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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.”

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