Rangers International Football Club plc has reported record core revenue of £88.3 million — but the club made a net loss of £17.2 million for the year.
The company announced record total income of £94.2 million and record commercial revenue of £67 million.
It said its “pre-player trading loss” was reduced to £2 million – down from £10.5 million in 2022-23.
The company said the club is now “free of any litigation claims for first time in over a decade following settlements.”
In its annual report, the company said: “Despite the significant revenue growth, the overall cost profile of the business remained steady despite an inflationary macro-environment, with costs increasing to £96.2 million, up 1% on the previous year.
“The Board and the executive team will continue to ensure a strong focus on the operational cost profile of the club, ensuring that improvements in financial performance have a direct impact on the playing budget.
“Despite this improvement in the pre-player trading loss, the club made a net loss of £17.2 million in the year.
“The player trading model is not yet where the business needs it be with player amortisation and impairment of £13.6 million being significantly higher than player gains of £5.6 million.
“The £13.6 million includes £2.9 million of player impairments, ultimately a direct cost associated with the necessary Summer 2024 transfer activity in order to rebalance the squad and the first team budget.
“The strategic goal is, at a minimum, to match the player amortisation cost with player gains over the strategic cycle. The investments made in the January and Summer 2024 transfer windows provide the Board with additional confidence on the future success of the player trading model.
“Subsequent to the year end, the Directors have approved the conversion of £9.0 million existing debt into equity with the remaining loan balances being converted to a new long-term facility.
“As part of the refinancing, the club will draw down a further £4.0 million in debt funding. Additionally, our investors continue to be supportive and have agreed a funding plan to raise an additional £8.6 million of equity.
“Finally, finance costs of £4.0 million were incurred including an element of interest on shareholder loans that was classified as a capital contribution under applicable accounting rules. The club’s cashflows vary across the season and utilisation of shareholder loans remains a key lever to manage the position throughout the year.”
Interim chairman John Gilligan said:“Undoubtedly, it has been a challenging period for the football club with significant change occurring both on and off the park throughout both season 2023/24 and over the summer months.
“As part of these changes John Bennett stepped away from his role as chairman in order to focus on his health.
“John remains a supportive shareholder and investor in the club and I’d like to place on record my thanks for his leadership both as chairman and a director over the past nine years. We look forward to welcoming you back to Ibrox.
“In addition, we have had a number of changes in senior leadership positions with the CEO, James Bisgrove, departing to join Al-Qadsiah in the Saudi Premier League and Creag Robertson recently departing as our Director of Football Operations.
“We wish both James and Creag all the best in their future careers and thank them for their efforts with the football club.
“Whilst we continue our search for the outstanding candidate for the CEO position, we retain a strong executive team within the football club led by our Chief Financial Officer, James Taylor, Chief Commercial Officer, Karim Virani and our Director of Football Recruitment, Nils Koppen.
“All three were recruited in the period under review, and, as you can see from our underlying performance, there have been significant steps made in a short period of time in delivering against our strategic objectives.
“The challenges encountered with the redevelopment of the Copland Road stand have been well documented, and as a Board we once again apologise to our supporters for the inconvenience caused by the delays in returning to our home.
“The support received at Hampden was outstanding and epitomises the link that our great club has with our supporters. I’d also like to once again place on record my thanks to the SFA, SPFL and UEFA for their understanding and support through this period.
“With the Copland Road stand now complete, we are extremely proud of the work undertaken to upgrade and improve the facilities for our disabled supporters. They truly are now some of the best facilities in Europe and are evidence of the Board’s commitment to continue to modernise and improve Ibrox and the wider campus.”