European run key to Hoops’ success

GLASGOW Celtic have posted a profit before taxation of £17.94 million (€26.7m) for the final half of 2006.

The interim results compare to a loss of £0.96m (€1.42m) to December 31, 2005.

Celtic chairman Brian Quinn stressed how important European football had been to the Parkhead club this season.

The Hoops’ journey to the last 16 of the Champions League included three lucrative home games against FC Copenhagen, Benfica, and Manchester United and the Parkhead side benefited further by having Scotland’s share of the television money to themselves.

Celtic, which counts billionaire Irish financier Dermot Desmond as one of its largest shareholders, were knocked out of last season’s tournament in the second qualifying round by Artmedia Bratislava.

Mr Quinn said: “It is in the measures of profitability that Celtic showed the most striking improvement compared with last year.

“Operating profit rose from £74,000 (110,000) to £11.9m (17.6m) and after taking account of gains on player transfers of £7.1m (€10.5m), profit.

“This turnaround in our financial performance demonstrates in the most vivid way the importance of European football to clubs playing outside the leading five European countries; but it is also a testament to the professionalism of our executive team.”