Although football showed itself to be in an industry recession during the period reviewed in these reports, for the club the trip to Cardiff in the play-off finals ended a period on a very upbeat note.

As a result of the appearance in the final, the club's merchandise sales and gate revenues from the trip raised around the £0.5m mark.

Consequently, season tickets reached nearly 9,000 by September 2003, which is an all-time record high and the expectation is that the club will be a major force in Division Two for the succeeding 2003/2004 season.

Rangers here, Rangers there....

However, trading conditions remain difficult, and the Board is aware that further pruning of central costs in all areas accompanied by renewed efforts to increase revenue streams, is the only answer to the funding deficit that the club currently operates at.

The Board is proposing to change the status of the company from a public limited company to private ownership. It is believed that this change will assist in the administration of the business.

Kevin McGrath
Acting Chairman
June 2004