Rangers chairman John Bennett has admitted there is ‘much work to be done’ after the club announced an operating profit of just £252,000, down £5.5m on the previous 12 months.

A profit for a second successive year was made from an £83.8m turnover to 30 June, with revenue down £3m on the previous year. The club’s latest set of financial figures showed costs were up from £97m to £108m.

The numbers were boosted by making the group stages of the Champions League as well as the sales of Calvin Bassey and Joe Aribo. The transfer of Fashion Sakala to Al-Fayha in Saudi Arabia, believed to be in the region of £4m, isn’t included in the latest financial performance, while Rangers have also since sacked manager Michael Beale and his coaching staff, bringing in Philippe Clement as his replacement.

There was also an indication that the search to find a successor to Ross Wilson as director of football was nearing a conclusion, with Douglas Park’s successor insisting that improvement in the transfer market was a priority going forward.

Addressing the latest set of financial figures, Bennett said in statement to fans: “The club has, for the second year in succession, returned an operating profit. Turnover for the year to 30 June 2023 was £83.8m, generating an operating profit of £252k.

“While successive years of operating profitability can be seen as encouraging, especially in light of what had gone before, there is still much work to be done. The club vision must be simple and clear: sustainable success. This applies both on and off the pitch and it must be a mantra by which all at the club live.

“Football is a business which is particularly prone to being reactive. While this may be inherent to the industry, sustainable success can only come when we are systematic in our processes and in our actions. It is my firm conviction that this is a pre-cursor to returning the club to the status of serial winners.

“I have talked previously of the four components of financial sustainability: season ticket sales, commercial revenue, European football and player trading. While the first of these components will never be taken for granted, it is the fourth that requires attention.

“Player trading will always be inherently volatile, yet Rangers must replace sporadic ‘wins’ with systematic success. It is a given that it all begins with player recruitment.

“This is an area of priority for your Board, and we anticipate that the coming months will see a strengthening in the leadership and processes of our football department, specifically with this in mind.”