The Parkhead outfit say increased income from player sales are largely the reason for the improved figures, which are compared to losses of almost £4 million for the previous 12 months. The Hoops banked almost £12 million after selling defender Virgil van Dijk to Southampton, while the transfers of Teemu Pukki to Brondby and Adam Matthews to Sunderland also generated cash for their coffers. Revenue for the club was up 1.8 per cent to £52 million but operating costs also increased by 7.3 per cent to £57.1 million. The results do not include the potential £30 million windfall the club could net after qualifying for this season’s Champions League group stages. Chief executive Peter Lawwell said in his report to shareholders: “For a club like Celtic, operating in a market where television values have fallen significantly behind our neighbours across Europe, qualification for the group stages of the UEFA Champions League is of paramount importance. “The financial rewards allow for investment in the playing squad and physical assets, but moreover, the prestige of participating in the premier club competition in the world reinforces the reach and importance of the club to so many people around the world. “Fundamentally, Celtic is a Champions League club; our infrastructure and continued investment reflect that. At a time when the direction of travel in European football is towards elite level clubs, we must remain at the forefront of developments in the game domestically and across Europe. “Celtic should be at the top of the game in Europe and the board and I have that objective as a priority. We continue to work tirelessly on seeking to improve the football environment in which the club operates.” Keep up to date with all our sport news on The Scotsman’s Sport page on Facebook Click here for the latest results, fixtures and stats>>> DOWNLOAD THE SCOTSMAN APP ON ITUNES OR GOOGLE PLAY