15 Feb 2008Celtic profits slightly down

Celtic have reported pre-tax profits of £10.07 million for the six months to the end of December 2007.

It signifies a slight downturn on the figure recorded in 2006 but the club also managed to cut debt considerably.

According to official figures, net debt fell from £15.02 million to just £6.81 million and Celtic's owners are pleased with the results.

"They're exceptional figures for a Scottish club, everyone is delighted," chief executive Peter Lawwell told the BBC.

"It's slightly down on last year but there are reasons for that - some outwith our control - but we have again turned in a very good set of results.

"The effect of having two Scottish participants in the Champions League makes a difference of over £2.5m to our bottom line. We see ourselves as a Champions League club. We must be in the competition every year," he continued.

Celtic recorded profits of £17.94 million in 2006.

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