Celtic yesterday announced their best-ever annual results, with Peter Lawwell, the chief executive, pledging further transfer funds to Gordon Strachan regardless of the Scottish champions' fortunes in the Champions League qualifier against Spartak Moscow.

The club posted a pre-tax profit of £15.04m, an increase in turnover by almost one-third to £75.24m and a reduction in debt by half to £4.99m. The sustained involvement in last season's Champions League, where they were eliminated by AC Milan in the last 16, has been a major contributor to such a healthy balance sheet yet Lawwell maintained a more efficient business strategy was central to the off-field success.

The figures are particularly impressive when considering the club have spent £14.4m in squad improvements, most recently in Scott Brown (£4.4m) and Massimo Donati (an estimated £2.5m), and have also spent £8m on their new Lennoxtown training academy, which is expected to be completed by October.

Lawwell has not discounted the possibility of further strengthening during the current transfer window after Celtic's major shareholders agreed to pass-up a dividend entitlement. Strachan's movements in the market are not wholly dependent on disposing of three high-earning malingerers, either.

Bobo Balde, Jiri Jarosik and Thomas Gravesen have been jettisoned from the first-team squad since the start of the season and none is expected to feature again unless emergency dictates.

Gravesen will not budge unless he receives full compensation for the two years remaining on his contract, while Celtic await interest in Jarosik and Balde, whose £32,000-per-week earnings have frightened-off potential suitors.

"Obviously it would be of huge benefit if we reach the Champions League group stages again but the manager's budget is not dependent on that," Lawwell told The Herald. "We have a plan in place regardless."

Lawwell is entitled to a feeling of deep satisfaction at the results. His term of office has effected a radical overhaul of the club's finances and a prosperity the envy of his predecessors, Ian McLeod and Allan McDonald. Selling-off peripheral figures such as Craig Beattie and Shaun Maloney at tidy profit has epitomised the chief executive's shrewd business streak and he believes the club will continue to thrive on the field and in the boardroom. "If you look back to 2003 and the UEFA Cup run, we made as much money as we did from Europe last year but the difference was we sustained a £7.8m loss and this time we have made a £15m profit," he said. "The difference now is that we have a more sustainable cost base and good income on player trading.

"Gordon came in and bought into what we were trying to do, in terms of playing certain games and trying to bring in the right players of the right quality to improve the team. It is a joint success, we want to maximise the business numbers but also provide success on the field. I think these results show we have achieved that but we want to continue this progress."

The feelgood factor could continue this week as Lawwell prepares to sit down with Shunsuke Nakamura's advisers and end, once and for all, the speculation emanating from his Italian agent, Angelo Massone, that the Japanese playmaker could leave as early as this window. Celtic maintain there is no get-out clause in Nakamura's contract and have been encouraged by his contentment in Scotland.

Lawwell himself has no intention of leaving while his reputation is at an all-time high and praised the collective effort that culminated in yesterday's record figures. "I have really enjoyed working with Gordon," he said.

"I am delighted with the figures, love the job and have no thoughts of doing anything else. It's not about personal acclaim but hopefully there is an appreciation within the club.

"The debt is very low, the lowest since 1999, when we had the rights issue. The most pleasing aspect is the financial structure we have created, allied to two titles and a last 16 place in the Champions League."

Lawwell also welcomed the renewed challenge from Rangers under Walter Smith and believes the increased competition will bring out the best in Strachan's team.

"Competition is the lifeblood of the sport and we are prepared for it and, indeed, welcome it," said Lawwell.