Rank operating profit up for 2014/15

By David Cook
Operator Rank Group has reported a 16% operating profit increase to £84m for the year ended 30 June.

Gross revenue went up 4% to £738.3m and EBITDA ascended 9% to £126.3m.

Adjusted earnings per share rose 18% to 14.6p, while cash inflow from operations was £154.5m, up 44%.

Net debt was reduced 61% to £52.9m and a final dividend per share of 4.00p was reported, up 27%.

Gross revenue for Grosvenor Casinos improved 8% to £423.4m, which accounted for 57% of overall gross revenue.

Rank invested £31.9m of capital across the group during the year and central costs went up 27% to £28.1m, which Rank in part put down to management incentivisation costs.

Rank had its appeal against a Court of Appeal decision regarding VAT it was ordered to pay to HM Revenue and Customs unanimously dismissed by the Supreme Court in July.

The Court of Appeal ruled in favour of HM Revenue and Customs in 2013 that Rank was subject to pay VAT on its takings from certain slot machines between 2002 and 2005.

Rank said that having repaid £25.2m of the £30.7m received in connection with these claims to HMRC in May 2014, the decision had no impact on Rank’s financial performance.

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