Rangers have reported a profit of just under £300,000 from their return to the top flight of Scottish football.
Interim accounts for the six-month period to the end of December 2016 show revenue of £16.3 million, an increase of more than £5m on the same period 12 months previously.
The Ibrox club have described the unaudited trading results, released this morning, as “an encouraging financial performance”.
The report also states that Rangers’ ongoing dispute with Mike Ashley’s Sports Direct over the controversial retail deal with the club, which continues to proceed through the courts, “is the only significant issue that still adversely affects the trading performance”.
Improved revenue at the club primarily comes from increased attendances and greater hospitality income, worth £3.4m, from their first season back in the Scottish Premiership. Operating expenses also increased, from £11.7m in the same period 12 months earlier to almost £16.4m, largely as a result of an increase in investment in the first team playing squad. Having posted an operating loss of £532,000 in the six months to December 2015, Rangers have now made a modest operating profit of £294,000.
“The club is well on its way to achieving a sustainable business model while continuing to invest in infrastructure and the player squad,” say Rangers in today’s financial statement.
“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.”