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Scottish champs Celtic make £17.3 million profit

© AFP | Celtic's players celebrate victory over old rivals Rangers

GLASGOW (AFP) - 

Scottish champions Celtic announced on Wednesday a pre-tax profit of £17.3 million ($22 million) in the financial year up until June 30, 2018.

The Glasgow club's profits rose from £6.9 million in 2017.

Celtic also revealed record sales revenue of £101.6 million, up from £90.6 million the previous year.

Celtic chairman Ian Bankier believes the club's stable financial position will help absorb the blow of failing to qualify for the lucrative group stage of the Champions League for the first time in three years.

"The board considers that the Group's proven strategy of investment in football operations, whilst maintaining a self-sustaining financial model, has provided a stable platform for the success enjoyed in the year under review," he said.

"This approach remains entirely appropriate for us, as we seek to continue to deliver football success and, in turn, shareholder value."

Celtic's operating expenses increased by 14.1 per cent to £87.1 million.

© 2018 AFP