RANGERS International Football Club plc today published its Annual Report for the year ending 30 June 2017.
Key advancements during the financial year:
- Continuing business, before depreciation and exceptional items, again trading at close to break-even.
- Resolution of the long-standing litigation with Sports Direct.
- Continued heavy investment in the stadium and infrastructure, notably to hospitality suites, concourses and the Fan Zone.
- Non-ticket revenues (commercial, sponsorship, broadcasting) increased by 55%
- Season ticket sales again have reached impressive levels.
- Our community programmes continue to flourish.
- Rangers Charity Foundation continues to excel.
- The Club’s massive support continues to unite under the Club 1872 banner.
- Turnover £29.2m (2016 – £22.2m)
- Earnings before Interest Tax and Depreciation (EBITDA) (0.1m) (2016 – (0.1m))
- Loss for the year £6.7m (2016 – £3.3m)
- Operating expenses £32.9m (2016 – £24.9m)
- Average SPFL Home Attendance 48,893 (2016 – 44,359)
- Season Tickets 43,253 (2016 – 37,481)
Dave King, the Club’s Chairman, said: “The Board and the executive again have had to work extremely hard over the last year to deal with a wide range of issues and we will continue to do so in what remains a very challenging operating environment.
“During the year under review I am pleased to say the Board secured an extremely favourable outcome to the long-running litigation with Sports Direct and the Club will benefit enormously from that outcome.
“Rangers supporters are aware of the difficulties that have been overcome and of the challenges in front of us but their loyalty, which has been a true constant, means we cannot fall short of or fail to reach our shared objectives. Rangers must regain a dominant position at home and compete meaningfully again in Europe but neither goal will be reached without the backing of our supporters. All our work and diligence is for them.”
The Annual General Meeting of Rangers International Football Club PLC will be held in the Clyde Auditorium on Thursday, November 30, 2017, at 10am.
- AGM Notice 2017 – LINK