Celtic reveal huge profit

Celtic have revealed record annual pre-tax profits of £15.04m following their domestic double and run to the last 16 of the Champions League.

The club also confirmed their year-end bank debt, for the year ending June 30 2007, was reduced to £4.99m, down from £9.09m in 2006.

The success in Europe underpins the healthy figures, with Celtic chairman Brian Quinn stating that the club made a net profit of between £11m and £12m from their Champions League involvement.

Quinn warned that there is no guarantee of such impressive financial results next year.

Celtic still have a tricky second leg of their Champions League qualifier against Spartak Moscow to negotiate, with the tie poised at 1-1 after last Wednesday’s match in Russia.

If they win the Parkhead clash next week, Celtic’s financial outlook will be favourable for the season ahead, although Quinn recognised last season’s achievements on the pitch would be difficult to surpass.

“As I have remarked before, success in football is seldom marked by unbroken, continuous advances,” Quinn noted.

“The nature of modern competitive sport prevents that. Last year was a very good year for our club and for Celtic plc, and it will be a monumental challenge to surpass it next year.

“That does not, of course, mean that we will not be trying hard to do so.”