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Rangers back in the black

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.

Rangers were reportedly around £31million in debt as it sought a new owner and it was claimed by manager Walter Smith that Lloyds Bank are running the club, although that was later refuted by Rangers.

Amid their financial troubles, the Light Blues have gone 10 points clear of Old Firm rivals at the top of the Clydesdale Bank Premier League with the promise of Champions League money next season should they retain their title.

Chairman Alastair Johnston praised manager Walter Smith and chief executive Martin Bain and their respective teams “in maintaining performance.”

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.”

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