Rangers have announced their annual accounts with an operating profit of £252k recorded in the past financial year.
The club released the annual report and accompanying financial statement for the year ended June 30 2023.
And the figures report another profit for the Ibrox club for the second successive year. Last year they posted an operating profit of £5.9m.
Speaking in his annual report, Ibrox chairman John Bennett said: “The club has, for the second year in succession, returned an operating profit. Turnover for the year to 30 June 2023 was £83.8m, generating an operating profit of £252k.
“While successive years of operating profitability can be seen as encouraging, especially in light of what had gone before, there is still much work to be done. The club vision must be simple and clear: sustainable success. This applies both on and off the pitch and it must be a mantra by which all at the club live.
“Football is a business which is particularly prone to being reactive. While this may be inherent to the industry, sustainable success can only come when we are systematic in our processes and in our actions. It is my firm conviction that this is a pre-cursor to returning the club to the status of serial winners.
“I have talked previously of the four components of financial sustainability: season ticket sales, commercial revenue, European football and player trading. While the first of these components will never be taken for granted, it is the fourth that requires attention.
“Player trading will always be inherently volatile, yet Rangers must replace sporadic “wins” with systematic success. It is a given that it all begins with player recruitment. This is an area of priority for your Board, and we anticipate that the coming months will see a strengthening in the leadership and processes of our football department, specifically with this in mind.”
