liked. Winning the Clydesdale
Bank Scottish Premier League remains our primary and immediate objective. This
is no small task since it would entail winning a third championship victory in a
row, a feat last accomplished under Jock Stein. With Celtic sitting in second
place by a margin of only 4 points, there is all to play for. Your continued
support will be vital in driving towards the end of the season and achieving the
success that this Club and its fans deserve.

We also hope that the strengthening of the squad that has taken place during the
January transfer window will enhance our prospects both on and off the field.
Our strategy continues to be the strengthening of the first team squad within
our financial constraints, and to invest in the long term in the coaching,
scouting and Academy facilities of the Club. In addition, we endeavour to
maximise all revenue streams open to us and manage our cost base appropriately.

In closing, I wish to pay tribute once again to my predecessor as Chairman,
Brian Quinn, who retired at the AGM in November 2007. The contribution he has
made to the success of the Club has been enormous. I wish Brian, his family and
all Celtic supporters a prosperous and successful year.

John Reid 14 February 2008
Chairman


Celtic plc

                           INDEPENDENT REVIEW REPORT

                    INDEPENDENT REVIEW REPORT TO CELTIC PLC

We have been engaged by the company to review the condensed set of financial
statements in the half-yearly financial report for the six months ended 31
December 2007 which comprises the Consolidated Income Statement, Group Statement
of Changes in Equity, Group Balance Sheet, Group Cashflow Statement and the
related notes. We have read the other information contained in the half-yearly
financial report and considered whether it contains any apparent misstatements
or material inconsistencies with the information in the condensed set of
financial statements.

This report is made solely to the company in accordance with the terms of our
engagement. Our review has been undertaken so that we might state to the company
those matters we are required to state to it in this report and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company for our review work, for this
report, or for the conclusions we have reached.

Directors' responsibilities

The half-yearly financial report is the responsibility of, and has been approved
by, the directors. The directors are responsible for preparing the half-yearly
financial report in accordance with the AIM Rules of the London Stock Exchange.

As disclosed in note 1, the annual financial statements of the group are
prepared in accordance with IFRSs as adopted by the European Union. The
condensed set of financial statements included in this half-yearly financial
report has been prepared using accounting policies consistent with those to be
applied in the next annual financial statements.

Our responsibility

Our responsibility is to express to the company a conclusion on the condensed
set of financial statements in the half-yearly financial report based on our
review.

Scope of review

We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK and Ireland) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly, we
do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe
that the condensed set of financial statements in the half-yearly financial
report for the six months ended 31 December 2007 is not prepared, in all
material respects, in accordance with the AIM Rules of the London Stock
Exchange.



PKF (UK) LLP
Glasgow
14 February 2008

                                   Celtic plc
                         CONSOLIDATED INCOME STATEMENT

                      6 months to   6 months to   6months to  6months to  12 months
                      31 December   31 December  31 December  31 December  to 30 June       
                          2007        2007            2007       2006       2007
                       Unaudited    Unaudited     Unaudited     Unaudited  Restated
      
                      Operations    Player          Total      Total      Total
                      excluding     Trading
                      player
                      trading
               Note          £000        £000        £000       £000       £000
GROUP             2        42,434           -      42,434     46,796     75,237
REVENUE
OPERATING
EXPENSES                  (32,515)          -     (32,515)   (32,039)   (59,283)
                           --------    --------    --------   --------   --------
PROFIT FROM
OPERATIONS                  9,919           -       9,919     14,757     15,954
AMORTISATION
OF                                     
INTANGIBLE
FIXED ASSETS                           (3,106)     (3,106)    (2,891)    (5,865)
COSTS OF FIRST
TEAM SQUAD
RATIONALISATIO
N AND
IMPAIRMENT                      -           -           -          -     (2,879)
                           --------    --------    --------   --------   --------
OPERATING
PROFIT /
(LOSS)                      9,919      (3,106)      6,813     11,866      7,210
PROFIT ON
DISPOSAL OF                     -       4,121       4,121      7,120      9,397
INTANGIBLE
FIXED ASSETS
LOSS ON
DISPOSAL OF
TANGIBLE FIXED
ASSETS                       (168)          -        (168)      (258)      (339)
                           --------    --------    --------   --------   --------
PROFIT BEFORE               9,751       1,015      10,766     18,728     16,268
FINANCIAL
EXPENSES AND               --------    --------
TAXATION
                           --------    --------    --------   --------   --------
FINANCIAL
EXPENSES:         3                                  
BANK LOANS AND
OVERDRAFT                                            (395)      (416)      (484)   
NON EQUITY
DIVIDENDS                                            (305)      (372)      (744)
PROFIT ON
ORDINARY
ACTIVITIES
BEFORE
TAXATION                                           10,066     17,940     15,040
TAX CHARGE ON
ORDINARY
ACTIVITIES        4                                     -          -          -
                                                   --------   --------   --------
PROFIT
ATTRIBUTABLE
TO EQUITY
SHAREHOLDERS
OF THE PARENT                                      10,066     17,940     15,040
                                                   --------   --------   --------

RETAINED
PROFIT FOR THE
PERIOD                                             10,066     17,940     15,040
                                                   ========   ========   ========
BASIC EARNINGS
PER ORDINARY
SHARE             5                                 11.74p     22.11p     18.53p
                                                   ========   ========   ========
DILUTED
EARNINGS PER
SHARE             5                                  7.76p     10.95p     11.48p
                                                   ========   ========   ========


                                   Celtic plc
                              GROUP BALANCE SHEET

                                 31 December              31 December    30 June
                                     2007                   2006          2007
                                 Unaudited               Unaudited and  Restated
                                                           Restated
                         Notes         £000                   £000        £000
NON-CURRENT ASSETS
Property plant and
equipment                            56,860                 51,799      55,861
Intangible assets            6       10,847                 10,651      12,990
                                  -----------            ----------- -----------
                                     67,707                 62,450      68,851
CURRENT ASSETS

Inventories                           2,696                  2,184       3,383
Receivables                  7        7,527                 11,150       7,997
Cash at bank and in hand              8,366                  1,056       7,006
                                  -----------            ----------- -----------
                                     18,589                 14,390      18,386
                                  -----------            ----------- -----------
TOTAL ASSETS                         86,296                 76,840      87,237
                                  ===========            =========== ===========

LIABILITIES                  8      
NON-CURRENT
LIABILITIES
Interest bearing loans              (12,000)               (12,000)    (12,000)
Debt element of
non-equity                           
share capital                        (3,026)                (3,026)     (3,112)
Deferred income                        (825)                (1,156)     (1,230)
                                  -----------            ----------- -----------
                                    (15,851)               (16,182)    (16,342)
                                  -----------            ----------- -----------
CURRENT LIABILITIES
Other Loans                            (154)                  (158)       (158)
Trade and other payables             (3,264)                (3,273)    (10,999)
Accruals                             (6,160)                (5,153)     (6,447)
Deferred income                     (11,187)                (8,502)    (13,244)
Other financial                      (2,808)                (3,944)     (3,318)
liabilities                       -----------            ----------- -----------
                                    (23,573)               (21,030)    (34,166)
                                  -----------            ----------- -----------
TOTAL LIABILITIES                   (39,424)               (37,212)    (50,508)
                                  -----------            ----------- -----------
NET ASSETS                           46,872                 39,628      36,729
                                  ===========            =========== ===========

EQUITY
Issued capital               9       24,112                 23,451      23,452
Other reserve                        21,222                 21,222      21,222
Share premium                        14,205                 14,129      14,129
Capital redemption                    2,777                  2,540       2,440
reserve
Retained earnings                   (15,437)               (21,714)    (24,514)
                                  -----------            ----------- -----------
TOTAL EQUITY
SHAREHOLDERS'                        46,872                 39,628      36,729
FUNDS                             ===========            =========== ===========

Approved by the Board on 14 February 2008

                                   Celtic plc
                      GROUP STATEMENT OF CHANGES IN EQUITY


                Share      Other     Share        Capital      Retained    Total
                Capital    Reserve   Premium      redemption   earnings
                                                  reserve
                  £000      £000      £000            £000       £000     £000
EQUITY
SHAREHOLDERS'
FUNDS AS AT 1
JULY 2006       23,450    21,222    14,089           1,739    (38,403)  22,097
Share capital
issued               1         -        40               -          -       41
Convertible
Preferred
Ordinary
Share
Participating       
Dividend             -         -         -               -       (450)    (450)
Transfer to
Capital
Redemption
Reserve              -         -         -             801       (801)       -

Profit for
the                  -         -         -               -     17,940   17,940
period        ----------  --------  --------       ---------   --------  -------

EQUITY
SHAREHOLDERS'
FUNDS AS AT
31              23,451    21,222    14,129           2,540    (21,714)  39,628
DECEMBER 2006 ==========  ========  ========       =========   ========  =======

Share capital
issued               1         -                         -          -        1
Transfer from
Capital
Redemption
Reserve              -         -         -            (100)       100        -
Loss for the
period               -         -         -               -     (2,900)  (2,900)
              ----------  --------  --------       ---------   --------  -------

EQUITY
SHAREHOLDERS'
FUNDS AS AT
30              23,452    21,222    14,129           2,440    (24,514)  36,729
JUNE 2007     ==========  ========  ========       =========   ========  =======

Share capital
issued               1         -        76               -          -       77
Transfer to
Capital
Redemption
Reserve            659         -         -             337       (996)       -

Profit for
the                  -         -         -               -     10,066   10,066
period        ----------  --------  --------       ---------   --------  -------

EQUITY
SHAREHOLDERS'
FUNDS AS AT
31              24,112    21,222    14,205           2,777    (15,444)  46,872
DECEMBER 2007 ==========  ========  ========       =========   ========  =======


                                   Celtic plc
                           GROUP CASH FLOW STATEMENT

                                           6 months to    6 months to       12 months to
                                           31 December    31 December        30 June
                                              2007            2006            2007
                                Note       Unaudited        Unaudited        Restated
                                                          and Restated
                                               £000            £000            £000
Cash flows from operating activities
Profit before tax                             10,066          17,940           15,040
Depreciation                                     979             972            1,708
Amortisation                                   3,106           2,891            5,865
Impairment of
intangible fixed
assets                                             -               -            2,663
Profit on
disposal of
intangible fixed
assets                                        (4,121)         (7,120)          (9,397)
Loss on disposal
of tangible fixed
assets                                           168             258              339
Interest expense                                 700             788            1,228
Decrease /
(increase) in
inventories                                      687            (283)          (1,482)
(Increase) /
decrease in
receivables                                   (1,265)         (2,545)             987
Decrease in
payables and
deferred income                               (1,203)         (4,605)           1,089
Cash generated
from operations                                9,117           8,296           18,040
Interest paid                                   (395)           (416)            (484)
Net cash flow
from operating
activities - A                                 8,722           7,880           17,556
Cash flows from investing
activities
Purchase of
tangible fixed
assets                                        (2,994)         (3,459)          (7,069)
Purchase of
intangible fixed
assets                                        (8,480)         (8,784)         (10,959)
Proceeds from
sale of
intangible fixed
assets                                         5,934           3,915            5,974
Net cash used in
investing
activities - B                                (5,540)         (8,328)         (12,054)
Cash flows from financing
activities
Repayment of debt                               (887)           (889)            (889)
Dividends paid                                  (935)           (521)            (521)
Net cash (used) /
generated in
financing
activities - C                                (1,822)         (1,410)          (1,410)
Net increase /
(decrease) in
cash equivalents
A+B+C                                          1,360          (1,858)           4,092
Cash and cash
equivalents at 1
July                                           7,006           2,914            2,914
Cash and cash
equivalents at
period end                           10        8,366           1,056            7,006

                                   Celtic plc
                       NOTES TO THE FINANCIAL STATEMENTS

1. The annual financial statements of the Group to 30 June 2008 will require to 
be prepared in accordance with International Financial Reporting Standards as 
adopted for use in the EU ('IFRS '). This Interim Report, comprising the 
Consolidated Income Statement, Group Balance Sheet, Group Statement of Changes 
in Equity, Group Cash Flow Statement and accompanying notes, has been prepared 
in accordance with the recognition and measurement criteria of IFRS and the AIM 
rules save that the Group has elected not to adopt IAS34, Interim Reports. These
IFRS interim financial statements do not include all the information required 
for full IFRS annual financial statements.

The interim results do not constitute the statutory accounts within the meaning
of s240 of the Companies Act 1985. The financial information in this report for
the six months to 31 December 2007 and to 31 December 2006 has not been audited.
The comparative figures for the year ended 30 June 2007 are extracted from the
Group's audited financial statements for that period as filed with the Registrar
of Companies and restated for IFRS. It does not constitute the financial
statements for that period. Those accounts received an unqualified audit report
which did not contain any statement under sections 237 (2) or (3) of the
Companies Act 1988.

The auditors have reviewed this Interim Report and their report is set out on
page 3.

The accounts for the interim period have been prepared in accordance with the
policies which the Group will adopt for its 2008 annual accounts.

2. Revenue - Segmental Information

                           6 months to               6 months to     12 months
                           31 December               31 December    to 30 June
                                  2007                      2006          2007
                             Unaudited                 Unaudited      Restated
                                                    and Restated
                                  £000                      £000          £000
Revenue comprised:

Professional football           19,593                    21,560        34,345
Multimedia & sponsorship        12,850                    14,138        23,199
Merchandising                    7,739                     8,692        13,367
Stadium enterprises              1,253                     1,414         2,679
Youth development                  999                       992         1,647
                             -----------               -----------   -----------
                                42,434                    46,796        75,237
                             ===========               ===========   ===========
Number of home games                16                        18            28
                             ===========               ===========   ===========

The above segmental information reflects the primary segments, which are the
business segments of the group. There are no secondary, geographical segments.

3. Financial Expenses
Payable as follows on:     6 months to               6 months to     12 months
                           31 December               31 December    to 30 June
                                  2007                      2006          2007
                             Unaudited                 Unaudited      Restated
                                                    and Restated
                                  £000                      £000          £000
Bank Loans and Overdraft           395                       416           484
Non-Equity Shares                  305                       372           744
                              ----------                ----------    ----------

                  Total            700                       788         1,228
                              ==========                ==========    ==========


4. Taxation
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.

5. Earnings per Share
Basic earnings per share has been calculated by dividing the earnings for the
period by the weighted average number of Ordinary Shares in issue 85,726,487
(2006: 81,126,084). Diluted earnings per share as at 31 December 2007 has been
calculated by dividing the earnings for the period by the weighted average
number of Ordinary Shares, Preference Shares and Convertible Preferred Ordinary
Shares in issue, assuming conversion at the balance sheet date, and the full
exercise of outstanding share purchase options, if dilutive. As at December
2007, December 2006 and June 2007 no account was taken of potential conversion
of share purchase options, as these potential Ordinary Shares were not
considered to be dilutive under the definitions of the applicable accounting
standards.

6. Intangible Assets

                              6 months to             6 months to    12 months
                              31 December             31 December   to 30 June
                                     2007                    2006         2007
                                Unaudited           Unaudited and     Restated
                                                         Restated
Cost                                £000                    £000         £000
At 1 July                         28,982                  23,530       23,530
Additions                          1,039                   6,318       14,439
Disposals                         (4,067)                 (2,195)      (8,987)
                               -----------             -----------  -----------
At period end                     25,954                  27,653       28,982
                               ===========             ===========  ===========
Amortisation
At 1 July                         15,992                  15,937       15,937
Charge for the period              3,106                   2,891        5,865
Provision for                          -                       -        2,663
impairment
Disposals                         (3,991)                 (1,826)      (8,473)
                               -----------             -----------  -----------
At period end                     15,107                  17,002       15,992
                               ===========             ===========  ===========
Net Book Value at
period                            10,847                  10,651       12,990
end                            ===========             ===========  ===========

7. Receivables

The decrease in the level of receivables from 31 December 2006 of £3.62m to
£7.53m is primarily a result of a reduction in amounts receivable in respect of
player transfers and TV and other trading revenues largely as a result of Celtic
not being Scotland's sole participant in Champions League European football this
season.

8. Non - Current Liabilities
Non-current liabilities reflect long-term bank loans of £12.0m (2006: £12.0m)
drawn down at the end of the period as part of the Company's bank facility of
£36.0m and £3.03m (2006: £3.03m) as a result of the reallocation of non-equity
share capital from equity to debt following the introduction of IAS 32 and
£0.82m (2006: £1.15m) of deferred income.


9. Share Capital

                          Authorised           Allotted, called up and fully paid
                          31 December                     31 December
                     2007          2006        2007     2007        2006     2006
                  No 000        No 000      No 000      £000     No 000      £000
Equity
Ordinary
Shares of 1p
each              211,701       211,701      88,495      885      81,181      812
Deferred
Shares of 1p
each              438,603       100,362     438,603    4,386     100,362    1,004
Non-equity
Convertible
Preferred
Ordinary
Shares of £1
each               20,000        20,000      14,558   14,558      18,012   18,012

Convertible
Cumulative
Preference
Shares of 60p
each               19,299        19,299      16,799   10,079      16,799   10,080
Less
reallocated to
debt under 
IAS 32                  -             -           -   (5,796)          -   (6,457)
                    -------      --------    -------- --------    -------- --------

                  689,603       351,362     558,455   24,112     216,354   23,451
                    =======      ========    ======== ========    ======== ========

10. Analysis of Net Debt
The reconciliation of the movement in cash and cash equivalents per the Cash
Flow Statement to net debt is as follows:

                                       31 December    31 December       30 June
                                           2007              2006         2007
                                           £000              £000         £000
Bank Loan                                12,000            12,000       12,000
Other Loans                                 154               158          158
Debt element of non -equity share
capital                                   3,026             3,914        4,013
Cash and cash equivalents                (8,366)           (1,056)      (7,006)
                                       ----------         ---------     --------

Net debt at period end                    6,814            15,016        9,165
                                       ==========         =========     ========

11. Transition to International Financial Reporting Standards ('IFRS')

As stated in note 1, the annual financial statements for the year ending 30 June
2008 will be prepared in accordance with IFRS. IFRS 1 'First time adoption of
IFRS' requires the presentation of the effect of adopting IFRS on figures
previously reported under UK GAAP. The reconciliations required are at the level
of Equity Shareholders' Funds and Profit for the period.

As an AIM-listed company in the UK, Celtic adopted the UK GAAP equivalent of
those International Standards which had a financial effect on Celtic's published
financial information in the year ended 30 June 2006. Therefore, at 1 July 2006,
31 December 2006 and 30 June 2007, and for the financial periods ended on those
dates, there is no financial effect of adopting IFRS on the previously reported
UK GAAP figures. No reconciliations are therefore presented.

12. TRANSFER FEES PAYABLE / RECEIVABLE
Under the terms of certain contracts in respect of the transfer of player
registrations, additional amounts will be payable/receivable by the Company if
specific future conditions are met. As at 31 December 2007 amounts in respect of
such contracts could result in an amount payable of £2.35m of which £0.89m could
arise within one year, and amounts receivable of £2.25m of which £1.40m could
arise within one year.

13. POST BALANCE SHEET EVENTS
Following 31 December 2007, Celtic acquired the registrations of Andreas Hinkel,
Koki Mizuno, Barry Robson and Ben Hutchinson and released the registrations of
Teddy Bjarnason, Jiri Jarosik, and Maceij Zurawski. In addition, the contract of
Artur Boruc was extended until 31 May 2011 and the loan registration of Georgios
Samaras was acquired until the end of the season.


Directors

Dr John Reid (Chairman)*
Peter T Lawwell (Chief Executive)
Eric J Riley (Financial)
Tom E Allison *
Dermot F Desmond*
Ian Livingston*
Brian J McBride*
Brian D H Wilson *

Secretary

Robert M Howat

Directors of the Celtic Football and Athletic
Company Limited

Peter T Lawwell
Eric J Riley
Kevin Sweeney*
John S Keane*
Michael A McDonald*

* Independent Non-Executive Director

Secretary

Robert M Howat

Football Manager

Gordon Strachan




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