Rangers have released their latest trading figures with fans boosted by the news that the club has posted a sizeable profit.
The Ibrox club has seen its income soar this season on the back of European football after Steven Gerrard successfully led his men through four qualifiers to reach the Group Stages of the Europa League.
The club only played 14 home games in the previous season up to Christmas while this jumped to 21 matches for the six months prior to 31 December 2018 thanks to the Euro run.
That helped see revenue almost double in the six-month figures compared to the previous year although operating expenses also rose by £10m.
The increase in gate revenue and TV cash helped the club post a £5.2m profit for the six months to 31 December 2018.
The latest figures released for Rangers International Football Club PLC are unaudited trading results.
The club stated that the operating profit before player amortisation increased from £0.7m to £6.7m.
A statement added: “This 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 to equity.
“Revenue for the period was £35.3m, an overall increase of £15.9m (82%), over the comparative period.
“This was a result of three main factors – qualification for the UEFA Europa League group stages, giving access to the prize monies available in that competition; six additional European home ties, and one additional home friendly played; the impact of the football management team on commercial opportunities and season ticket uptake.
“Operating expenses excluding amortisation of players’ registrations increased by £10.0m compared to the comparative period.
“The main reasons for this were the increased investment in the football department – both in management and the playing squad, as well as the operational costs of hosting the additional seven matches so far this year.
“The net impact of these factors is that the operating result increased, from an operating loss of £1.1m in the comparative period, to an operating profit of £3.8m.
“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, with the Club forecasting to be close to break-even for EBITDA for the year.
“During the period the Club posted a gain on the sale of player registrations amounting to £2.8m. Amortisation of the playing squad increased in line with the investment in it, from £1.8m to £3.0m.
“As a result of the above, the Club posted an overall profit for the period of £5.2m.”
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