Rank Group revenue down 15% for 12 months to June

By Owain Flanders

Rank Group’s financials for the 12 months ended 30 June 2020 show a 15% decline year-on-year in group underlying net gaming revenue (NGR), to £585.1m ($761m).

Underlying operating profit also fell by 32% to £51.1m, while earnings per share fell 54% to 7p.

Despite this, underlying digital net revenue actually saw significant growth. Revenue totalled £145.3m for the period, a rise of 23% from the prior year.

The casino operator attributes its decrease in revenue mainly to the effects of COVID-19 lockdowns. For the eight months prior to the pandemic, the company saw a year-on-year rise of 11% in its underlying NGR. Operating profit was also up by 61%.

Rank Group initiated a number of mitigating actions throughout the pandemic to limit the detrimental impact of casino shutdowns.

In April, Rank Group also joined forces with Blue Light Card and opened kitchens in 12 of its UK sites to offer free lunches to key workers.

Commenting on the results, John O’Reilly, CEO of Rank Group, said: “With the huge commitment and dedication of our colleagues, very tight cost control across the business and the support we have received from Government, we have carefully navigated the past few months and are now beginning to successfully emerge.

“We know the recovery will take time, but the underlying strength of our business provides us with confidence that we are well equipped to return to full strength.”

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