Champions League group matches helped Celtic Football Club post a huge jump in half-year revenue and profit.

Despite a poor run in the grou stages the club reported a 23% rise in pretax profit to £33.9 million in the first half ending 31 December, from £27.6m in the previous corresponding period. Revenue grew 45% to £76.5m from £52.9m.

The club also more than doubled net cash at the bank at the end of the period to £59.2m, from £25.6m.

In his first statement since returning to the club as chairman, former CEO Peter Lawwell said: “The key factors driving the improvement in the underlying trading performance in the six months to 31 December 2022 compared to the same period last year, was the direct qualification to the UEFA Champions League group stage.”

He said gains from player trading came in at just £1.8m compared to £25.8m last time, reflecting the strategy of assembling a new football playing squad under manager, Ange Postecoglou.