ANOTHER set of financial results, more grim reading for Rangers supporters.

The annual report released by the Ibrox club yesterday had once again to be viewed by fans through the cracks in their fingers.

They made a loss of £7.5 million in the last year and have confirmed that £2.5 million of external funding needs to be found before the end of the season. What is more, the first tranche of that money will be required as early as next month.

Yet, assess the situation closer and there emerge genuine reasons for followers of a troubled institution which is struggling to recover from years of corporate vandalism and mismanagement to be tentatively optimistic going forward.

The latest figures only cover the 12 months up until June 30, 2015 – which is just four months after there was a change of regime.

The eight months leading up to the March AGM requisitioned by Dave King were beset by unrest in the stands, poor form on the park and plummeting attendances.

Only 26,500 Rangers supporters bought season tickets and average crowds in league matches at Ibrox fell to 34,556 during a 2014/15 campaign which ended in failure to secure promotion to the top flight on the final day.

Since King has assumed power, however, those figures have increased to 34,307 and a quite staggering 46,097 respectively as the side put together by new manager Mark Warburton has moved clear at the top of the second tier table.

That will have a significant impact on the next set of accounts to be released next year. “Turnover will increase - but it is too early to say by how much,” confirmed Rangers managing director Stewart Robertson.

The new regime were alarmed by the staffing levels they encountered at Ibrox after ousting the former board and have sought to increase the number of employees in its commercial departments.

That recruitment drive will also result in more money being brought in this term. Robertson said: “Sponsorship and advertising will show an increase. More sales and customer facing staff will generate additional revenues.”

The departure of several high-earning players, individuals who were blithely handed contracts which collectively Rangers could not afford to pay, in the summer has also eased the financial burden on the club considerably.

Warburton recruited extensively and brought in no fewer than 11 new players. However, the individuals he signed, both permanently and on loan, represent far better value for money. “The players wage bill has reduced from last season,” said Robertson.

Winning the Championship this season and securing a place in the Premiership – where major games against the likes of Aberdeen, Hearts and their city rivals Celtic will await – would increase incomings substantially.

Robertson declined to speculate on whether getting promoted at the end of this season would enable Rangers to live within their means in the near future. He said: “This will be dependent on many different factors including investment in the team and infrastructure.”

The retail deal with Sports Direct - which requires a seven year notice period to be terminated - that the new directors inherited when they took over continues to cause consternation. It has been estimated the club receive just 75p of every £10 spent on replica strips and official club merchandise.

“The club wants to work hard with SDI (Sports Direct International) to address the issues which have adversely impacted on revenue,” the strategic report contained within the annual report read.

It is - given that it this week emerged that Mike Ashley this week launched a legal move to have Dave King jailed for allegedly breaching an High Court injunction and revealing details of the Sports Direct tie-up with Rangers – difficult to see how that can be achieved.

Yet, the financial results last year revealed that £8 million of additional funding would need to be found in order to keep the club afloat. The fact that figure has been reduced to £2.5 million is, then, progress of sorts.

Furthermore, the previous figures expressed doubt about the ability of Rangers to “continue as a going concern”. A club statement released last week confirmed that King, George Letham, Douglas Park and George Taylor would make further loans available on the same no fee no interest basis as those which currently exist.

The operating expenses at Rangers fell from £27.7 million to £26.8 million while turnover, as a consequence in the huge reduction in season book and match day ticket sales, also went from £17.6 million to £16.5 million. The losses of £7.5 million are also down from £8.1 million.

The Rangers AGM will be held at the Clyde Auditorium on November 27 and the notice contacts a resolution to allow the board to issue shares to new and existing shareholders.

There will also be a special resolution which will seek to remove the voting rights of any shareholder who “is involved in any capacity whatsoever in the management or administration of a club”.

Mike Ashley, whose MASH Holdings investment company owns 8.92 per cent of Rangers is the owner of Barclays Premier League club Newcastle United.

King said: “It must be remembered these figures are for the financial year which ended in June this year leaving no time for the changes implemented by the new board to impact on them.

“The year under review was a difficult one both on and off the field but Rangers supporters and investors can be assured that significant inroads have already been made on a number of fronts.

“The year under way is already much more promising on all fronts and I look forward to this time next year when I can comment on a financial year that is wholly under the influence and guidance of the new board.

“For the first time in many years we should now be able to move forward in a constructive manner.”