Rank Group Posts Positive Financial Reuslts

Gaming operator Rank Group plc has posted its full-year financial results, noting that the company posted a profit for the year ending June 30th, 2024.

Key financial indicators for the year ending June 30th, 2024 were:

• Net gaming revenues up 9% to £734 million
• Like-for-like underlying profits up to £46.5 million
• Land-based revenues for Grosvenor and Mecca Bingo were up 8% to £508 million
• Grosvenor visitors rose 9%
• Mecca Bingo visitors were up 2%, with 44% of those visitors under 35 years of age
• Digital revenues were up 12% to £226 million

Commenting on the results, Rank Group CEO John O'Reilly said: "This has been a year of strong financial, operational, and strategic progress for Rank. We are continuing to rebuild profitability following the impact of lockdowns and the material inflationary pressures experienced in recent years. Trading continues to improve due to ongoing investment in our people, our products, and the facilities within our venues businesses, and the continued development of the proprietary technology which is driving the growth of our digital business."

"We have started the new financial year as we finished the previous one, with good momentum across all businesses. With inflation receding, disposable incomes improving, investment continuing to be made in the customer proposition, and a strong pipeline of growth initiatives underway, we are confident in the future prospects of the Group."

The financial results mean that Rank will be paying out dividends to investors. The release of the results recommended a 0.85p per share payment, but this has to be approved before it can be paid out.

Source: Rank Group Financial Results

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