Rangers Football Club 0 Posted February 17, 2010 Share Posted February 17, 2010 (edited) 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. Edited February 17, 2010 by Bluedell 0 Quote Link to post Share on other sites More sharing options...
OnlyOneAmoruso 0 Posted February 17, 2010 Share Posted February 17, 2010 Pretty encouraging figures at this juncture I would say? 0 Quote Link to post Share on other sites More sharing options...
chilledbear 16 Posted February 17, 2010 Share Posted February 17, 2010 Does this mean anything as far as the debt figure goes? 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted February 17, 2010 Share Posted February 17, 2010 ....................................6 Months to ............ 6 Months to ................................... 31 December 2009 ..... 31 December 2008 ...................................... Unaudited ...... .... Unaudited ....................................... �£000 ...... ......... �£000 Turnover................................. 37,834...... 20,136 Net operating expenses............. (21,008)...... (24,636) -------------------------------------------------------------------------------- Trading profit/(loss) .................. 16,826 ...... (4,500) Amortisation of player registrations . (3,730) ...... (4,380) -------------------------------------------------------------------------------- Operating profit/(loss) .................... 13,096 ...... (8,880) Gain on disposal of player registrations 678 ...... 6,180 -------------------------------------------------------------------------------- Profit/(loss) before interest & tax ... 13,774 ...... (2,700) Interest ....................................... (677) ... (1,419) -------------------------------------------------------------------------------- Profit/(loss) before tax ................ 13,097 ...... (4,119) Taxation ............................................ - ............ 203 -------------------------------------------------------------------------------- Retained profit/(loss) for the period 13,097 ...... (3,916) -------------------------------------------------------------------------------- 0 Quote Link to post Share on other sites More sharing options...
rbr 1,247 Posted February 17, 2010 Share Posted February 17, 2010 ....................................6 Months to ............ 6 Months to................................... 31 December 2009 ..... 31 December 2008 ...................................... Unaudited ...... .... Unaudited ....................................... �£000 ...... ......... �£000 Turnover................................. 37,834...... 20,136 Net operating expenses............. (21,008)...... (24,636) -------------------------------------------------------------------------------- Trading profit/(loss) .................. 16,826 ...... (4,500) Amortisation of player registrations . (3,730) ...... (4,380) -------------------------------------------------------------------------------- Operating profit/(loss) .................... 13,096 ...... (8,880) Gain on disposal of player registrations 678 ...... 6,180 -------------------------------------------------------------------------------- Profit/(loss) before interest & tax ... 13,774 ...... (2,700) Interest ....................................... (677) ... (1,419) -------------------------------------------------------------------------------- Profit/(loss) before tax ................ 13,097 ...... (4,119) Taxation ............................................ - ............ 203 -------------------------------------------------------------------------------- Retained profit/(loss) for the period 13,097 ...... (3,916) -------------------------------------------------------------------------------- so how exactly does that tally with our present management teams doom and gloom briefings of the press , can we for once not just get a bit of clarity , and where exactly does this leave us debt wise 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted February 17, 2010 Share Posted February 17, 2010 The club does not reveal the debt figure in the interim accounts. The figures are slightly better than I thought they would be. The CL effect obviously was at the upper end of expectations even with relatively poor ticket sales and poor performance on the pitch. Costs are also down to a greater than expected extent. 0 Quote Link to post Share on other sites More sharing options...
OnlyOneAmoruso 0 Posted February 17, 2010 Share Posted February 17, 2010 I think the expected figure at the END of this season was approximately �£25m. Judging by these figures, it appears we may not be far off that mark right now, 6 months ahead of plan. With no great amounts of income until the next set of accounts in June, I would still expect it to settle around about this mark, possibly a couple of million lower. Fair comment, Bluedell? 0 Quote Link to post Share on other sites More sharing options...
Waltersgotstyle 297 Posted February 17, 2010 Share Posted February 17, 2010 Much better than I expected... hopefully this shows we are on the right track 0 Quote Link to post Share on other sites More sharing options...
Bluedell 5,329 Posted February 17, 2010 Share Posted February 17, 2010 I think the expected figure at the END of this season was approximately �£25m. Judging by these figures, it appears we may not be far off that mark right now, 6 months ahead of plan. With no great amounts of income until the next set of accounts in June, I would still expect it to settle around about this mark, possibly a couple of million lower. Fair comment, Bluedell? I feel an article coming on. Don't want to pre-empt it. 0 Quote Link to post Share on other sites More sharing options...
stewarty 1,876 Posted February 17, 2010 Share Posted February 17, 2010 Crisis? What crisis? 0 Quote Link to post Share on other sites More sharing options...
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