Reid says Celtic are "reasonably placed" in the midst of a recession

Celtic's debt has almost trebled in the year up to the end of 2010.

The club announced their interim results for the six months to 31 December - with bank debt increasing by almost £6m to just short of £9.1m.

Turnover was down by over 20%, while more money had been spent on players and development.

Chairman John Reid attributed the figures to early exit from European competition, the effects of the harsh winter and difficult economic climate.

"As a result we have seen profit from trading fall to £0.92m from £4.71m," said Reid.

"However, in common with previous years, the second half is expected to be more challenging in terms of financial performance.

"The approach we have taken to maintaining a sustainable business model, with player investment and a willingness to trade when appropriate becoming increasingly significant elements, leaves us reasonably placed to withstand the continuing sluggish economic environment.

"But we must also continue to ensure that we are doing all we can to make our underlying trading position healthier."

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