RANGERS boosted their books to the tune of £14million thanks to their Europa League run last term as turnover at Ibrox increased by 63 per cent during the financial year.

The annual report for RIFC plc shows a loss of £11.3million to the period ending June 30, 2019, which is down £3million on the figures from the 12 months previously.

Rangers’ turnover increased by more than £20million, while operating expenses rose to just over £58million as chairman Dave King and his board backed new boss Steven Gerrard in the transfer market.

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Significant sums have also been spent at Ibrox and the Hummel Training Centre and King thanked his fellow directors and the management staff for their ‘support and dedication’ during a ‘challenging year’.

A share issue totalling £18.2million, which raised £1.6million in cash and saw £16.6million of loans converted to equity, was completed. Since the year end, a further £17.2million worth of investor loans have been converted to shares.

King said: “The financial year under review was again a positive one. The highlight was the acceleration of the substantial investment that was previously identified as being necessary to improve the Club’s standards – both on and off the pitch.

“Our Club has the highest expectations within the economic sphere that we operate and this requires the appropriate strategy, resources and operational capability. For the first time in many years we have all three of these at every level within the Club.

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“The team must continue to evolve to meet the demands and expectations of our supporters and in Steven Gerrard I believe we have someone who embodies everything our Club is about. He understands fully that Rangers is synonymous with winning and as a winner himself, he can draw from a deep reservoir of experience gained by performing at the very top of European football.

“It has been the Board’s responsibility to provide financial support to the manager and that is what we have done. We have also invested significantly in the infrastructure at Ibrox Stadium and the Training Centre. Much of this work, although it is costly, goes unseen. There is a continual funding requirement to maintain our facilities if they are to remain among the very best in the world.”