CELTIC have announced a £6.1million pre-tax profit for the year ended June 30, 2022.

The club published information on the finances as chairman Ian Bankier released a lengthy statement updating supporters.

Key figures revealed a £6.1m profit has been recorded before taxation. The club had recorded an £11.5m loss in 2021 which means a swing of around £17m to this year's figures.

Group revenue was up by 45.2 per cent to £88.2m - just under £28m more than last year. Similarly, operating expenses increased to £91.7m from £74.4m in 2021.

The report confirmed £29m was made through player sales with £38.4m spent on new signings in the past 12 months.

The club correspondence also noted "key operational items" citing the Scottish Premiership and Premier Sports Cup triumphs alongside qualification for the Champions League this season.

Bankier pinpointed European football as the "biggest influence" on the fortunes of the club and hinted the revamped Champions League format from 2024 could further benefit Celtic.

He said: "The biggest influence on the financial and sporting fortunes of the Club is our ability to participate in European competition.

"As covered by Michael Nicholson in his report, the Champions League format will change in 2024.

"This will provide further opportunities and enhanced media rights.

"Our task is to be prepared to maximise the opportunities that will evolve by remaining financially strong and stable, whilst investing intelligently in the player squad, the football department and the sporting infrastructure and facilities.

"We have every confidence in our business model that over the period of my office has demonstrated its robustness, especially in challenging times.

"In closing, I thank all of my colleagues at Celtic, whose enormous efforts have delivered this pleasing year of transition.

"I also pay tribute to our remarkable support, who have backed the Manager and the team every step of the way."