Scottish Premier League club Rangers has reported a pre-tax profit of £4.2m for the year to 30 June, compared with a loss of £14.1m for the previous 12 months.

September 22, 2010

Turnover rose to £56.3m from £39.7m with a trading profit of £12.4m against a loss of £8.5m a year ago. Commercial income increased by £16.1m to £21.7m as a result of participation in the UEFA Champions League group phase, together with improved revenue from publishing. Chairman Alastair Johnston said: "The benefit of participating in the UEFA Champions League in the 2009/10 season is clear with our turnover increasing by £16.6m to £56.3m. This, together with measures taken on reducing our cost base, resulted in an increase in operating profit of £22.4m to £5.1m from last year's loss of £17.3m. Retained profit for the year amounted to £4.2m, an increase of £16.9m on last year. The current year incorporates a £0.5m gain on sale of player registrations compared with a gain of £6.2m in the prior year." Johnston said the club mastered their own affairs rather than being dictated to by their bank. "We continue to make modest repayment on our banking debt," he said. "We will get that down a little bit more this year and I think we will get it down to a stage that it will become, what in banking terms, becomes a performing loan and we will continue to pay our interest and won't be under pressure to do anything else. "We agreed a business plan with Lloyds Banking Group in recent months and, whilst we continue to look for new investment, this has enabled an allocation of funding for new players while at the same time retaining the nucleus of the squad that has served us so well in the past two seasons." Rangers' bank debt incorporating term loan and overdraft facilities fell from £26.1m to £22.3m in the last financial year. The total debt of just over £27m is a fall from the £31.1m owed for the 12 months until June 2009. Rangers remain in the hands of former chairman Sir David Murray after a takeover bid led by property developer Andrew Ellis failed during the summer. "Every Rangers fan, myself included, knows only too well the issues we have faced in recent times given our debt levels and the distraction of ownership speculation," added Johnston. The Ibrox club retained the Scottish Premier League title last season and won the Co-operative Insurance Cup.{jcomments on}

Tweet

Tweetle                      Paylaş                        Paylaş