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NEWS 31 January 2019

Rank Group announces further revenue fall, despite digital growth

By Nathan Joyes

Rank Group has announced a 2% fall in year-on-year group revenue for the six months ending 31 December 2018.

The operator did see a 16% increase in digital revenue, in a period which saw Mecca and Grosvenor continue to grow.

Yet adjusted profit before tax took a 28% hit, while group EBITDA also suffered a 17% loss.

The operator says Grosvenor venues were impacted by reduced contribution from major players due to a weather-impacted Q1 and challenging consumer back drop.

Despite not releasing figures, though, Rank reported YoBingo! was performing ahead of its acquisition plan.

CEO John O’Reilly expressed his disappointment at the operator’s performance back in June, with Rank Group previously reporting a 41% year-on-year decrease in profit before tax for the financial year ending 30 June.

However, O’Reilly did suggest more of a digital focus would be a key area for Rank Group going forward since being appointed last April.

After the latest report, the CEO said: "The first half of our financial year has been a tough trading period. I am, however, encouraged by the group’s improved performance in Q2.

"While there is lots to be done to deliver the revenue improvements and cost efficiencies identified, I am confident in the outlook for Rank and excited about the opportunities that exist."

RELATED TAGS: Financial
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