Rangers reached the last 16 of the Champions League

A licensing deal with JJB Sports and a good European run were the main contributing factors.

Ibrox chairman David Murray said: "We enjoyed an extended run in the Champions League and all areas of the commercial side benefited greatly.

"In March, we announced a 10-year licence agreement with JJB Sports plc worth a minimum of �48m to the club."

And Murray added: "This figure will increase by way of additional royalty payments if certain sales thresholds are exceeded. Early indications in this respect are positive.

"This deal, coupled with the extended run in Europe, helped us achieve an operating profit of �4.4m."

Rangers recorded an 11% increase in turnover to �61.2m - up �6.1m on last year - as a result of the Champions League campaign - when they reached the last 16 of the competition.