by Andrew Muirhead

Celtic yesterday released their financial figures for last year which revealed that chief executive Peter Lawwell received nearly £1 million in bonuses.

The figures stated that Lawwell had received a bonus payment of £400,000 on top of his £525,000 salary, along with pension contributions of £57,108 and benefits in kind of £17,312 — totalling £999,420 a drop from £999,591 in 2013.

According to the annual report, Lawwell was “entitled to a maximum payment under the Company’s bonus scheme of 60 per cent of basic salary, if all performance conditions were satisfied.” 

It added: “The remuneration committee decided to make an additional bonus award to Mr Lawwell, on an ex gratia basis, for the financial year having taken account of the scale of incremental value delivered for the benefit of the company through fulfilment of the objectives set for him.”

Celtic’s revenue was reduced by 14.6 per cent to £64.74m — in part due to £100 reduction in season ticket prices. 

Operating expenses dropped by 4.5 per cent to £59.89m, while net cash in the bank at year end rose to £3.83m from £3.76m in 2013. 

The club’s pre-tax profit rose from £9.74m in 2013 to £11.17m.

This year’s AGM will take place on Friday 21 November at 10.30pm, a day before their league game against Paul Hartley’s Dundee at Celtic Park.

Meanwhile, the Celtic Trust will be looking to get their living wage resolution — paying staff the amount needed to cover the basic costs of living — passed this year after failing to do so at the last AGM.