Published
Land-Based

Rank significantly cuts net debt for H1 2015/16

The

Grosvenor
Rank Group reduced its net debt to £52m from £94.9m year-on-year for the six-month period ended December 31.

The operator said it completed the refinancing of its bank facilities in the period.

A majority of the figures that were reported showed minor year-on-year movements, with group revenue increasing 3% to £374.2m, adjusted profit before tax ascending 4% to £37.4m and group EBITDA rising 1% to £62.7m.

Group operating profit before exceptional items and remote gaming duty was £46.1m, up from £41.7m, earnings per share before exceptional items went up 17% to 8.1p and dividend per share improved by 13% to 1.8p.

Grosvenor Casinos outranked Mecca and Rank’s Spanish online gaming website Enracha in terms of contribution of operating profit, generating £33.3m, up 7%.

Mecca's operating profit declined 13% to £19.9m and Enracha's was £1.4m, up by £500,000.

Rank said the period brought a “substantial reduction in the rate in revenue and visits decline”.

Henry Birch, Rank chief executive, said: “2016 will see us deliver significant new platforms, new functionality and new products - including a new digital platform, a new retail casino management system, new poker and sports-betting products and a new retail bingo format.”

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Chicken Ranch Casino
The Responsible Gambling Affiliate Association (RGAA)
Catena Media
Gambling Commission
Follow Us
The most prestigious Awards in the industry are heading to the Philippines! The Global Gaming Awards Asia-Pacific will recognise and reward (as the name suggests) the strongest performers from the Asia-Pacific gaming industry across the previous 12 months.
This year's winners will be announced at a luncheon ceremony on Day 2 of SiGMA Asia, 4th June, in Manila.
The eleventh annual Global Gaming Awards Americas will recognize and reward the gaming industry's strongest performers across the previous 12 months. These are the most prestigious and trusted Awards in the industry and have gained respect amongst industry heavyweights, due to the strict rules and procedures put in place.

Facing Facts: Operator Q3s from across the globe

Gambling Insider compares Q3 2023 results from major gamblin...

Taking Stock: Operators and suppliers across the world

Sticking with our theme of gambling across the globe, Gambli...

CEO Special: Jade Entertainment and Gaming CEO Joe Pisano - down to earth

Jade Entertainment and Gaming CEO Joe Pisano speaks to Gambl...

CEO Special: Betfred CEO Joanne Whittaker - saying it as it is

Betfred CEO Joanne Whittaker joins Gambling Insider Editor T...