Celtic’s latest annual report has revealed a £4.9million fall in retail and e-commerce revenue during a financial year in which supporters launched the ‘Not Another Penny’ campaign.

Revenue from Celtic’s retail outlets and online operation dropped from £23.137m in the year ending June 2025 to £18.206m in the year ending June 2026.

That represents a fall of £4.931m, or around 21.3 per cent.

The campaign therefore operated for the majority of the financial year covered by Celtic’s latest accounts.

While the annual report does not calculate how much of the £4.9m decline can be attributed to the boycott, the figures provide the clearest financial context yet surrounding a campaign specifically designed to reduce supporter spending directly with the club.

The Celtic Fans Collective launched the campaign amid its ongoing dispute with the club’s board.

Supporters backing the action were encouraged to continue supporting the team and attending matches, while avoiding spending on merchandise and other club-operated services.

The campaign has since been repeatedly extended and remains part of the wider supporter protest movement.

Against that backdrop, a 21.3 per cent year-on-year decline in Celtic’s shop and online revenue is likely to attract considerable attention.

There are, however, other factors behind the comparison.

Celtic have pointed to the previous year being a record period for merchandise, the impact commonly seen during Europa League seasons and a difficult consumer environment when explaining the wider reduction in merchandising income.

The accounts do not state that the ‘Not Another Penny’ campaign caused the retail decline.

The largest individual reduction came from media rights, which fell from £45.208m to £20.610m, largely reflecting the change in European competition.

Retail and e-commerce nevertheless represents one of the clearest areas directly connected to the type of spending targeted by the supporter campaign.

The £4.9m fall cannot be presented as the confirmed cost of ‘Not Another Penny’, but the scale of the decline during the campaign period provides a significant new figure in the continuing debate over its financial impact.