Celtic report £13.4m profit for 2023-24 as costs and revenue rise

The club say they made a profit of £6.6m on player sales, compared to £14.4m in 2023, while £16.6m was spent on player acquisitions.

Celtic signed Luis Palma and Nicolas Kuhn during the accounting period, while fellow striker Liel Abada left for a reported fee of £8million.

And Lawwell noted: “Our profit on sales that we made in the year was £7.8m lower than the previous year. We also invested higher amounts in the men’s team compared to the previous year in the form of salaries.

“In addition, we have experienced an increase in overheads, driven by the high inflation in which the business has operated over the past year. There was also the absence of £13.5 million of non-recurring other income specific to the prior year.”

Lawwell also mentioned “the commencement of significant capital investment projects including the redevelopment of Barrowfield (training facility) and a number of stadium maintenance projects”.

After the accounting period, Celtic sold Matt O’Riley to Brighton for a record £25m, while other sales included Tomoki Iwata and Mikey Johnston. Spending on players totalled £31.2m, including the record signing of midfielder Arne Engels for a reported £11m.