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Rank Posts Yearly Financials, Sees Huge Mobile Growth

Internet and land based betting firm Rank Group has posted its year end financial results, noting a staggering 43% surge in mobile betting revenues.

Key financial indicators for the year ending June 30th, 2014 were:

  • Group revenues up 13 percent at GBP 707.7 million;

  • Group operating profit up 4 percent at GBP 72.4 million

  • EBITDA up 7 percent at GBP 116 million;

  • Adjusted profit before tax down 4 percent at 62.5 million;

  • EPS up 32 percent at 12.4p;

  • Net debt up 32 percent at GBP 137 million.

Commenting on his company's performance Rank CEO Henry Birch said, "Performance improved in the second half of the year following a challenging first six months. The Group is well positioned for future growth with the cut in bingo duty, major capital investment programs planned at Nottingham, Bournemouth and Luton casinos and full year benefits from the GBP 8.9 million investment into new product in the acquired casinos.

"In the short term the introduction of a digital point of consumption tax will impact performance but our strong brands and market leading positions ensure that the Group is well placed and provides long-term opportunities."

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