Celtic report pre-tax hike in preliminary profits

Celtic have reported a pre-tax profit of £9.74m in their preliminary financial results, up from a £7.37m loss in 2012.

Group revenue increased by 47.7% to £75.82m compared with £51.34m in 2012 and the club report cash at the bank of £3.76m against £2.77m debt in 2012.

Income was boosted by Champions League participation last season and Ki Sung-Yeung's £6.1m transfer to Swansea City.

Operating expenses at the club also increased by 15.2% to £62.71m.

The Plc's figures, reported to the Stock Exchange, cover the year ending June 2013 and include the club's Scottish Premier League championship win and Scottish Cup final victory against Hibernian.

Celtic also participated in six home European matches, four in the Champions League, after reaching the last 16 of the tournament for the first time since 2008.

South Korea midfielder Ki Sung-Yeung was sold during the summer 2012 transfer window to Premier League club Swansea for more than £6m.

However, Celtic spent £9.66m on new signings, including a permanent deal for goalkeeper Fraser Forster on his arrival from Newcastle United, and the transfer of midfielder Tomas Rogic from Central Coast Mariners.

Celtic also signed a new three-year shirt sponsorship contract with Magners and celebrated their 125th anniversary with a historic victory over Spanish club Barcelona in the group stages of the Champions League.