Scottish football club Celtic has reported a return to profit and a reduction in bank debt of more than £5m.
Celtic's preliminary financial results showed a profit of £102,000 for the year ending June 30, after a loss of more than £2m in the previous 12 months.
The club reduced its net bank debt to £530,000, well down on the previous year's total of £5.85m and the half-year figure of £9.1m that Celtic subsequently reported.
Chairman John Reid explained the higher debt totals had been planned to fund Lennon's squad rebuilding last year, while the reduction was designed to maintain financial stability and independence.
The profit came despite a fall in group revenue of more than £9m to £52.6m, with Reid pointing to a number of factors including the unsuccessful reign of Tony Mowbray in the previous season, when Celtic failed to win a trophy.
Celtic also had just two European home games, against Braga and Utrecht, but their finances were helped by a near-10% reduction in operating expenses to £52.5m.
Reid described the results as 'outstanding' in the circumstances, particularly after what he had termed a 'disappointing' half-yearly performance in February.
Although Celtic recorded a £7.1m profit in those six months, that was largely down to the £9.5m sale of Republic of Ireland international Aiden McGeady to Spartak Moscow with the club warning then that the second part of the season would be 'more challenging'.
