Rangers Football Club

PAPAC ready for title battle having seen and done it all before More...

NAISY sings Kris' praises as another goal guns down Saints More...

JOHNSTON cautions that challenges remain for Rangers More...

CHAIRMAN pays tribute to Smith and Bain More...

CHAIRMAN speaks exclusively on healthy half-year figures More...

CHAIRMAN reveals profit of 13.1million pounds to December 31, 2009 More... RANGERS have announced unaudited interim results for the six months to 31 December 2009 and chairman Alastair Johnston has released the following statement: I HAVE pleasure in presenting the Interim Results for the six months to 31 December 2009, a period that saw the Chairmanship of the Club pass to myself in August 2009. The ensuing six months of my tenure saw us perform in Europe's elite club competition and reap the financial benefit of so doing in achieving turnover of �£37.8m and an operating profit of �£13.1m, an increase of �£22.0m on the prior year. These however have been challenging times within the Club, and credit must go to Martin Bain and Walter Smith and their respective teams in maintaining performance, standards and above all the intrinsic value of the Club over this period. Whilst our results in the UEFA Champions League were disappointing, we currently sit proudly at the top of the Clydesdale Bank Premier League, and have progressed to the final of The Co-operative Insurance Cup and the fifth round of the Active Nation Scottish Cup. This has been achieved with a first team squad that has been stretched through injury and suspension, which has in itself created opportunities for the younger members of the squad. Whilst the recent transfer window saw the departure of Pedro Mendes and Jerome Rothen, it was pleasing to retain our more valued assets in the run in for the league title. Discussions continue on various contract extensions, although a balance has to be struck between value and player expectations. Earlier this month we were delighted to confirm the appointment of Tennent's Lager as the official Club and shirt sponsor from 2010/11. We will continue to work towards a positive climax to a highly successful and productive seven year relationship with Carling. Work also continues in developing our ground-breaking media offering through http://www.rangersTV.tv, enabling live broadcasts and archive material to be viewed on demand. Although the effect of the current economic climate had an impact on ticketing and hospitality sales as well as the income from SPL media rights, the turnover for the six months to 31 December 2009 rose by �£17.7m to �£37.8m on the back of Champions League participation. Due to the timing of our involvement in the Champions League, revenue is weighted in favour of the first six months of the financial year. Net operating expenses decreased by �£3.6m to �£21.0m reflecting the reduced salary levels and efficiencies introduced throughout the Club, and resulted in an increase in operating profit of �£22.0m. Accounting for a �£5.5m decrease in gains from the sale of player registrations to last year, profit before interest and tax rose by �£16.5m to �£13.8m. Lower interest rates and historical tax losses contributed to a retained profit of �£13.1m, compared to a retained loss of �£3.9m for the same period last year, an increase of �£17.0m. Whilst the Interim Results are pleasing, a degree of caution is required as the future outlook is fraught with challenges. When I assumed the Chairmanship in August 2009, I realised that we had to take a short-term perspective on the business model that we needed to adopt for the financial year through to June 2010. The Board appreciated the understanding of Lloyds TSB Bank plc in supporting our initiatives to stabilise the Club without totally compromising the ability of the management team to field a competitive squad of players for the current season. We continue our efforts to source a capital injection into the Club to fuel the ambitions of the staff, supporters and shareholders, all of whom have been remarkably supportive as we navigate through the turbulence. Until such time as this is achieved, we are compelled to maintain our working relationship with Lloyds TSB Bank plc. The Board understands that reliance on such a facility going forward is not desirable if we are to retain control over the Club's destiny and avoid negatively impacting the potential for future success. However, a balanced view is required at this stage amongst operating sustainability, ambition, and the commensurate underlying value of the Club. Rangers will need continued commitment from all of those with the best interests of the Club in mind in the months ahead, and I remain totally confident that we will prevail together.

ALLY thrilled with Gers' current rearguard performances More...

DAMARCUS finds the net but Gers second string lose 2-1 to Killie More...

BOUGHERRA won't let concentration slip in title race More...

GERS to face Tangerines in quarters if they can beat St Mirren More...

MILLER says next sequence of fixtures will be vital More...

CHIEF Executive reveals key points at Assembly meeting More...

SMITH determined to bow out on a high with a Treble More...

MIDFIELDER rewarded for excellent form for Gers in January More...

BOSNIAN stopper returns to training and should be fit for Well trip More...

McDOWALL adamant Kris will only play when he is ready More...

SMITH not anticipating any transfer activity at Gers this month More...

BEASLEY and Naismith could return for Saints clash, says Smith More...

WALTER wants striker's future to lie in Glasgow More...

LOSING striker would be a massive blow, says Steven More...

CUP match to take place on Saturday 6 February at 12.30pm More...

SMITH sure there's no chance of complacency setting in at Gers More...

WILSON and Fleck should learn the game at Rangers More...

PEDRO plays for first time after three months on sidelines More...

SECOND yellow rules skipper out of Buddies cup clash More... DAVID WEIR will miss Rangers' Scottish Cup trip to St Mirren next month after he was cautioned once more against Hamilton last night. The Ibrox captain collected his second booking of this season's competition for dissent after a cynical foul on Nacho Novo by David Elebert. Weir was furious with the challenge during the second half of the Light Blues' 2-0 win against Accies in their fourth round replay. And in the melee that followed the tackle, the veteran stopper and Simon Mensing exchanged angry words. The upshot of it all was that referee Charlie Richmond showed yellow cards to both Elebert and Weir for their parts in the incident. Weir was also cautioned in the original tie with Hamilton at New Douglas Park 10 days ago. He'll consequently sit out the game against the Buddies at their new stadium on either February 6 or 7 as he serves a one-match suspension. Kirk Broadfoot, Lee McCulloch and Steven Whittaker are also just one yellow card from bans in the same tournament.