Chairman John Reid says Celtic need Champions League football
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Celtic have reported comparatively reduced pre-tax profits of £10.07m for the six months to 31 December 2007.
Although down from the corresponding period in 2006, the club also slashed its net debt from £15.02m to £6.81m.
"They're exceptional figures for a Scottish club, everyone is delighted," said chief executive Peter Lawwell.
"It's slightly down on last year but there are reasons for that - some outwith our control - but we have again turned in a very good set of results."
The club's retained profit for the period of £10.07m compares with £17.94m last year.
This is mainly due to the club having to share Champions League revenue with Rangers, as well as pulling in less money from player sales.
The Parkhead side also played two fewer home matches compared to the same period in 2006.
"The effect of having two Scottish participants in the Champions League makes a difference of over £2.5m to our bottom line," said Lawwell.
"We see ourselves as a Champions League club. We must be in the competition every year."
"That way we're getting short-term revenues, but equally as important, we're getting the club the longer-term exposure around the world that comes with it."
And the chief executive promises to plough money back into developing the playing personnel.
"I don't think we can be accused of not reinvesting over the last few years," he said.
"We'll operate in the transfer market within our means but we won't be able to go to the levels you see in the top five nations.
"Where we get our edge is finding young players through the academy, and improving them.
"We've put money into upping the quality of the coaching under Gordon Strachan and his team.
"And in scouting we've now more coverage across the world than we've ever had."
"And then by bringing in the likes of Nakamura, Mizuno, maybe an American player - we already have an Australian player - we develop an interest in Celtic around the world."
"First of all they have to be excellent players, and then there are secondary spin offs."
Celtic's chairman Dr John Reid said he expects the figures for the remainder of the financial year to show a similar change.
And he echoed the stress Lawwell placed in Europe's top club competition.
"Once again, our performance has been heavily influenced by participation in the Champions League," said Dr Reid.
"The company continues to benefit financially, and in football terms, having reached the last 16 for the second year in succession.
"Credit must go to Gordon Strachan and his team for keeping Celtic at the highest level in European football."
On Thursday the club was ranked at number 17 in the list of the world's richest clubs.
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Interview: Celtic chief executive Peter Lawwell
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