Celtic have announced a substantial rise in profit and turnover in their annual results with their cash reserves more than doubling.

The club has announced turnover has broken through the £100m mark in the year up to June 30, rising by 12.1% to £101.6m.

Profit before tax has risen to £17.3m from £6.9m while year-end cash net of bank borrowings was £36.1m, up from £17.9m.

The figure come after a season that was marked success on the field. Manager Brendan Rodgers guided the club to an unprecedented second successive clean sweep of domestic trophies, while the team also qualified for the group stage of the Champions League.

The figures show that the club brought in £16.5m in player sales, which would include the sell-on clause from former player Virgil van Dijk's move to Liverpool from Southampton. And £16.6m was laid out on player acquisitions including the club record signing of Odsonne Edouard.

Celtic chairman Ian Bankier said that the results proved the wisdom of the club's current business model.

He said: "The board considers that the group's proven strategy of investment in football operations, whilst maintaining a self-sustaining financial model, has provided a stable platform for the success enjoyed in the year under review.

"This approach remains entirely appropriate for us, as we seek to continue to deliver football success and, in turn, shareholder value."