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Rangers financial situation has improved dramatically as a result of their participation in this season’s Champions League.

The Scotish champions moved back into the black in the first half of their financial year. The club showed a pre-tax profit of £2.4m in the six months to December 31, after a loss of almost £10m in the comparable period in 2002. Turnover increased 29 percent to £33.7m.

“This increase of 29 percent can be attributed to two main factors, the beneficial impact that Champions League football has had on our ticket, commercial and sponsorship income, and the continuing strength of our retail operations,” chairman John McClelland said in a statement.

Rangers finishing bottom of their Champions League group which also included Manchester United, Stuttgart and Panathinaikos.

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