CELTIC have released their latest financial results which show the club made a turnover of £75.82 million - up nearly 50% on last year's figures.

The club made a profit before tax of £9.74m compared to £7.37m loss last year - as detailed in the preliminary results for year ended June 30, 2013

The results, today published on the club website, also show that operating expenses increased by 15.2% to £62.71 million.

The club spent £9.66 million on players compared to £5.24 million in the same period in 2012.

Celtic incurred exceptional costs of £1.83m and the year end net cash at bank is £3.76m - compared with £2.77 million net bank debt in 2012.

The clubs recent European success has been sighted as the reason for the healthy financial results.

In a statement, chairman Ian Bankier, said: "I am delighted to report that success on the field and, in particular, our European campaign have contributed to a very successful trading period.

"This is not only a highly satisfactory result, but represents a five-year record profit. Consistent with such a robust financial performance, our net cash at bank position at the year end was £3.76m, an improvement of £6.53m from the same time last year.

"Whilst the undoubted highlight of last season was qualifying from the group stages and playing in the last sixteen of the UEFA Champions League, it is crucial that we were able to win the Scottish Premier League title for the second time in a row and get another shot at Europe.

"This has led to another successful qualification for the group stages with a highly memorable win against Shakhter Karagandy on August 28 at Celtic Park."

The chairman thanked players, staff and fans and said: "Throughout the journey we have been hugely mindful of our supporters, who have performed the role of the 'twelfth' man superbly at each and every crucial fixture, not least of all the recent encounter with Shakhter Karagandy.

"In recognition, we introduced a one off £100 award for all standard season ticket applications for season 2013/14 and this has been warmly received, with season ticket numbers in excess of those for season 2012/13.

"This year demonstrates, above all, the impact that football success brings to Celtic plc in its current shape.

"The predominant focus of the board is to sustain a robust structure that can benefit fully from the fruits of playing success, yet withstand the economic pressures of today's football environment in Scotland.

"The two key elements of that structure are responsible financial management for the long term, coupled with an intelligent player pool strategy.

"We believe that we are achieving this standard and, in so saying, tribute must be paid to Neil Lennon, his support team and players, the coaching staff and assistants at the Academy, Peter Lawwell, his executive team, and all of the staff and employees of Celtic who work enthusiastically for this great club."