Rangers buoyed by interim profits

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GLASGOW, Feb 17, 2010 (AFP) - Scottish champions Rangers announced on Wednesday a profit of just over 13 million pounds (20 million dollars) in interim results for the six months up to the end of 2009.

Boosted by funds gained from qualifying for this season's Champions League, turnover at Ibrox rose by 17.7 million pounds (27.8 million dollars) to 37.8 million pounds (59.3 million dollars).

Consequently, Rangers revealed a retained profit of 13.1 million pounds (20.5 million dollars), compared to a retained loss of 3.9 million pounds (6.1 million dollars) for the same period last year.

Rangers' results were made public just two days after their arch Glasgow rivals Celtic announced a decrease in turnover of almost 23 percent for the six months to the end of 2009.

Celtic revealed in their interim results a turnover of 36.11 million pounds (56.58 million dollars), down 22.8 percent on 46.8 million pounds (73.3 million dollars) compared to figures released this time last year, with the Hoops saying failure to qualify for the Champions League' group stage played a major factor in their financial downturn.

Rangers had, before Wednesday's results, been a reported 31 million pounds in debt with manager Walter Smith claiming the Ibrox club were effectively being run by Lloys Bank, a claim the club later refuted, although their financial position has all but stopped the club signing new players.

The Light Blues are currently 10 points clear of Celtic at the top of the Scottish Premier League but Rangers chairman Alastair Johnston warned the club's dependence on Lloyds was "not desirable".

He said: "Whilst the interim results are pleasing, a degree of caution is required as the future outlook is fraught with challenges.

"We continue our efforts to source a capital injection into the club to fuel the ambitions of the staff, supporters and shareholders, all of whom have been remarkably supportive as we navigate through the turbulence.

"Until such time as this is achieved, we are compelled to maintain our working relationship with Lloyds TSB Bank plc.

"The board understand that reliance on such a facility going forward is not desirable if we are to retain control over the club's destiny and avoid negatively impacting the potential for future success."

Senior players Kris Boyd, Allan McGregor and Madjid Bougherra all stayed at Ibrox during the January transfer window but doubts remain about their long-term Rangers' futures.

However, Johnston warned: "Discussions continue on various contract extensions, although a balance has to be struck between value and player expectations."