Qualification for Europa League group stages and arrival of Steven Gerrard helps boost Rangers' revenue by 82 per cent for the same period in the previous year.
Monday 25 February 2019 15:23, UK
Rangers have announced an overall profit of £5.2m for the six months to December 31 2018.
Revenue for the period increased by 82 per cent, from £19.4m to £35.3m.
This increase was driven primarily by Rangers' qualification for the UEFA Europa League group stages and the hiring of Steven Gerrard, which had a positive impact on commercial opportunities and season ticket sales.
Rangers also made a gain of £2.8m on the sale of player registrations.
Operating expenses increased by £10m due to increased investment in the football department, both in management and the playing squad. The club also faced increased operating costs from hosting six additional European home ties, and one additional home friendly.
Rangers added in a statement: "This period also includes an issue of £12.6m of ordinary shares, which raised £1.5m in cash and converted £11.1m of interest-free loans to equity.
"Given that the bulk of the club's income falls into the first six months of any season, the board is satisfied that the results for the full year will be good, with the club forecasting to be close to break even for EBITDA for the year."
