Rank Group Releases Six Month Financial Growth

The Rank Group has announced their six month financial trading update, noting that revenues grew 1% from the same period last year.

Key financial indicators for the period ranging from July 1st through December 31st, 2017 were:

• Group revenues of £378.1 million, up 1% from last year
• Statutory revenue flat at £354.2 million
• Pre-tax revenues up 17% from last year, up £40.2 million
• EBITDA up 6% to £63.3 million
• UK digital revenue up 16% to £60.6 million
• UK digital operating profit up 56% to £11.4 million
• Like for like revenue down 1% to £317.5 million, but operating profits up 9% for £46.4 million
• Earnings per share up 16% to 8p.

Speaking about the results Rank CEO Henry Birch said, "We are pleased to report a good set of results with adjusted profit before tax up 17% and a particularly strong digital performance, with revenues up 16% and operating profit up 56%, despite the introduction of new gaming duty rules on customer bonuses.

"Along with much of the high street, we have faced a more challenging retail trading environment in the first half, but our combined venues businesses delivered an impressive 9% growth in operating profit.

"2018 promises to be a busy year with continued positive changes, including the launch of a single account and wallet product across Grosvenor's retail and digital businesses.

"We remain confident in the outlook for the group with management expectations for the full year unchanged."