David Murray is pleased with Rangers improved fortunes

Interim figures for the six months to the end of December 2007 show the Ibrox club made a pre-tax profit of �3m.

This is compared to a �700,000 loss for the same period the previous year.

"These results are satisfying in that they reflect the progress the club is making both on and off the pitch," Murray said.

The Ibrox club's turnover rose by �10m to just over �33m, but these results do not include the �9m transfer of Alan Hutton to Tottenham Hotspur.

"We invested significantly in our playing squad at the start of the season," Murray continued.

"And, as we are leading the SPL and have qualified for the CIS Cup Final, that investment has been fully justified and we are very satisfied with the performance of the team to date."

Murray spoke about the turnaround in management, with Walter Smith replacing Paul le Guen last January.

"I think that after the disappointing Paul le Guen era - and it was disappointing for him too - we have been able to regroup and rebuild the club in quite a short period of time," he told rangers.co.uk.

"The catalyst was Walter. We went down a foreign route and it didn't work for anybody.

"That's not a criticism of Paul. We had a go and then we parted.

"The Alan Hutton money will not kick in until the next set of figures so that makes our current situation all the more remarkable."

And Murray realises that Champions Legaue participation is vital to the finances of the Glasgow club.

"If you don't qualify for the Champions League then you are not going to make any money - it's as simple as that.

"We are at a huge disadvantage to clubs down south but we are expected to compete in what is not a level playing field," he added.