Glasgow Rangers FC has reported an operating profit of £5.9m, turning round last year's £23.5m operating loss.
Depsite relinquishing their Scottish Premiership title, the lessening effects of Covid-19 and fans returning to the Ibrox stadium meant revenue has almost doubled to £86.8m.
In the 12 months since the appointment of first team manager Giovanni van Bronckhorst, the club reached the Europa League final and sold Nathan Patterson in January for an initial £11.5m and Calvin Bassey for an initial £19.5m - both club record sales at the time they went through.
That transfer revenue has helped the club overturn last year's losses and turn a modest profit for the year to 30 June, with Champions League revenue not factoring in until next year's accounts.
Turnover almost doubled to a record £86.8m, while the wages to turnover ratio dropped to 44% from 70% in 2020/21.
Chairman Douglas Park said: "From this revenue, we returned an operating profit of £5.9m, which represents an improvement of £27.6m on last year’s operating loss.
"This demonstrates the success and progress achieved over the last 12 months."
He added that during the last 12 months, Rangers has raised new equity of £10.1m and taken on new debt of £3.6m.
Staff costs increased by £7m to £54.8m, while other operating charges like include match day costs and overheads rose from £14m to £28.3m. Total liabilities climbed from £5.4m to £12.4m.
Rangers recorded an overall net loss of £900,000, which Park said was down to "squad and infrastructure investment", as well as player amortisation and depreciation of £13.9m.
Van Bronckhorst has come under pressure for recent results, but Park hailed the impact he has had during the last year, with the European run banking £15.5m in prize money alone.
"Beginning on the pitch, we appointed Giovanni van Bronckhorst as our football manager last November," stated Park. "As well as delivering us the Scottish Cup for the first time in 13 years he also gave the club a thrilling European journey, where we came within a kick of winning only our second European trophy."
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