Rangers have announced an operating loss of £14.4million for the recent financial year.
The Scottish club reported revenue of £19.1m up until June 30 and although there was a significant loss involved, chief executive Craig Mather insisted things are on the improve at Ibrox.
"The club is in a very different place to where we were in May 2012," he said in a statement on the club's official website.
"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.
"In the last year, key milestones have been passed successfully. The first team squad has strengthened considerably. The club enjoys a healthy bank balance.
"The cost base has been reduced significantly. Business performance is improving and, most importantly, the club continues to benefit enormously from the unwavering commitment of our fans. Without this support, the re-establishment of Rangers could not happen.
"As expected, we are reporting significant operating losses, although a retained profit. This is consistent with the club's five-year business plan. At no stage was it anticipated nor forecast that the business of the football club could return an operating profit in the first year since acquisition.
"The full recovery of Rangers will take time and I am delighted to report that the club is firmly on track to achieve this objective."
