Rangers have announced an overall profit of £5.2 million from the first half of the season on the back of their qualification for the Europa League group stage.
Dave King, the Ibrox club’s chairman, has hailed what he describes as a “significantly improved” financial performance in the accounts for the six months to 31 December 2018.
Revenue increased by 82 per cent on the same period the previous year, up to £35.3 million. This reflected new manager Steven Gerrard’s success in leading Rangers through four qualifying rounds of the Europa League, providing the club with their first participation in the group stage of a European competition since 2010.
Operating expenses increased by £10 million, to just over £29 million, as a consequence of investment in the appointment of Gerrard and the rebuilding of his first team squad.
Rangers showed an operating profit of £6.7 million, before player transactions were taken into account, with a net operating profit of £3.8 million compared to a loss of £1.1 million the previous year.
“Given that the bulk of the club’s income falls into the first six months of any season, the board is satisfied that the results for the full year will be good,” said King.
The six month period also includes an issue of £12.6m of ordinary shares, which raised £1.5m in cash and converted £11.1m of interest-free loans from King and other directors to equity.