Rank Group announces small revenue fall, while digital growth continues

By Nathan Joyes

The Rank Group has announced a 0.25% fall in year-on-year group revenue to £729.5m ($885.1m) for the six months ending 30 June 2019.

The operator did see an 11% increase in digital like-for-like net gaming revenue to £105.5m, despite its Grosvenor and Mecca brands having their group revenue  fall 3% to £353.2m and £202.1m respectively.

Despite not releasing an exact figure, Rank reported its YoBingo’s acquisition helped to grow its net gaming revenue by 23%.  

H2 operating profit was up 20% to £42.2m, following a tough first half in which operating profit was £30.3m.

The Group has announced it is prepared as it can be for a no-deal Brexit. Mitigations have been prepared for each potential risk to help reduce any potential impact.

John O’Reilly, Rank CEO, was pleased with its second-half performance and full-year results, given the challenges Rank faced in the H1.

O’Reilly said: “The transformation programme is pivotal to our growth strategy both in the UK and internationally. We are excited by the important initiatives that are being implemented across each of our businesses. We have made a good start to the transformation of Rank and there remains a lot of improvement to be delivered.”

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