Stephen Halliday: In better times, Ibrox accounts would have been seen as positive

IN LESS turbulent and uncertain circumstances, yesterday's interim accounts would have been regarded as a source of relative encouragement for Rangers as they reflected a second successive season in the group stage of the Champions League.

For the six month period to 31 December 2010, the Ibrox club made a retained profit of just over 9 million, largely due to their participation in European football's most lucrative tournament.

That figure would have been closer to 12m had Rangers not been hit by the unanticipated potential tax bill of almost 2.8m for a discounted option scheme used in the payment of players from 1999 to 2003.

The retained profit was therefore down by more than 4m on the 13.1m recorded for the same period 12 months earlier.

Rangers saw turnover decrease by 4.1m to a little over 33.7m, a result of having three fewer home SPL fixtures than in the six month period to 31 December 2009, including the absence of their first home Old Firm game of the season which did not take place until 2 January this year.

"Basically, the figures are good," said chairman Alastair Johnston. "There is progress."

Rangers do not reveal their current level of debt in their interim figures, Johnston insisting it would provide only an "unreliable snapshot" of the amount.

"We always look to our annual accounts, to 30 June, for a target figure for the debt," he added.

Rangers were 27.1m in debt at the time of the last annual accounts with the figure currently believed to be closer to 20m.

The amount the clubs owes to creditors and which is due within one year has increased, however, from 25.5m to almost 29m.

The general economic climate has also seen Rangers suffer a 4.9 per cent fall in season ticket sales and an unspecified reduction in sponsorship income.

"This was partly countered by the improved performance in European competition and qualification into the knockout stages of the Europa League," noted Johnston.

Rangers made a 3.7m gain on the disposal of players registrations, largely due to the sales of Danny Wilson to Liverpool and Kevin Thomson to Middlesbrough, but that was countered by the money spent on signing Nikica Jelavic, James Beattie and Vladimir Weiss for an initial sum of over 3.8m.

Overall, the club's operating expenses saw only a minor increase from 21m to 21.1m.