RANGERS have posted an pre-tax loss of £278,000 for the six months to December 31, 2016.
The unaudited accounts for Rangers International Football Club plc show an improvement on the £333,000 deficit of the previous year.
The club said it did not need extra investment to see them through to the end of the season due to their on-field performance.
Rangers said the ongoing dispute with Sports Direct is the "only significant issue that still adversely affects the trading performance".
Revenue has been boosted by £5.3million last year to £16.3million thanks to increased crowds at Ibrox and the Light Blues’ promotion back to the Premiership.
That has led to a trading profit of £294,000 against a £532,000 loss last year.
But it turned into a pre-tax loss due to other costs including £451,000 classed only as "other charges", and losses on player registrations and assets.
In a statement, the board said: "The results for the six month period have mainly been driven by the club’s return to the SPFL Premiership.
"Overall it is an encouraging financial performance that reflects the move to a more normalized trading environment as the numerous event risks that have bedeviled the club’s operations over the last few years have been brought under control."
The club added it is "well on its way to achieving a sustainable business model while continuing to invest in infrastructure and the player squad."
It added: "Reliance is still placed on shareholders to fund the shortfall that is required during the current rebuilding phase.
"Whilst additional funds are available if required by the club, no further funding from investors is anticipated in the balance of this financial year to June 2017 due to the team’s football performance and progression to the William Hill Scottish Cup semi-finals."
The club added: "Executive management is increasingly able to focus its attention on the club's core footballing activities."
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel