Scottish champions Celtic have released their annual financial report which confirms that the club has seen an improved pre-tax profit of £6.9 million.
Club chairman Ian Bankier attributes the surge in revenue to Celtic’s involvement in the UEFA Champions League. The figure released is a massive improvement on the £500,000 pre-tax revenue of 2016.
“These results reflect the paramount importance to the company of participation in the group stages of the Champions League,” said Bankier.
“The foundations for that success are based on consistency, stability and the implementation of a prudent long-term strategy that dictates that the company invests in its football operations, whilst maintaining a self-sustaining financial model.
“The board considers that this strategy remains appropriate for Celtic plc and will continue to seek out and retain top talent on and off the field of play so as to deliver football success and, in turn, shareholder value.
“The board has been able to manage short-term challenges, and maintain the course it has set and reported on over the past several years, because there is consistency in the ownership, board and executive management of the company.
“These ingredients provide the stability that is so crucial for the successful operation of a football club at our level.”
Celtic are in a fiercely competitive Champions League group this season with Bayern Munich, Paris Saint-Germain and Anderlecht. The Hoops won the domestic treble last season but playing against the European elite is a different ball game altogether.
That was evident as they lost their group stage opener against PSG by 5-0 at Celtic Park.