RANGERS International Football Club plc today published its Annual Report for the year ending 30 June 2018.
Key advancements during the financial year:
- Comprehensive review and overhaul of the football departments.
- Stabilising of the financial affairs of the Group, allowing us to trade normally with suppliers and club partners.
- Successful tender of the Technical Kit Sponsor, won by Hummel for season 2018/19.
- Continued and significant investment in the playing squad to prepare for European football participation.
- Continued significant investment in the stadium and infrastructure, notably to the Ibrox roof, the training ground’s fabric and equipment, and trackside electronics.
- Non-ticket revenues (commercial, sponsorship, broadcasting) increased by 27%
- Season ticket sales again have reached hugely 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.
- The Rangers Youth Development Co continues its significant financial support.
- Turnover £32.6m (2017 – £29.2m)
- Earnings before Interest Tax and Depreciation (EBITDA) (£4.2m) (2017 – (£0.1m))
- Loss for the year £14.3m (2017 – £6.7m)
- Operating expenses £38.9m (2017 – £31.3m)
- Average SPFL Home Attendance 49,173 (2017 – 48,893)
- Season Tickets 44,658 (2017 – 43,253)
The Club chairman, Dave King, said: “On balance, the year to June 30, 2018, was a positive one despite the need for further change to ensure the progression that this Club requires both on and off the pitch.
“Figures can be reviewed in various ways but the underlying and strong message is that Rangers, as a football club and business, continues to move forward. It will always be a challenge to meet the demands and expectations of a wonderful support and that is why we continue to invest massively in our infrastructure, team and staff.
“It was inevitable, given our dire starting position that vast amounts of money would have to be spent on rebuilding our facilities and the various departments within them. These costs are reflected in the figures but it is important to highlight that the last financial year saw us normalise our financial affairs to the extent we no longer face questions about our financial strength when dealing with suppliers, other clubs and financial institutions.
“This is an extremely positive change over such a short period and I cannot thank my fellow Directors and other investors enough for their continued support which helps drive our Club forward. Again we have had to reassess our team management structure and this of course means a further spend, from which we did not shrink and neither will we neglect the infrastructure, which accounts for a huge amount of our spending even if this work goes largely unseen.
“Witnessing the selfless extent to which my colleagues are willing to invest has been truly humbling and the structure of the loans advanced means they can be converted to equity when future share issues are undertaken. So, when analysing the financial statements under review these loans can be viewed as equity and not third-party debt.”
The Annual General Meeting of Rangers International Football Club PLC will be held in the Clyde Auditorium on Tuesday, November 27th 2018, at 10am.