01 September 2005
Rangers FC Announce Latest Financial Results (with statement from Chairman)

The Rangers Football Club today announces audited financial results for the year ended 30 June 2005.

Financial Highlights

- Group turnover is marginally lower at GBP55.1m (2004 - GBP57.1m) due to reduced European income. Participation in the UEFA Cup provided a welcome revenue stream, albeit one that is not as lucrative as participation in the Champions League.

- Player amortisation costs reduced to GBP5.6m (2004 - GBP10.6m) following a period in which investment in the playing squad has been focused on securing players of international calibre who are available on freedom of contract, or by reinvestment of the proceeds of player sales.

- Gain on player sales of GBP8.4m (2004 - GBP8.6m) reflecting principally the transfers during the year of Jean-Alain Boumsong and Mikel Arteta.

- Exceptional negative goodwill release of GBP15.0m (2004 nil) generated on the buy back of the Preference shares in our subsidiary company Rangers Media Investments Ltd.

- Interest charge reduced following the Rights issue to GBP 3.1m (2004 - GBP4.1m).

- Retained profit for the year of GBP12.7m (2004 -loss GBP5.9m).

- Debt greatly reduced at the year end to GBP23.1m (2004 - GBP73.9m).

- Player pool net book value of GBP6.6m at the year end (2004 - GBP1.5m), reflecting the reinvestment of the proceeds of player sales.

Chairman's Statement

I am very pleased to report upon the achievements of last year, a period in which the Club made significant progress in many areas. Every Rangers supporter will recall the events at Easter Road on 22 May 2005 for the rest of their lifetime. This was possibly the most emotionally charged League Championship victory that we have witnessed. Alex and his team deserve enormous credit for the way that they never gave up and pursued the title to the last, and ultimately successful, final kick of the ball. What is especially pleasing is that a relatively new and young team, which has in the Manager's opinion, still to reach its full potential, gained the victory.

Success on the field was accompanied by further improvements off the park. Our basic business strategy was laid out in the Rights Issue documentation of 9 November 2004. I would like to take this opportunity to thank those of you who joined me in contributing to a successful placing. You have played a great part in maintaining the Club's financial stability with GBP51,430,995 being raised. I was delighted at the response, with over 3000 shareholders subscribing to the Issue and in many cases applying for additional shares. This Issue underpinned the Club's financial structure and the results for the year to 30 June 2005 demonstrate the positive direction that your Board has taken the Club in the implementation of our confirmed business strategy.

Turnover for the year to 30 June 2005 was GBP55.1m, compared to GBP57.1m for the prior year. Participation in the UEFA Cup group stages was welcome but does not provide the Club with the same level of income as the Champions League canguarantee. Regular and prolonged European football is a key target for everyone at the Club, as this has the twin impact of improving financial performance and meeting the sporting aspirations we all have for our Club.

Our operating loss for the year has reduced to GBP7.8m (2004 - GBP10.5m). The operating loss includes an amortisation charge of GBP5.6m against our player pool, but does not include the gain on player sales of GBP8.4m. The gain on player sales was due in the main to the sale of Jean-Alain Boumsong. All of the proceeds of this transfer were however reinvested in the playing squad and the efforts of players acquired at that time played a huge part in our eventual title success.

The profit on ordinary activities before tax of GBP12.4m (2004 - loss GBP5.9m) does include the gain on player sales, and an exceptional gain on the purchase of shares in our subsidiary company Rangers Media Investments Ltd. These shares had been issued for GBP15.0m on 12 June 2000 and were acquired back by the Club for GBP1 on 30 June 2005 creating an exceptional gain in the accounts of GBP15.0m.

The above results reflect an excellent performance from all of the business operations of the Club. The appointment of Martin Bain as Chief Executive during the year and subsequent organisational changes have led to a more focused Board and Executive team. Collectively they have driven and will continue to strive for better performance in all areas of our business operations. Football Business has moved much closer towards a sustainable cost base for the long term. I believe however that even within the self imposed budgetary constraints we have improved the calibre of our playing squad. We are also seeing encouraging signs that our Youth Development strategy is starting to take effect and your Board and the Manager are committed to giving youth an opportunity to progress. I am hopeful that players such as Ross McCormack and Charlie Adam will feature regularly in our first team squad and join the likes of Alan Hutton, Chris Burke and others who have already progressed through the ranks.

The Retail division continues to produce an excellent performance and the launch of our new home kit in May was extremely well received. At this stage it looks like this will become our best selling kit ever, and the feedback from fans has been most positive.

On a more sombre note, the deaths during the year of two of our Youth players left everyone at the Club shocked and saddened. Kevin McRae was just fifteen and Craig Denvir sixteen when they passed away in separate tragic accidents. The sudden end of young lives should remind us all that there are much more important events than football.

I can assure Rangers supporters that we will spare no effort in our attempts to continue to improve our all round performance. Continuation of the progress made last year both on and off the park is our aim. I am delighted that we have safely qualified for the group stages of the Champions League where Alex and the team will be tested at the highest level. We recognise the major challenges we face against the top teams of European football and will therefore give each opponent the respect they deserve in all our efforts to be more successful.

Finally, I would like to personally thank all our supporters, shareholders and sponsors for their unrelenting support of our great Club, of which I remain very proud to be its Chairman.

D. E. MURRAY, Chairman
31 August 2005

Consolidated Profit & Loss Account for the year ended 30 June 2005

	2005	2004
	GBP '000	GBP '000
Turnover	55,134	57,079
Net Operating Expenses	(57,393)	(56,947)
Trading (Loss)/Profit	(2,259)	132
Amortisation of Player Registrations	(5,554)	(10,637)
Operating Loss before Exceptional Items	(7,813)	(10,505)
Exceptional Items:
Gain on Disposal of Player Registrations	8,364	8,621
Negative Goodwill Release	15,000	-
Profit/(Loss) before Interest and Tax	15,551	(1,884)
Net Interest Payable	(3,141)	(4,055)
Profit/(Loss) on Ordinary Activities before Taxation	12,410	(5,939)
Taxation	264	-
Retained Profit/(Loss) for the Year	12,674	(5,939)
Protit/(Loss) per Share (p)	14.78	(10.37)

The calculation of profit/(loss) per share is based on profit after tax of GBP12,674,000 (2004-loss of GBP5,939,000), and a weighted average number of shares in issue of 85,739,658 (2004-57,276,477).

The Directors do not recommend the payment of a dividend.

09 September 2005
Rangers AGM Proxy Card Instructions

The RST would ask all existing members to follow the following procedures in dealing with the Proxy Card issued with the Rangers FC annual accounts.

Step 1
Detach the Proxy Card from Admission Card. The Admission Card should be retained to allow you to enter the Rangers FC AGM.

Step 2
Complete the Proxy Card by inserting "Rangers Supporters Society Ltd" in top box (right hand side) and then sign the second box (right hand side) and date form (final box on right hand side).

Step 3
Post form to Scot van der Akker, Trust Secretary, Rangers Supporters Trust, c/o Direct Sharedeal, 3rd Floor, Sterling House, 20 Renfield Street, Glasgow, G2 5AP. Please return your Proxy Mandate Form to us by September 30th, 2005. Thank you.

Step 4
The RST shall complete all the answers to all questions in line with the RST policy on each topic.

NOTE:- even if you are not a member of the RST, you can also support the RST by giving us your proxy vote. Simply complete steps 1 - 4 above and send with a small letter stating you are not a member of the RST but wish to proxy your vote.

13 September 2005
RST condemn News of the World article

The Rangers Supporters Trust unreservedly condemns the preposterous, inflammatory article in the News of the World (11/9/05) in which Rangers are accused of bigotry on the bizarre basis of a grass pattern on the Ibrox pitch prior to August's home game against Celtic. The author of this article, Craig Jackson, stretches the grounds of credulity by inferring this was a factor in Celtic’s lack of discipline and Neil Lennon’s yobbish behaviour.

The most alarming element of this piece of nonsense is that Nil by Mouth (NbM) chose to comment on this sensationalist rubbish in the same week that they did not deem it worthwhile to comment on the jailing of a Celtic fan from Perth, who violently assaulted and scarred a Rangers fan. Also, it’s now been over 200 days since the cowardly missile attack on Fernando Ricksen by at least one Celtic fan at Parkhead without arrest.

The RST restates its view that aggressive, discriminatory or violent behaviour attributable to bigotry must be challenged and eradicated and that cultural identity must be respected.

The RST believes that NbM should retract their comments unreservedly and believes that this latest folly shows again why this organisation commands no respect and no credibility amongst the Rangers support. Nothing less than a complete disbandment and the establishment of a serious and more objective anti-sectarian organisation are necessary.