Rangers report reduced losses

  • Last Updated: March 27 2014, 10:38 GMT

Rangers have reported a pre-tax loss of £3.5m for the seven months to December 31, 2013.

Rangers: 'Encouraged with the improved trading performance'
Rangers: 'Encouraged with the improved trading performance'

The figure is almost a 50 per cent improvement for the same period the year before when £7.2m losses were posted.

Revenue at the League One champions was up by 38 per cent to £13.2m from £9.5m, operating expenses remained almost identical at £16.8m from £16.6m while cash reserves stand at £3.5m, down from £21.2m for the same period in 2012.

In a statement on the club's website, chief executive Graham Wallace said: "I am encouraged with the improved trading performance for the period under review which shows growth over the prior year.

"However, we continue to deal with the impact of the previous short-term focus on managing the business, in particular the management of cash and resulting cash outflows since the IPO.

"We have recently addressed the short-term working capital requirements of the Club and will continue to address the longer term financing needs as part of the wider review of the business.

"There remain many legacy issues that require resolution and many challenges ahead, however I am pleased to report that we are making good progress in repositioning the club and business to be capable once again of challenging at the top levels of domestic and European competition.

"With the continued support from Rangers shareholders and supporters together with a strong sustainable business plan, we are putting in place the foundations for a period of long term success and financial stability."

New Sky Bet customers: Free matched bet up to £30