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Financial Fundamentals, the Newco loss reported as profit

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While who puts the ball in the net determines the outcome of any given game, the financial fundamentals will determine who can win the league title. Today we got an insight into how the medium term future of Scottish football is likely to play-out in this respect, as Newco, Rangers International Football Club, released their interim accounts for the six months to 31 December 2016.

Turnover reached £16.3m, up £5m from their previous season in the Championship. The rise in costs was limited to £4m, allowing them an operating profit of £294k, although their loss for the period was £238k, almost identical to the previous term’s loss of £288k.

No notes are provided with the accounts, so there is no breakdown of £451k of non-operational “other charges”, which tipped the club into a loss.

It is with some astonishment that I note the early reviews proclaim, “financial results show club is in profit under King”, and the like, when “financial results show club is in loss under King” would be considerably more accurate.

RIFC loss as reported in accounts

RIFC loss as reported in accounts

How this is reported is of little consequence, as in reality no one who is taken in by this will have any influence over events, but you have to wonder, what’s the point? Why go shout about a small profit when you should write about an equally small loss?

Neither scenario is particularly noteworthy. Whether Newco made or lost a couple of hundred grand isn’t going to impact their ability to be competitive.  The need to control inconsequential elements of the public narrative is highly dysfunctional.

It suggests some key influencers in this scenario are working-through deep insecurities.

By contrast, Celtic’s income for the six months to 31 December 2016 was £61.2m. Income disparity between the clubs for the second half of the season will be less significant, but Celtic are still likely to turnover circa £50m more than any other club in Scotland.  The league title will remain a no-contest for this reason.

Celtic are also in profit, actual profit, not the imaginary kind you need to compulsively ask journalists to write about.

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413 Comments

  1. Brogan Rogan Trevino and Hogan on

    Lisbon Update.

     

     

    Some of you will have received an e-mail from my business account re the meal on 24th May at the Casa Do Alentejo in Lisbon.

     

     

    A further group e-mail from my hotmail account will follow shortly.

     

     

    280 places available of which well over 150 are already accounted for.

     

     

    I will be checking through my past e-mails to prepare a meal list over the next few days.

     

     

    BRTH

  2. Sipsini

     

     

    I’ll get the weans to say a prayer tomorrow my friend.

     

     

    Watching Question Time and I’m reminded why I stopped a while back.

     

     

    Tebbit being espoused as democratic.

     

     

    UTLR

  3. I managed a couple of tickets for the Lisbon show at the hydro . But must say congratulations to the staff who served six thousand applications in 30 minutes . Is that a record .

  4. thomthethim for Oscar OK on

    Any hope of getting a balanced view of MMc.G’s legacy from the British media today was blown out of the water by the events in London yesterday.

     

     

    It would have proved too difficult for the average citizen to differentiate between the actions of a demented killer and thirty years of serious conflict and it’s causes.

     

     

    Ten minutes, ( it was all I could endure), of Question Time demonstrated that.

  5. a light insanity on

    See if I say the words conservative, unionist and reactionary 3 times will the same posters suddenly appear?

  6. I don’t know how to do the link thing to perescoke from my phone but if someone can would they please link Gerry Adams oration today for Martin. It really is superb.

     

     

    Up the Rebels

  7. Labour Unionistts are in denial

     

     

    Not one effort was made by the war criminal or his dyscalcic chancellor to roll back the feral capatilism that was based in Thatchers ideological war on the poor.

     

     

    1.no change in economic policy from Tories

     

    2.no change in allowing councils and municipalities

     

    3.no change reversal of Trade union legislation.

     

    4.liberaliation of personal credit leading to exponential growth in credit

     

    5.liberalisation of offshore accounting to those rich enough a great way for individual socialists to ensure their stash was solid anf f.. the poor.

     

    6.The rich got richer under a labour govt.

     

    7.Private finance initiative preferred to opening up our capital markets to build nhs.now seen as cement shoes in nhs accounting

     

     

    Little wonder the confusef unionist do not like being called unionist?

     

    Socialist is a tawdry meeja unfriendly image but it had soul.it used to stand for something

     

    It does now.for what it didnt do for its own

     

    Betrayal.

     

     

    They know what they are -unionists

     

    They know what tthey are not-socialists

     

    (Might be new socialists)

     

    HH

     

     

     

    SucklethatUnionteatCsC

  8. ThomThethim

     

     

    Well thankfully we are not relying on The unions 4th estate to determine MMcGs impact on politics.

     

    To them he only existed up to good friday imo as a terrorist.

     

    Hope alls good overby.over again next week.

     

    HH

  9. I know hee-haw about politic’s but,……

     

    Thing is,……before the brexit vote,….

     

    There was, 24/7, wall to wall coverage on all the news channell’s of….

     

    Images of thousands of migrants in boats and ships which probably alarmed a lot of, self preservationists into voting for brexit ?

     

    Who knows ?

     

    Ye see, the thing is……

     

    Now that brexit has been voted through,…..why no images of migrants on boats in the news ?

     

    Have folk been tricked into voting for a brexit, so cloaked in mystery that, the Tories canny wait to ramm it right up the voting public ?

     

    Ah smell a trap……..hmmmmm.

     

    Oh, another wee thing……

     

    I’ve heard politicians asking what currency will, Scotland and, Wales use if they both go independent ?

     

    Well,…..what currency will, England and N.I. use if, there is no more Britain ie: no more British £ ?

     

    As l said, l know hee-haw about politics.

     

    The Politics of Dancing CSC

     

    Thoughts and Prayers for all

     

    Supporters of Glasgow Celtic

     

    ………………..oot.

  10. I know hee-haw about politic’s but,……

     

    Thing is,……before the brexit vote,….

     

    There was, 24/7, wall to wall coverage on all the news channell’s of….

     

    Images of thousands of migrants in boats and ships which probably alarmed a lot of, self preservationists into voting for brexit ?

     

    Who knows ?

     

    Ye see, the thing is……

     

    Now that brexit has been voted through,…..why no images of migrants on boats in the news ?

     

    Have folk been tricked into voting for a brexit, so cloaked in mystery that, the Tories canny wait to ramm it right up the voting public ?

     

    Ah smell a trap……..hmmmmm.

     

    Oh, another wee thing……

     

    I’ve heard politicians asking what currency will, Scotland and, Wales use if they both go independent ?

     

    Well,…..what currency will, England and N.I. use if, there is no more Britain ie: no more British £ ?

     

    As l said, l know hee-haw about politics.

     

    The Politics of Dancing CSC

     

    Thoughts and Prayers for all

     

    Supporters of Glasgow Celtic

     

    ………………..off-oot.

  11. I know hee-haw about politic’s but,……

     

    Thing is,……before the brexit vote,….

     

    There was, 24/7, wall to wall coverage on all the news channell’s of….

     

    Images of thousands of migrants in boats and ships which probably alarmed a lot of, self preservationists into voting for brexit ?

     

    Who knows ?

     

    Ye see, the thing is……

     

    Now that brexit has been voted through,…..why no images of migrants on boats in the news ?

     

    Have folk been tricked into voting for a brexit, so cloaked in mystery that, the Tories canny wait to ramm it right up the voting public ?

     

    Ah smell a trap……..hmmmmm.

     

    Oh, another wee thing……

     

    I’ve heard politicians asking what currency will, Scotland and, Wales use if they both go independent ?

     

    Well,…..what currency will, England and N.I. use if, there is no more Britain ie: no more British £ ?

     

    As l said, l know hee-haw about politics.

     

    The Politics of Dancing CSC.

     

    Thoughts and Prayers for all

     

    Supporters of Glasgow Celtic.

     

    ………………..off-oot.

  12. AN TEARMANN @ 12:54 AM,

     

     

    Good Post… Yet it makes hard reading, the list is endless…

     

     

    …the huge rise in employee’s on zero hours contracts, the continuation of NHS Privatisation through the back door, the failure to tackle the woes of people living in sink estates etc, etc…

     

     

    It left fertile Ground for the likes of David Cameron to come in and finish the job:(

     

     

    Hail Hail

  13. AN TEARMANN on 24TH MARCH 2017 12:54 AM

     

     

    And your answer to that litany is to reject any class based analysis of politics, embrace the politics of identity that is nationalism, and the reactionary, populist, petit bourgeois form of nationalism that is the SNP at that. Aye, very good.

  14. Good morning CQN from from a cold and very wet East Devon. Wee Hamish didn’t want to go out to do his business.

  15. Good morning friends and a Big Happy Friday from a clear skied, bright and sunny, yet frosty East Kilbride

  16. Brogan Rogan Trevino and Hogan on

    Morning Folks,

     

     

    Quite a lot of folk should have a wee update about the Lisbon dinner in their inbox this morning.

     

     

    The e-mails will have come from two different e-mail address and some may have received two e-mails.

     

     

    Anyone who hasn’t received an e-mail can contact me via jjoe88@hotmail.co.uk – I will also look to see if I should have contacted anyone via text.

     

     

    I am at a funeral in Clydebank tonight and tomorrow morning but over the weekend I will try and update the lists and publish all details on here.

     

     

    On a separate note, the oration by Gerry Adams for Martin McGuinness is very much worth watching.

     

     

    I have been really busy over the last week but will try and do a wee post about that later.