Rank Group Revenues Fall 55% in First Half

Betting firm The Rank Group has published a trading update for the first half of the 2020-21 fiscal year, noting that revenues dropped 55% when compared to the same period next year.

The company saw gaming revenues total £156.9 million from June 1st to December 31st, down 58% from the same time last year. Digital services came in at £66 million, up 1% from last year. Venue revenues were down 70% to £90.9 million last year. Costs for the period were £135 million, and gross profits came in at £42.6 million, down 76.8%. Total losses before taxes were £59.4 million.

Commenting on his company's performance Rank CEO John O'Reilly said, "There is no doubt that the impact of the Covid-19 pandemic has been far beyond anything we or any other leisure operator could have imagined or planned for.

"The ever-changing restrictions coupled with curfews, which in particular have a seismic impact on our Grosvenor venues, have resulted in an exceptionally challenging first half for the group. I have remained incredibly impressed with our teams who have displayed high levels of professionalism and adaptability under the continuously changing circumstances.

"Despite the difficulties we are facing, they have continued, through a range of initiatives, to help our local communities, front line workers and those who are vulnerable."