Rangers have announced a multi-million pound profit for the second half of 2018.
The club made a significant profit of £5.2m in the six months up to December 31st, namely thanks to our participation in the Europa League group stage and the increased number of home matches.
As quoted in The Scotsman, it leaves Rangers Chairman Dave King himself saying “the Board is satisfied that the results for the full year will be good.” It’s all very positive.
In this period, Rangers have had that Europa League run but also grown to be a better team on the pitch. On the field things are getting better.
Off the field, the club said the results “significantly improved” on last year. Of course, this was the period when Pedro Caixinha was in charge. Dave King took the chance to condemn Caixinha’s reign during the club’s AGM in November.
The current period also includes the issue of £12.6m of ordinary shares, which raised £1.5m in cash and converted £11.1 of interest-free loans into equity.
The club’s revenue also increased by a massive 82% to £35.3m, up £15.9m from £19.4m last year.
Rangers put this down to the UEFA Europa League Qualification and the increased home ties as a result, as well as the backroom staff’s influence on commercial opportunities and season ticket uptake.
Operating expenses increased from by £10m to £29m, reflecting the investment in the backroom staff and squad.
Read the entire Rangers statement on the results HERE.