As per the report, the group returned to profitability in H1 2021/22 with improving venue performances for the Grosvenor, Mecca and Enracha brands through Q1 and into Q2.
Revenues for the half-year showed a 7% increase across the digital business.
In terms of operational highlights, the report showed trading growth at Grosvenor for H1 21/22 until the rise of Covid case numbers had the restrictions reintroduced. There was a 7% growth in active customers in the UK, thanks to a 37% increase in marketing investment.
In terms of financial highlights, the report showed a statutory group operating profit of £103m ($138m), up 295%. However, compared to the pre-Covid H1 19/20, operating profit showed a 59% decrease.
John O'Reilly, The Rank Group CEO, said: "Our venues performed well following the reopening in May 2020, with revenues rising until the second half of Q2 when growing Covid-19 case numbers, the emergence of the Omicron variant and the resultant return of restrictions on consumers softened demand.”
Russell Pointon, Director of Consumer and Media at Edison Group, provided some analysis on the trading update, commenting: "There is a confident tone in Rank's interim results as it has returned to profitability and a more positive outlook, as it looks forward to trading with fewer Covid-related restrictions.
“Coupled with a much stronger balance sheet, the company is accelerating investment in its continuing transformation programme and resumption of dividend payments will be considered when allowed. Rank retains a clear ambition to reach £1bn of revenue by FY23, versus current Refinitiv consensus of c.£820m, and pre-Covid revenue of c.£700m.”
