UK based betting firm Rank Group plc has released its 2013 year end financial results, noting that profits were flat despite higher revenues for the year.
Key financial indicators for the year ending June 30th, 2013 were:
Revenue up 7% to £625 million (FY 2012: £584.3 million) in a "challenging economic environment."
Strong performance at Grosvenor Casinos venues, where operating profit was up 16%.
Investment of £38.2 million principally in Grosvenor Casinos venues and across the Group's UK digital channels.
Acquisition of 19 land casinos and 3 non-trading licenses from Gala Coral
Sale of loss-making Blue Square Bet business
EBITDA at £108.8 million (FY 2012: £107 million) up 2%
Operating profit £69.9 million (FY 2012: £69.7 million) flat
Profit before tax £65.1 million (FY 1012: £65.7 million) down 1%
Net debt £103.8 million (FY 2012: £41.8 million)
Commenting on his company's performance, Rank Group CEO Ian Burke said, "It has been a busy 12 months for Rank culminating in the successful completion in May of the acquisition of 19 casinos and 3 non-trading licenses from Gala Coral, making Rank the leading operator of casinos in Great Britain. The recent hot weather has adversely impacted trading in the first weeks of the new financial year. However, we remain confident in the group's long-term prospects and see good growth opportunities for our expanded casino estate and digital channels."