Rangers International Football Club plc (AIM:RFC), the holding company for the ‘Rangers Football Club Limited (“Club”)’, is pleased to announce interim results for the six month period to 31 December 2013.
- Season ticket sales of approximately 36,000 for the 2013/14 season
- Average home league attendance of over 40,000 during the period; seventh highest ranking UK football attendance
- Revenue of £13.2m up by 38% (£9.5m for the 7 months ended 31 December 2012)
– strong increase in sales from Sports Direct Retail partnership
- Operating expenses of £16.8m (£16.6m for the 7 months ended 31 December 2012)
- Reduced loss before tax, excluding non-recurring items of £3.5m (£7.2m for the 7 months ended 31 December 2012)
- Cash of £3.5m as at 31 December 2013 (£21.2m at 31 December 2012)
Post period highlights
- Winners of the Scottish Professional Football League One for Season 2013/14
- Ramsdens Cup finalists and currently semi-finalists of the William Hill Scottish Cup
- Comprehensive business review due to be completed by end of April
Graham Wallace, CEO of Rangers, commented “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.“