Rangers chairman Dave King encouraged as club reduces operating loss to £500,000

Rangers have revealed an operating loss of £500,000 for the six months leading to December 2015.

The figure is down from a £4.6m operating loss at this time last year, while unaudited results also revealed that Rangers' revenue increased by £1.9m to £11m, largely thanks to ticketing and hospitality.

The report also revealed operating expenses decreased by £2.2m to £11.4, following a reduction in staff and legal costs that had been incurred by the previous regime.

Chairman, Dave King, believes that the report shows that the club is on the right track to running as a sustainable business and also on the pitch.

"It gives me and my fellow board members a sense of pride that the focus has returned to the football," King told the Rangers website.

"We have a solid, stable board and are more financially secure following years of reckless decisions and spending.

"There is a renewed brightness and energy throughout Rangers. We are all buoyed by the marked differences in the football department, which had also been low in confidence and inspiration.

"A completely new management team led by Mark Warburton has been introduced and a more youthful and vibrant squad of players has been assembled.

"The team is playing an attractive brand of attacking, winning football that has captured the imagination of supporters who have returned to Ibrox in huge numbers, with more than 36,500 season tickets sold this season."

However, King - who took charge exactly one year ago - also noted that there are issues that still need addressing.

"The club continues to require funding to meet its ongoing cash shortfall," King added.

"This has largely been provided by me and the three bears (Paul Murray, John Gilligan and King), however we have recently spread the investor base. I will continue to look for like-minded investors who can share the financial burden."

However, King closed on a positive note: "I am pleased to report that Rangers now has no third-party debt whatsoever. There are not many clubs in the world who are in that enviable position."

Rangers announced they had paid-off a loan owed to Mike Ashley's Sports Direct back in January.