Rank Group Announces Falling Revenues

August 26, 2019 by

In its annual statistics, the Rank Group revealed flat revenues and an operating profit decline of 22 per cent year-on-year, despite digital development pushing enhanced output over the six months to 30 June. Rank’s operating profit fell from £ 50.1 m in the year to the end of June to £ 39.0 m (€ 42.4m/$47.0 m), with like-for-like revenue slipping from £ 731.3 m to £ 729.5 m and statutory turnover from £ 691.0 m to £ 695.1 m. However, as the company continues its strategy of building a broader digital offering to offset a slowdown in traffic at its bingo and casino venues, digital like-for-like net gaming revenue grew year-on-year from £ 95.3 m to £ 105.5 m by 11 per cent.

Total net income from digital gaming, including YoBingo, purchased in May 2018, enhanced year-on-year by 23 per cent. With the on going purchase of online casino and bingo provider Stride Gaming, the digital net gaming numbers for next year are expected to obtain a further increase. Rank confirmed today (August 22) that it expects the deal to close in the final three months of 2019 after Stride shareholders voted overwhelmingly in favour of a proposed £ 115.3 m acquisition last month.

In the second half of the year, Rank also pointed to an operating profit of £ 42.2 m, with the company’s transformation program introduced in December 2018, where they promoted enhanced team efficiency and fresh methods of working for customers in the last few months.

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