RANGERS International Football Club plc today published its Annual Report for the year ending 30 June 2019.
Key advancements during the financial year:
- Turnover increased by £20.6m (63%)
- Share issues in the financial year totalling £18.2m, raising £1.6m of cash, converting £16.6m of investor loans to equity, with a further £17.2m converted since the year end. This marks a huge improvement in the Group’s balance sheet and shows the commitment of its Board and investors to the Group’s financial strength.
- Continued investment in the playing squad – additions over last three years > £30m.
- Continued investment in the Stadium, Hummel Training Centre and infrastructure.
- European participation revenue £14.3m
- Non-ticket or European revenues (commercial, sponsorship, broadcasting) increased by 64%
- Record number of Season Ticket sales.
- 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 £53.2m (2018 – £32.6m)
- Earnings before Interest Tax and Depreciation (EBITDA) (£2.9m) (2018 – (£4.2m)
- Loss for the year £11.3m (2018 – £14.3m)
- Operating expenses £58.2m (2018 – £38.9m)
- Average SPFL Home Attendance 49,563 (2018 – 49,173)
- Season Tickets 45,500 (2018 – 44,658)
The Club chairman Dave King said:
“The financial year under review was again a positive one. The highlight was the acceleration of the substantial investment that was previously identified as being necessary to improve the Club’s standards – both on and off the pitch.
“Our Club has the highest expectations within the economic sphere that we operate and this requires the appropriate strategy, resources and operational capability. For the first time in many years we have all three of these at every level within the Club.
“The team must continue to evolve to meet the demands and expectations of our supporters and in Steven Gerrard I believe we have someone who embodies everything our Club is about. He understands fully that Rangers is synonymous with winning and as a winner himself, he can draw from a deep reservoir of experience gained by performing at the very top of European football.
“It has been the Board’s responsibility to provide financial support to the manager and that is what we have done. We have also invested significantly in the infrastructure at Ibrox Stadium and the Training Centre. Much of this work, although it is costly, goes unseen. There is a continual funding requirement to maintain our facilities if they are to remain among the very best in the world.
“As always, I want to thank this Club’s wonderful support. They really are the best when fully behind the team in the proper manner. The manager and players often refer to the supporters as a powerful driving force for the team and it is essential that we retain this atmosphere and resist the efforts of a tiny minority to bring disrepute to the Club’s name through sectarian and other unacceptable behaviour.
“This is one of the aims of our Everyone Anyone initiative, which has been positively and widely received – even by our country’s politicians. This project is one of the most ambitious we have undertaken and it will highlight just how diverse and open our support actually is – Rangers is a Club for all
“Significantly increased funding was also provided to bring Rangers women’s team to a new level. This provides us with a framework to develop the team to become a significant force, not just in Scottish football but also at European level.
“Finally, I would like to take this opportunity to thank my colleagues on the Board and the management and staff throughout the Club for their continued support and dedication during another challenging year. It is a great privilege to be a member of a board that demonstrates such commitment, time and effort for no financial reward whatsoever. The ongoing support and loyalty of all Rangers supporters is a constant reward for the Board and management.”
The Annual General Meeting of Rangers International Football Club PLC will be held in the Clyde Auditorium on Tuesday, November 26th, 2019, at 10am.