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Rangers post end of year loss of £7m

Updated: Monday, 04 Mar 2013 11:06 | Comments

The Glasgow club raised £22.2million on the stock exchange in December
The Glasgow club raised £22.2million on the stock exchange in December

Rangers have posted a loss of £7million for the last seven months of 2012.

Interim results to 31 December show revenue of £9.5million, with operating expenses of £16.6million.

Cash in the bank at the turn of the year sat at £21.2million.

In December, Rangers raised £22.2million from its listing on the London Stock Exchange.

In a statement, after the financial figures were published this morning, Ibrox chief executive Charles Green said: "This has been a significant period in the club's history, in which vital steps were taken to ensure the survival and rebuilding of one of the UK's most venerable football institutions.

"The priority for the company to date has been to stabilise the business and put in place solid financial foundations for the future.

"To this end, revenue streams have been enhanced, and costs cut.

"In addition, important strategic steps have been taken, such as the agreements now in place with Sports Direct, Puma and Blackthorn Cider.

"These achievements have been made whilst retaining the important fabric and structure of the club.

"We will continue to execute our growth plan, and investors and supporters can have confidence in the development of operations as the club progresses.

"Undoubtedly, challenges lie ahead but the club is now well equipped to meet them successfully.

"Above all, the club and its supporters are resolute in the belief that, both on and off the pitch, Rangers can look to the future with confidence and pride."

Green's consortium purchased the business and assets of Rangers last summer after the oldco was consigned to liquidation.

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