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Rank Group Releases Half Year Results

UK based Rank plc has announced that it has released its half year financial results, noting that mobile revenues were up 172% for the period.

Key financial indicators for the period ending December 31st, 2012 were:

  • Group revenues up 5% to GBO 312 million

  • EBITDA up 1% at £53.7 million

  • Operating profit 3% down at £33.4 million

  • Profit before tax down 4% at £31.3 million due largely to one-off additional marketing costs in Blue Square Bet and higher operating costs in Mecca venues

  • Net cash way up at £62.6 million (H1,2011 - £25 million)

  • 33% rise in operating profit at Grosvenor Casinos venues

  • 11% rise in revenue at Mecca Bingo.com

  • Digital channels increased group customer visits

  • Fastest growing channel of distribution was mobile, which increased revenue by 172%

  • £13.1 million group investment in Grosvenor Casinos venues and across the Group's UK digital channels

  • Acquisition of Gala Casinos pending Competition Commission approval and is expected to complete by 20 February 2013

Commenting on his company's performance Rank CEO Ian Burke said: "Rank has delivered a satisfactory set of results in what is a challenging economic environment. Growth in customer numbers, visits and spend per visit across the group has been achieved by strong performances in our Grosvenor Casinos venues and in Meccabingo.com. Whilst adjusted profit before tax is slightly lower than last year, this is largely due to the increased marketing spend incurred by Blue Square Bet and higher operating costs in our Mecca venues."

"Allowing for the slow start to the second half we remain confident in our prospects for the remainder of the year and in our longer-term growth strategy."

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