Land and online betting firm Rank Group plc has published the second half 2016 financial results for the company, noting that retail revenues were up slightly, but that digital services surged.
Key financial indicators for the second half ending December 31st, 2016 were:
- Like-for-like group revenue up 2% at £ 378.6 million;
- Digital revenue up 11% at £ 52.4 million, with the digital platform stable and performing well; Digital operations restructured to drive further future growth;
- Like-for-like retail revenue flat in the period at £ 326.2 million;
- Improving trends in retail casino and UK digital in Q2 over Q1;
- Debt burden 37% lower than prior year at £ 34.5 million with leverage down to 0.3x;
- Continued strong dividend growth with interim dividend of 2.0p, up 11% year-on-year;
- Group EBITDA before exceptional items £ 59.7 million (down 5 percent);
- Group operating profit before exceptional items £ 36.6 million (down 9 percent);
- Adjusted profit before tax £ 34.5 million (down 8 percent).
Speaking about his company's performance Rank Group CEO Henry Birch said, "The first half of the group's financial year has seen challenging trading conditions for both our retail casino and bingo businesses, with strong comparable figures in the previous year. That being said, both businesses showed a year-on-year improvement from quarter to quarter. Our digital business continues to grow strongly and there remains significant potential for this channel as we deliver improvements in H2."
"Despite increased inflationary and employment costs, we have detailed plans to improve H2 operating profit and remain confident that the group will make good strategic progress in 2017. As a result, the Board expects that the full year results will be in line with market forecasts."
Comments
Not very familiar with that group but obviously they doing well recently...from what I read the company had been previously involved in the cinema business and like we see above they still using the logo with the Gongman.