20 Feb 2009Lawwell happy despite £1.7m profits dip

Football Clubs News | Football Finance News

Celtic chief executive Peter Lawwell has expressed his satisfaction with the club's finances despite revealing a £1.7 million dip in profits in the second half of last year.

The Bhoys released figures today (February 20th) which show that profits fell from £10 million to £8.3 million in the six months to December 31st 2008, the BBC reports.

However, the Glasgow side managed to reduce their debt from £3.6 million to £0.97 million, while turnover increased by 10.3 per cent to £46.7 million.

Lawwell told the news provider: "We're very pleased with these results, but results on the field remain key to the success of the club.

"We've won three league titles in a row and remain in contention for all three domestic trophies this season."

Lawwell added that there was money for boss Gordon Strachan to spend in the transfer window but that he did not take up the option due to the market being "stagnant".

Celtic currently sit two points clear of bitter rivals Rangers at the top of the Scottish Premier League.

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