Rank Group Sees 22% Fall in Profit

Betting firm Rank Group has published their second-half 2019 financial results, noting that operating profits for the period were down 22% from the year prior.

Key financial indicators for the second half ending June 30th, 2019 were:

  • Operating profits of £39 million, down from £50.1 million last year
  • Revenues of £729.5 million, down from £731.3 million last year
  • Turnover of £695.1 million, up from £691 million last year
  • Digital betting revenue up 11% to £105.5 million
  • Projected operating profits of £42.2 million for the next period

Commenting on the results Rank CEO John O'Reilly said, "We are pleased with the group's second half performance and the full-year results, especially given the challenges we faced in the first half of the year. The transformation programme is pivotal to our growth strategy both in the UK and internationally.

"We are excited by the important initiatives that are being implemented across each of our businesses. We have made a good start to the transformation of Rank and there remains a lot of improvement to be delivered.

"The acquisition of Stride, which we expect to complete in 2019-20, will help step change our digital business, deliver strong synergies, bring proprietary technology in house and create one of the UK's leading online gaming businesses."

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bgsharpe
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27 August 2019 - 5:35pm
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Probably the 22% drop in profits seems a bit misleading for Rank after continue to read the article, all the other figures in terms of turnover, revenues and so on seem to be on the rise so probably the acquisition of Stride they've made is the reason for the eventual drop in profits.

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