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Mar 4, 2013

Rangers figures reveal £7 million loss

Rangers made a loss of £7 million in the final seven months of 2012, figures released by the Glasgow club show.

The runaway Scottish Division Three leaders had revenue of £9.5 million offset by operating expenses of £16.6 million.

Rangers listed on the London Stock Exchange at the end of the year - a move that brought in £22.2 million - and have £21.2 million in the bank, the figures revealed.

Chief executive Charles Green said recent months, in which the old Rangers were liquidated and a newco set up, had seen "vital steps taken to ensure the survival and rebuilding of one of the UK's most venerable football institutions".

In a statement, Green said Rangers' priority had been to "stabilise the business and put in place solid financial foundations for the future", adding: "To this end, revenue streams have been enhanced and costs cut.

"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."

Green said he believed Rangers were set up to meet the challenges ahead and could "look to the future with confidence and pride".

An additional decrease in overall operational costs is expected as part of further cost-saving initiatives at Ibrox and, in accordance with the business plan, officials at the club expect to report an operating loss at the year's end.

Chairman Malcolm Murray said: "In my 30 years of investment experience, I have never seen a business move from the liquidation of one company to another's successful flotation in such a short space of time.

"This could only have been achieved by the outstanding efforts of management, staff, advisers and fans. This unity and sense of purpose has, rightly, been admired internationally."

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