The Scottish champions won a treble last season while also returning to the Champions League group stages for the first time since the 2017/18 campaign.

Group revenue has increased by over 35 per cent to £119.9million from £88.2million.

Operating expenses including labour increased from 4.0 per cent to £95.4m alongside a gain on sale of player registrations of £14.4m, from £29m.

There was an acquisition of player registrations of £13.0m, changing from £38.4m.

The sales of Jota and Carl Starfelt were not included in the results. Year-end cash net of bank borrowings stands at £72.3million compared to £30.2million last year.

Chairman Peter Lawwell said in a statement as part of the accounts: “Our successfully proven strategy has delivered stability and footballing success over many years and remains the same.

“We must balance the signing of players that can be developed and sold when conditions are optimal alongside the need to sign players who are able to make an immediate impact and deliver footballing success.

“The execution of this strategy is increasingly challenging owing to wage and transfer inflation, but this formula has underpinned both our footballing success and financial stability over a number of years now and it is vital that we adhere to it.”