Annual Results and Notice of AGM

RNS Number : 3428P

Rangers Int. Football Club PLC

01 October 2013

 



1 October 2013

Rangers International Football Club plc

("Rangers" or the "Company")

Annual Results

Notice of AGM

Rangers International Football Club plc (AIM:RFC), the holding company for the Scottish football club 'Rangers', which is celebrating its 141^st year in existence, is pleased to announce Annual Results for the 13 month period ended 30 June 2013.

Operational Highlights

·      The Company was successfully floated on the AIM Market, raising £22 million for the Club from institutional and retail investors and fans

·      Club returned to sustainable long-term operational and financial stability

·      Season ticket sales for 2013-14 season of c.35,000, and expected to increase by season end

·      First team squad significantly strengthened with nine new signings for 2013-14 season and SFA-imposed player registration embargo lifted

·      Average home league attendance of 45,744 over previous season; fifth highest UK football attendance and 15^th in Europe

·      Significant new sponsorship agreements signed, including PUMA, Blackthorn, SportsDirect.com, Coca Cola and Ladbrokes

·      Won the Scottish League Division 3 (2012-13) by 24 points and currently have 100% record at top of SPFL League One for 2013-14 season

·      Acquisition of the Albion car park and Edmiston House for future ventures to enhance match day experience (£2.4 million)

·      £1.8 million invested in stadium Wi-Fi and LED/Jumbo screens to enhance supporter experience

Financial Highlights

·      Trading results in line with management expectations, with exception of retail which was caused by a delay in the launch of the new strip and the financial collapse of JJB, both factors out of the Company's control. Trading performance this season set to continue to improve significantly

·      Total revenue: £19.1 million (£13.2 million from gate receipts and hospitality income)

·      Profit on ordinary activity before taxation was £1.3 million (after tax: £1.2 million)

·      Operating loss of £14.4 million, consistent with published five year strategic business plan and temporary negative commercial impact on revenues of operating in Division 3

·      Cost base significantly reduced

o  Player wage to revenue ratio lowered to 43% (amongst the sector's lowest)

o  Overall staff costs for the Club reduced from £30.0 million to £17.9 million and falling

o  Operational cost savings of over £2 million across the business

o  More than £4.2 million of expenditure is non-recurring

·      Cash in bank at 30 June 2013 £11.2 million; with £4.5 million of this representing season ticket renewals

·      No loans, overdrafts or bank borrowings. Only £1.6 million of finance leases being repaid

·      Key assets - such as Ibrox Stadium and Murray Park - remain under full Club ownership and free of any security

The Company has today posted its report and accounts to shareholders together with a notice of Annual General Meeting and a form of proxy. A full copy of the Company's report and accounts and Notice of AGM is also available from the Company's website at www.rangers.co.uk. The Company's Annual General Meeting will be held on 24 October 2013 at 10.30 a.m. at Ibrox Stadium, 150 Edmiston Drive, Glasgow G51 2XD.

Craig Mather, Rangers CEO, commented: "I am delighted to be in a position to report to Rangers' shareholders and loyal supporters that substantial progress is being made in rebuilding the Club.

"Rangers is in a very different place to where it was in May 2012. Then, the situation was traumatic and the future uncertain. Now, we enjoy financial stability and have a solid platform from where we can focus all our efforts on achieving success as one of football's great clubs.

"Financial discipline has been essential and we will continue to keep a firm grip on expenditure. As we strive to progress through the leagues, revenues can be expected to rise and there will be greater opportunity to improve financial performance further.

"Business is getting stronger, people and companies do wish to engage with Rangers again and this Club is gearing up to return to its rightful place in Scottish football.

"Rangers is in a position to move forward with growing confidence and within the Club there is a real determination to ensure the future is secure, sustainable and successful. Our fans, our staff and our shareholders deserve no less."

For further information please contact:

Rangers International Football Club plc	www.rangers.co.uk
Craig Mather, CEO / Brian Stockbridge, CFO	Tel:  [phone]
Daniel Stewart & Company Plc (Nominated Adviser & Broker)
Paul Shackleton / James Thomas / Martin Lampshire	Tel: [phone]
Newgate Threadneedle
Graham Herring / Roddy Watt / John Coles / Fiona Conroy	Tel: [phone]
Media House International Ltd Jack Irvine	Tel: [phone]

About Rangers Football Club

About Rangers International Football Club Plc (the "Company", "RIFC", and including its Subsidiaries, the "Group"), and Rangers Football Club (the "Club")

Rangers Football Club, formed in Scotland in 1872, is one of the world's most successful clubs, having won 54 League titles, 33 Scottish Cups, 27 League Cups and the European Cup Winners' Cup in 1972. The Club's loyal and sizeable supporter base, both in Scotland and around the world, enables the Club to boast one of the highest percentages of season ticket holders in the UK. Playing at the 51,082 seater Ibrox Stadium and benefitting from the world class 37 acre Murray Park training facility, Rangers have been a dominant force in Scottish football for decades. This world class stadium, training infrastructure and a loyal and passionate global fanbase provide an excellent foundation for the Company.

The Club recently secured the Division 3 title of the Scottish Football League (SFL), and it is the intention of the Directors and the Manager for the Club to return to top level football as soon as possible. The history, facilities and ambition of the Club are such that the Club remains a desirable destination for foreign and domestic players alike. The first team squad is managed by Alistair McCoist, the former Rangers forward, who remains the Club's all-time leading goal scorer.

For more information please visit the website: www.rangers.co.uk

 

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