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Annual Results

Rank struggles in challenging retail environment

17 August 2017 08:16

Casino operator Rank Group's like-for-like revenue increased by just 1% to £754 million in the year to 30 June, as venues like-for-like revenue fell 1% in a challenging retail environment.

Venues operating profit fell by 9% to £88.2 million.

UK digital revenue was 15% higher at £111.5 million, with operating profit surging 63% to £22.7 million.

The group's adjusted profit before tax was £79.3 million, an increase of 2%.

Henry Birch, chief executive, said: "After a challenging first half of our financial year, we are very pleased with our second half performance, especially with our digital business which delivered 63% growth in operating profit for the year. We are excited about the roll-out of our new Luda bingo concept following the opening of the first venue on 7 August 2017.

"Additionally, the group has put in place a number of digital, product and venue-based initiatives launching in the current financial year which we expect to drive top line revenues. The new financial year has started well and the board looks to the future with confidence."

The group increased its dividend by 12% to 7.3p.

At 8:16am: (LON:RNK) Rank Group The PLC share price was -8p at 231.6p

Story provided by StockMarketWire.com

Related Company: RNK

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