LONDON (Alliance News) - Rangers International Football Club PLC on Tuesday said its pretax loss narrowed in the first half of its financial year on the back of lower costs and flat revenue, and outlined its plans for the future following the recent ousting of the club's board.
Rangers said its pretax loss for the six months to the end of December was GBP2.7 million, narrowed from a GBP3.5 million loss a year earlier. Revenue remained broadly flat at GBP13.1 million, but operating costs fell to GBP15.7 million from GBP16.6 million due to lower costs from its retail unit and lower staff costs.
Earlier this month, the entire board of the club was ousted after shareholders voted in favour of the resolutions tabled by Dave King, a shareholder in the club. King called for the board of the club to be replaced by himself, Paul Murray and John Gilligan.
Murray, the interim chairman, reiterated that the results for the club were historical and relate to a period prior to the current board's tenure.
"The new board's focus is on the future. We are in the process of developing a business and funding plan which will help us rebuild the club and ensure it enjoys football and commercial success in the future. We will work closely with our shareholders, supporters and other stakeholders to achieve our vision of building a modern football club founded on our traditional values and standards. The recovery process will take time but if we work closely together we are confident of success," said Murray.
Rangers shares are currently suspended.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.