Rangers have announced a profit of just over £13million in interim results for the six months up to the end of 2009. Helped by monies gained from qualifying for this season's Champions League competition, turnover at Ibrox rose by £17.7million to £37.8million.
Consequently, the Govan club revealed a retained profit of £13.1million, compared to a retained loss of £3.9million for the same period last year, an increase of £17.million.
Before today's boost, Rangers were reportedly around £31million in debt as it sought a new owner.
Chairman Alastair Johnston praised manager Walter Smith and chief executive Martin Bain and their respective teams "in maintaining performance."
However, he also admitted that dependence on Lloyds Bank is "not desirable" in the long term but is looking for stability in the meantime.
Johnston said: "Whilst the Interim Results are pleasing, a degree of caution is required as the future outlook is fraught with challenges.
"When I assumed the chairmanship in August 2009, I realised that we had to take a short-term perspective on the business model that we needed to adopt for the financial year through to June 2010.
"The board appreciated the understanding of Lloyds TSB Bank plc in supporting our initiatives to stabilise the club without totally compromising the ability of the management team to field a competitive squad of players for the current season.
"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.
"However, a balanced view is required at this stage amongst operating sustainability, ambition, and the commensurate underlying value of the club.
"Rangers will need continued commitment from all of those with the best interests of the club in mind in the months ahead, and I remain totally confident that we will prevail together."
