Celtic have confirmed that they made a pre-tax profit of £24.4m over the second half of 2019, which was largely thanks to the sale of Kieran Tierney to Arsenal.
The left-back sealed a £25m move to the Emirates Stadium in August, helping Celtic to fund a shopping spree which saw the likes of Christopher Jullien and Boli Bolingoli arrive at Celtic Park during the summer.
Celtic's latest results show (via the Daily Record) that Tierney's departure led to an increase in trading profit, while the club even managed a slight increase in revenue, despite actually finishing with less money in the bank that during the same period in 2018.
"I am pleased to report another strong set of interim results, for the six months ended 31 December 2019. These show revenues of £53.3m (2018: £50.0m) and a profit before taxation of £24.4m (2018: £18.8m) that included a profit from trading of £7.1m (2018: £6.2m). Period end net cash at bank was £32.9m (2018: £38.6m)," chairman Ian Bankier said.
"Following the permanent appointment of Neil Lennon in May 2019 and the securing of an unprecedented 'Treble-Treble', the club entered the new season with optimism. Whilst we were disappointed not to qualify for the UEFA Champions League, Neil and the team quickly put this set back behind them and took on the challenge of a testing Europa League group."
While the revenue took a hit as a result of the lack of Champions League football, Celtic's success on a domestic level helped ensure that their finances were not impacted too severely.
"The club went on to secure its tenth consecutive domestic trophy by defeating Rangers in the Betfred Cup Final in December 2019. As 2019 drew to a close the club reflected on the most successful decade in its history, having won 18 trophies from a possible 30.
"In addition to significant gains from player sales, the underlying trading remained buoyant through revenues from commercial arrangements, match day sales, hospitality and merchandising.
"The profit on disposal of intangible assets recognised in the period amounted to £23.0m (2018: £17.6m). A key contributor was the sale of Kieran Tierney to Arsenal.