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RFC Interim Results


StublueKPL

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Just got this RNS on my share site:

RNS Number : 2974D

Rangers Int. Football Club PLC

27 March 2014

?

27 March 2014

Embargoed for 07:00

Rangers International Football Club plc

("Rangers", or the "Company")

Interim Results

Rangers International Football Club plc (AIM:RFC), the holding company for the 'Rangers Football Club Limited ("Club")', is pleased to announce interim results for the six month period to 31 December 2013.

Highlights

· Season ticket sales of approximately 36,000 for the 2013/14 season

· Average home league attendance of over 40,000 during the period; seventh highest ranking UK football attendance

· Revenue of £13.2m up by 38% (£9.5m for the 7 months ended 31 December 2012)

o strong increase in sales from Sports Direct Retail partnership

· Operating expenses of £16.8m (£16.6m for the 7 months ended 31 December 2012)

· Reduced loss before tax, excluding non-recurring items of £3.5m (£7.2m for the 7 months ended 31 December 2012)

· Cash of £3.5m as at 31 December 2013 (£21.2m at 31 December 2012)

Post period highlights

· Winners of the Scottish Professional Football League One for Season 2013/14

· Ramsdens Cup finalists and currently semi-finalists of the William Hill Scottish Cup

· Comprehensive business review due to be completed by end of April

Graham Wallace, CEO of Rangers, commented "I am encouraged with the improved trading performance for the period under review which shows growth over the prior year. However we continue to deal with the impact of the previous short-term focus on managing the business, in particular the management of cash and resulting cash outflows since the IPO. We have recently addressed the short term working capital requirements of the Club and will continue to address the longer term financing needs as part of the wider review of the business. There remain many legacy issues that require resolution and many challenges ahead, however I am pleased to report that we are making good progress in repositioning the Club and business to be capable once again of challenging at the top levels of domestic and European competition. With the continued support from Rangers shareholders and supporters together with a strong sustainable business plan, we are putting in place the foundations for a period of long term success and financial stability."

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I've just seen a fuller account in the financial and board section that explains things further

Yeah, just saw it myself, and I see the doom and gloom has started. Five Stars even though not ideal it is a lot better than what people without any knowledge were trying to have us believe, it was also suitable enough for DK to go back to SA and distance himself from some groups.
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The biggest surprise for me is the Retail figure which is superb. A £3.8m increase on last year is an excellent result. Rest of the income is in line with what i thought and said yesterday.

Expenses are still a concern though. I had really hoped we would have saw at least a £1.5m drop in expenses though as i stated yesterday, im confident that the last 6 months of this season will be better than the last 6 months of last season on the expenses front.

For me, this is the main negative the nay-sayers can find in the accounts though it would be incredibly short-sighted as well as a little hypocritical. Wallace is going to get it right. Im more positive again on that front. (tu)

I think if you take into account that Wallace had very little impact on these particular results it actually makes me more positive for the next reporting period where he can make changes.

There are a lot of positive things in there from the retail income via sports direct, to the implementation of a structured scouting/youth set up and those who harp on about it constantly now know how much the blackthorn deal is worth.

No doubt in the next few hours we will have hysteria and negativity thrown at us but hopefully the vast majority are starting to see more light than dark now.

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we have an operating loss of £3,500, 000 in just 6 months...how is that good news?

The results are certainly encouraging compared to last years though. It's a step in the right direction. To be honest though I think we will likely be making a loss until we get back into the top division.

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we have an operating loss of £3,500, 000 in just 6 months...how is that good news?

you cant go from a 14 million pound loss to a profit unless an arab comes in.

The results are an improvement on last year and hopefully it means that we have slashed costs by half. I doubt if theres any new companies that make profit within the 1st 3 years of trading. If we're still losing in year 3-4 then we'd need a board review but so far so good as far as im concerned

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