Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The Rangers chairman, John McClelland, is confident the club is on course to reduce debt as planned after unaudited interim results yesterday showed a £7.5m increase in turnover during the last six months of 2003.
The improved figures were largely due to increased revenue from Rangers reaching the group stages of the Champions' League, but McClelland believes his decision to introduce a three-year plan to reduce the club's £68m debt is starting to pay off.
"Turnover for the six-month period to 31 December 2003 was £33,764,000, an increase of £7,523,000 on the same period to 31 December 2002," he said. "This increase of 29 per cent can be attributed to two main factors, the beneficial impact Champions' League football has had on our ticket, commercial and sponsorship income, and the continuing strength of our retail operations.
"The combination of increased revenue and reduced operating expenses has resulted in a profit before interest and tax of £4,229,000, an improvement of £12,469,000 against the corresponding period last year."
McCelland said interest payments of £1,778,000 were comparable to those for the previous period, which resulted in a retained profit of £2,451,000 for the six-month period to 31 December 2003. He added: "The positive results for this period provide encouraging evidence that our business plan is being effectively executed. No one at the club is, however, complacent about the need to pursue the completion of our three-year transition plan."
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments