Rangers Announce Interim Results

[StayWestFree 107]

Debt is still at £31m says the BBC.

[GeneralCartmanLee 313]

Not as bad as what the mhedia are saying. Scaremongering at it's best!

As AC/DC once said, 'Rock 'N' Roll ain't never gonna die,' Well Glasgow Rangers ain't never gonna die either!

Was that not Neil young....

Who's he?

Rock 'n' roll ain't noise pollution

Rock 'n' roll ain't gonna die

Rock 'n' roll ain't noise pollution

Rock 'n' roll it will survive

A genius

Hey hey, my my

Rock and roll can never die

There's more to the picture

Than meets the eye.

Hey hey, my my.

[GeneralCartmanLee 313]

Debt is still at £31m says the BBC.

How could they possibly know that ?

[william2408 0]

I think iys funny how people actually believe there is even the slightest of hopes we will be signing anyone?

We cant even come to terms with our main man ( Boyd ) what makes you think we could sign anyone?

Also and I am sorry to be all doom and gloom right now but if these results are so positive! how is it so impossible to find a buyer?

Ill tell you, murray doesnt want to sell, he wants to ride the recesion out and retain all his profitable businesses in the long run including us?

Please see the smoke lads! like I say if these results are so good why cant we attract a bidder?

Okay the figures are posted on this thread, you explain what is bad about them....

The figures are great mate, superb in fact! however it for me anyway ( always the pestamist ) a number of questions!

1) we should now be down to £18 million in debt, how is it taking so long and why so dificult to find a buyer?

2) Why does ally and walter always paint a bleak picture about lloyds and the board?

3) Where is the profit actually going ( who's pocket )

4) The board and the bank would have been well aware of this profit margin on the 31/01/10 so shy even after the departures of pedro and rothen did they refuse to sanction a loan deal?

5) Other than tell us that we need money, what is the chairman actually doing at our club?

Can you answer them?

[GeneralCartmanLee 313]

I think iys funny how people actually believe there is even the slightest of hopes we will be signing anyone?

We cant even come to terms with our main man ( Boyd ) what makes you think we could sign anyone?

Also and I am sorry to be all doom and gloom right now but if these results are so positive! how is it so impossible to find a buyer?

Ill tell you, murray doesnt want to sell, he wants to ride the recesion out and retain all his profitable businesses in the long run including us?

Please see the smoke lads! like I say if these results are so good why cant we attract a bidder?

Okay the figures are posted on this thread, you explain what is bad about them....

The figures are great mate, superb in fact! however it for me anyway ( always the pestamist ) a number of questions!

1) we should now be down to £18 million in debt, how is it taking so long and why so dificult to find a buyer?

2) Why does ally and walter always paint a bleak picture about lloyds and the board?

3) Where is the profit actually going ( who's pocket )

4) The board and the bank would have been well aware of this profit margin on the 31/01/10 so shy even after the departures of pedro and rothen did they refuse to sanction a loan deal?

5) Other than tell us that we need money, what is the chairman actually doing at our club?

Can you answer them?

1) no we shouldn't . It's not that simple.

2) We haven't bought a player in 18 months would you be positive ?

3) it's not going ion anyones "pocket", it's going to Rangers

4) We don't know

5) running the club and trying to sell the club.

[Carsons Dog 9,878]

[outlaw69uk 123]

Not as bad as what the mhedia are saying. Scaremongering at it's best!

As AC/DC once said, 'Rock 'N' Roll ain't never gonna die,' Well Glasgow Rangers ain't never gonna die either!

Was that not Neil young....

No, I believe Mr Young said "Rock n Roll WILL never die"

[trueblue79 0]

This should get us a buyer if there aint some intrested all ready

I still think this is great news but I hope there is more to come

[william2408 0]

I think iys funny how people actually believe there is even the slightest of hopes we will be signing anyone?

We cant even come to terms with our main man ( Boyd ) what makes you think we could sign anyone?

Also and I am sorry to be all doom and gloom right now but if these results are so positive! how is it so impossible to find a buyer?

Ill tell you, murray doesnt want to sell, he wants to ride the recesion out and retain all his profitable businesses in the long run including us?

Please see the smoke lads! like I say if these results are so good why cant we attract a bidder?

Okay the figures are posted on this thread, you explain what is bad about them....

The figures are great mate, superb in fact! however it for me anyway ( always the pestamist ) a number of questions!

1) we should now be down to £18 million in debt, how is it taking so long and why so dificult to find a buyer?

2) Why does ally and walter always paint a bleak picture about lloyds and the board?

3) Where is the profit actually going ( who's pocket )

4) The board and the bank would have been well aware of this profit margin on the 31/01/10 so shy even after the departures of pedro and rothen did they refuse to sanction a loan deal?

5) Other than tell us that we need money, what is the chairman actually doing at our club?

Can you answer them?

1) no we shouldn't . It's not that simple.

2) We haven't bought a player in 18 months would you be positive ?

3) it's not going ion anyones "pocket", it's going to Rangers

4) We don't know

5) running the club and trying to sell the club.

No offense mate but you havent answered the questions because you couldnt?

The results are great but there is no way that money is going to rangers otherwise we would have made a siging or 2 in january?

[disgruntled_bear 157]

Great news, and a step in the right direction on our quest to find a new owner

Still not out of the woods yet, the next 6 months results will be interesting.

[GeneralCartmanLee 313]

I think iys funny how people actually believe there is even the slightest of hopes we will be signing anyone?

We cant even come to terms with our main man ( Boyd ) what makes you think we could sign anyone?

Also and I am sorry to be all doom and gloom right now but if these results are so positive! how is it so impossible to find a buyer?

Ill tell you, murray doesnt want to sell, he wants to ride the recesion out and retain all his profitable businesses in the long run including us?

Please see the smoke lads! like I say if these results are so good why cant we attract a bidder?

Okay the figures are posted on this thread, you explain what is bad about them....

The figures are great mate, superb in fact! however it for me anyway ( always the pestamist ) a number of questions!

1) we should now be down to £18 million in debt, how is it taking so long and why so dificult to find a buyer?

2) Why does ally and walter always paint a bleak picture about lloyds and the board?

3) Where is the profit actually going ( who's pocket )

4) The board and the bank would have been well aware of this profit margin on the 31/01/10 so shy even after the departures of pedro and rothen did they refuse to sanction a loan deal?

5) Other than tell us that we need money, what is the chairman actually doing at our club?

Can you answer them?

1) no we shouldn't . It's not that simple.

2) We haven't bought a player in 18 months would you be positive ?

3) it's not going ion anyones "pocket", it's going to Rangers

4) We don't know

5) running the club and trying to sell the club.

No offense mate but you havent answered the questions because you couldnt?

The results are great but there is no way that money is going to rangers otherwise we would have made a siging or 2 in january?

None taken, have you not understood the answers because you're not capable of ?

[uberman 0]

It seems that we are still operating as we are due to the grace of Lloyds Banking Group, maybe this is what Boss and Contacts' articles were alluding to?

Maybe a few folk are due to acknowledge this also? Maybe a few folk might now stop and realise that the situation Rangers are in just now is very much more complicated than simply that the bank and Muir need to be chased.

For me, the day we know we have good financial figures is the day funds are released to sign quality without increasing the debt, and I fear that day is still a long, long way away. Until new investment comes in our football club is going to be fighting a very uphill battle to maintain standards at every level.

[GeneralCartmanLee 313]

Not as bad as what the mhedia are saying. Scaremongering at it's best!

As AC/DC once said, 'Rock 'N' Roll ain't never gonna die,' Well Glasgow Rangers ain't never gonna die either!

Was that not Neil young....

No, I believe Mr Young said "Rock n Roll WILL never die"

i thought he was paraphrasing.....

[GOAT 30,449]

I think iys funny how people actually believe there is even the slightest of hopes we will be signing anyone?

We cant even come to terms with our main man ( Boyd ) what makes you think we could sign anyone?

Also and I am sorry to be all doom and gloom right now but if these results are so positive! how is it so impossible to find a buyer?

Ill tell you, murray doesnt want to sell, he wants to ride the recesion out and retain all his profitable businesses in the long run including us?

Please see the smoke lads! like I say if these results are so good why cant we attract a bidder?

Okay the figures are posted on this thread, you explain what is bad about them....

The figures are great mate, superb in fact! however it for me anyway ( always the pestamist ) a number of questions!

1) we should now be down to £18 million in debt, how is it taking so long and why so dificult to find a buyer?

2) Why does ally and walter always paint a bleak picture about lloyds and the board?

3) Where is the profit actually going ( who's pocket )

4) The board and the bank would have been well aware of this profit margin on the 31/01/10 so shy even after the departures of pedro and rothen did they refuse to sanction a loan deal?

5) Other than tell us that we need money, what is the chairman actually doing at our club?

Can you answer them?

1) no we shouldn't . It's not that simple.

2) We haven't bought a player in 18 months would you be positive ?

3) it's not going ion anyones "pocket", it's going to Rangers

4) We don't know

5) running the club and trying to sell the club.

No offense mate but you havent answered the questions because you couldnt?

The results are great but there is no way that money is going to rangers otherwise we would have made a siging or 2 in january?

It doesn't work like that.

[GeneralCartmanLee 313]

Anyway, The chairman is being interviewed on SSN within the next hour......

[Chef 436]

I think iys funny how people actually believe there is even the slightest of hopes we will be signing anyone?

We cant even come to terms with our main man ( Boyd ) what makes you think we could sign anyone?

Also and I am sorry to be all doom and gloom right now but if these results are so positive! how is it so impossible to find a buyer?

Ill tell you, murray doesnt want to sell, he wants to ride the recesion out and retain all his profitable businesses in the long run including us?

Please see the smoke lads! like I say if these results are so good why cant we attract a bidder?

Okay the figures are posted on this thread, you explain what is bad about them....

The figures are great mate, superb in fact! however it for me anyway ( always the pestamist ) a number of questions!

1) we should now be down to £18 million in debt, how is it taking so long and why so dificult to find a buyer?

2) Why does ally and walter always paint a bleak picture about lloyds and the board?

3) Where is the profit actually going ( who's pocket )

4) The board and the bank would have been well aware of this profit margin on the 31/01/10 so shy even after the departures of pedro and rothen did they refuse to sanction a loan deal?

5) Other than tell us that we need money, what is the chairman actually doing at our club?

Can you answer them?

1) no we shouldn't . It's not that simple.

2) We haven't bought a player in 18 months would you be positive ?

3) it's not going ion anyones "pocket", it's going to Rangers

4) We don't know

5) running the club and trying to sell the club.

No offense mate but you havent answered the questions because you couldnt?

The results are great but there is no way that money is going to rangers otherwise we would have made a siging or 2 in january?

why make signing when we are in debt, top of the league and heading for a treble(heres hoping) you are wanting answers but there are lots of unanswered questions out there, like why the negativity, this is a positive so lets try and be a little happier with the sutuation for the moment, i can see this thread donnin gthe way others have went.

unanswered questions for all from me, mr muir stopped a loan signing of obertan, proof?

fire sales, when? i must have missed them

Administration or winding up orders that have never come to the fore, and with these results this quashes the last one that done the rounds.

why do people constantly keep coming back with more and more misery, we are in the shit to an extent but not upto our necks in it, for a team getting strung up by the balls we aint doing too badly

[GeneralCartmanLee 313]

Guys, bluedell writes up a good summary here, again taken from Gersnet

Summary

The club made a profit of £13.1 million in the first 6 months to 31st December 2009. Sounds good, but is it really? Yes, on this occasion, it’s bloody good.

If we compare this year’s operating profit (that’s the profit before accounting for the sale of players and interest) then it has increased by an incredible £22 million.

Turnover

An increase in turnover of £17.7 million, due to our qualification in the Champions League accounted for most of this increase. This increase is at the upper end of expectations, and shows how important qualification was to the club. The commonly held view that the Champions League being worth £10m is shown to be a vast under-estimate, and shows why a league win is so vital again this season.

Take out the Champions League income and we would be looking at a loss of over £4 million for the half year, and perhaps a loss of £8 million for the full year, which shows that we have still a long way to go before we are in the position of breaking even without European football.

Costs

Operating Costs are down by £3.6 million. A large part of this is due to lower wages being paid and fewer players but there will also be savings in other areas. Costs have been reduced by over £138,000 per week.

Amortisation

Amortisation is the write-off of the cost of buying players, which is done over the period of their contracts and it has fallen from £4.4 million to £3.7 million. The second half of the year should see if fall to around £3.2 million following the sale of Mendes. Given that we have not been buying any players, it would be expected that future year’s charges would be even lower.

Profit on the sale of players

Last year we made profits of £6.2 million, principally on the sale of Carlos Cuellar. We have not made the same level of profit on our sales since 1st July 2009 and we are showing a profit of £678,000 presumably mainly on the sale of Barry Ferguson and Charlie Adam.

However we might have expected it to be slightly higher but it is surprising that it is this low, as the sales of Ferguson and Adam were at reportedly higher sums, with presumably very little value in the balance sheet.

Interest

Interest payable to the bank is £677,000, which is more than half of what it was in the previous year, primarily due to lower interest rates.

Second half of the year

It should be noted that all the Champions League income has been accounted for in these 6 months’ results, irrespective of when the cash is received from UEFA, and therefore the results in the second half of the year will be worse.

It appears that Pedro Mendes was sold for around the value that the club had him in the books so there should be little profit or loss on the deal.

The second half of the season could see the club making a loss of around £4.5 million (depending on the level of bonuses paid out for hopefully winning a few trophies!), so we could end up with profit of £8.5 million for the full year.

The debt

Unfortunately the interim accounts do not show a balance sheet or the debt as it is not required to under the reporting rules that the club operates under, so we are not told where the debt currently stands.

Although we have accounted for all the Champions League income in our profit, it is understood that some of the cash is not received until the end of the season, and there are other issues which means that debt does not move in line with our profit, so it would be wrong to assume that our debt has fallen by £13 million. I would not be surprised if our current level of debt would be around £24 million.

Conclusion

A slightly better set of results than I certainly expected and it is good to see that we are heading in the right direction, but they also highlight out continued reliance of Champions League football, which will become harder to qualify for in future years given the lowering of our co-efficient so a sense of caution about our future is still required by everyone.

[LegendofCoop 17,245]

Correct me if I'm wrong on the issue of the£13m profit (sorry...just feels great to be able to say that), but I think what some people are perhaps forgetting is that now we are in profit we don't have to keep borrowing more money. This profit will allow us to pay our bills/taxes etc from our own pockets. Once we have done that, then perhaps we can write a nice cheque to Lloyds to reduce the debt!

[outlaw69uk 123]

Not as bad as what the mhedia are saying. Scaremongering at it's best!

As AC/DC once said, 'Rock 'N' Roll ain't never gonna die,' Well Glasgow Rangers ain't never gonna die either!

Was that not Neil young....

No, I believe Mr Young said "Rock n Roll WILL never die"

i thought he was paraphrasing.....

You were right about the genius part! We found something to agree on haha

[GeneralCartmanLee 313]

Not as bad as what the mhedia are saying. Scaremongering at it's best!

As AC/DC once said, 'Rock 'N' Roll ain't never gonna die,' Well Glasgow Rangers ain't never gonna die either!

Was that not Neil young....

No, I believe Mr Young said "Rock n Roll WILL never die"

i thought he was paraphrasing.....

You were right about the genius part! We found something to agree on haha

Saw him at Glastonbury last year...i think i cried.....

[Gaffbear 4,096]

Why has Johnson came out and said there are more fraught times ahead?

Surely with £13m profit,most of that can be wiped from the debt which leaves us £18m debt..............wasn't that the amount allegedly offered for us last month

[jimgers 565]

Good figures as anything in the black has to help our overall position so really chuffed.

Reading AJ comments about our reliance on the bank and their willingness to "allow" us to remain competitive is concerning.

With the Mendes transfer and the further reduction in wages of him and Rothen plus the C/L "prize money" plus hopefully the league monies etc we could have even more to reduce the debt with.

On another note though how come our profit jumped up nearly £20m because of the C/L part payment yet the mhanks fell by less ie we make £20m they lose £10m ?

Maybe timmy got it wrong ans Scottish Power are heading to the tattiedome with the cutters as we type

He he, just got a text from a friend who works for Scottish Power, he has got a job card to go to some premises in Kerrydale street and install a Power card meter.

[Tumshie 205]

Guys, bluedell writes up a good summary here, again taken from Gersnet

Summary

The club made a profit of £13.1 million in the first 6 months to 31st December 2009. Sounds good, but is it really? Yes, on this occasion, it’s bloody good.

If we compare this year’s operating profit (that’s the profit before accounting for the sale of players and interest) then it has increased by an incredible £22 million.

Turnover

An increase in turnover of £17.7 million, due to our qualification in the Champions League accounted for most of this increase. This increase is at the upper end of expectations, and shows how important qualification was to the club. The commonly held view that the Champions League being worth £10m is shown to be a vast under-estimate, and shows why a league win is so vital again this season.

Take out the Champions League income and we would be looking at a loss of over £4 million for the half year, and perhaps a loss of £8 million for the full year, which shows that we have still a long way to go before we are in the position of breaking even without European football.

Costs

Operating Costs are down by £3.6 million. A large part of this is due to lower wages being paid and fewer players but there will also be savings in other areas. Costs have been reduced by over £138,000 per week.

Amortisation

Amortisation is the write-off of the cost of buying players, which is done over the period of their contracts and it has fallen from £4.4 million to £3.7 million. The second half of the year should see if fall to around £3.2 million following the sale of Mendes. Given that we have not been buying any players, it would be expected that future year’s charges would be even lower.

Profit on the sale of players

Last year we made profits of £6.2 million, principally on the sale of Carlos Cuellar. We have not made the same level of profit on our sales since 1st July 2009 and we are showing a profit of £678,000 presumably mainly on the sale of Barry Ferguson and Charlie Adam.

However we might have expected it to be slightly higher but it is surprising that it is this low, as the sales of Ferguson and Adam were at reportedly higher sums, with presumably very little value in the balance sheet.

Interest

Interest payable to the bank is £677,000, which is more than half of what it was in the previous year, primarily due to lower interest rates.

Second half of the year

It should be noted that all the Champions League income has been accounted for in these 6 months’ results, irrespective of when the cash is received from UEFA, and therefore the results in the second half of the year will be worse.

It appears that Pedro Mendes was sold for around the value that the club had him in the books so there should be little profit or loss on the deal.

The second half of the season could see the club making a loss of around £4.5 million (depending on the level of bonuses paid out for hopefully winning a few trophies!), so we could end up with profit of £8.5 million for the full year.

The debt

Unfortunately the interim accounts do not show a balance sheet or the debt as it is not required to under the reporting rules that the club operates under, so we are not told where the debt currently stands.

Although we have accounted for all the Champions League income in our profit, it is understood that some of the cash is not received until the end of the season, and there are other issues which means that debt does not move in line with our profit, so it would be wrong to assume that our debt has fallen by £13 million. I would not be surprised if our current level of debt would be around £24 million.

Conclusion

A slightly better set of results than I certainly expected and it is good to see that we are heading in the right direction, but they also highlight out continued reliance of Champions League football, which will become harder to qualify for in future years given the lowering of our co-efficient so a sense of caution about our future is still required by everyone.

Just shows how reliant we are on Champions League money. A league win this season is a must which will hopefully mean automatic qualification this season. However, as I've said earlier sooner or later we are going to have to look at how we can turn a profit without Champions League money. That's one of the biggest challenges the board faces

[GOAT 30,449]

Why has Johnson came out and said there are more fraught times ahead?

Surely with £13m profit,most of that can be wiped from the debt which leaves us £18m debt..............wasn't that the amount allegedly offered for us last month

It doesn't work like that.

This is our half yearly profit, we've took into account the "biggies" in this. i.e, season ticket sales and CL money. The next six months means we don't have this, so therefore we will probably make a loss in the next six months. So that figure will fall dramatically come June.

The good news is, it looks like we will make a decent profit.

I hope I'm right in what I'm saying here?

[GeneralCartmanLee 313]

The chairman on SSN next.......