Celtic stash £30m cash as European success pays

Celtic have announced an increase in revenue but a slight fall in post-tax profits in their interim results for the six months to 31 December 2017.

The Parkhead side have also revealed they have reserves of almost £31 million in the bank.

With the club dominant on the pitch domestically and through to the last 32 of the Europa League, chairman Ian Bankier declared himself satisfied with the latest figures and pledged that the club would continue to help manager Brendan Rodgers invest in new players.

Revenue increased by 16.8 per cent to £71.5m, compared with £61.2m for the same period in 2016.

Profit before tax rose from £18.6m to £19.5m but fell from £18.6m to £17.4m after tax. Celtic also announced their net cash at the bank to be £30.9m, up significantly from £18.6m in 2016.

Qualifying for the group stage of the Champions League in consecutive seasons has had a significantly positive impact.

Bankier said in his statement: “We are delighted with the sustained period of success on the pitch, as Brendan Rodgers, his backroom team and the players have built on their achievements of last season. They are to be congratulated on qualification for the group stages of the Uefa Champions League for a second successive season, for retaining the League Cup and for the recordbreaking 69 game domestic unbeaten run.”

In the period covered by the results Celtic signed Olivierntchamandkundai Benyu, and secured a loan deal for Patrick Roberts, with Gary Mackay-steven and Saidy Janko leaving.

Bankier added: “The board is committed to a course of investment in the playing squad so as to be as competitive as we can be within the structure of Scottish football and on the European stage. With our full support and encouragement, Brendan seeks to enhance the squad by the careful acquisition of quality players and the development of existing players and young talent coming up from our Youth Academy.”