Rank shares jump as underlying earnings rise 21%

(Sharecast News) - Shares in gambling operator Rank jumped more than 5% on Thursday after it reported higher annual earnings. The casino and bingo hall owner said underlying operating profit increased 21 to £78.6m in the year to June 30.

Grosvenor casinos delivered a 5% rise in average weekly net gaming revenue to £7.6m, helped by higher customer visits and spend per visit. The rollout of 850 gaming machines across 37 casinos and ongoing optimisation work supported growth, though table gaming was softer late in the year due to the conflict in the Middle East.

Digital like‑for‑like revenue rose 8%. The group cut marketing and other costs to offset the jump in Remote Gaming Duty to 40% from 21% in April, while protecting the customer offer by maintaining free bets and incentives.

Reporting by Frank Prenesti for Sharecast.com