Today, the Grosvenor Casinos and Mecca Bingo halls operator Rank Group announced its preliminary results for the fiscal year ended June 30th, 2016. The company revealed that its full-year pre-tax profit and revenues increased over the 12-month period. In addition, the gaming and bingo operator shared that it saw no likely impact from the BREXIT vote in the country.
The Chief Executive Officer of Rank Group Henry Birch commented on the company’s results, saying he was pleased with the the group’s performance over the period and the fact that Rank had recorded “like-for-like growth” in all its brands and channels in the fiscal year ended June 30th.
The company’s CEO also shared that the company had been primarily focused on delivering some major projects in the 2015/16 fiscal year in order to ensure its future growth.
He pointed the company’s digital business’ migration to a new platform, as well as the investments in innovative casino and bingo venue machines and the launch of improved retail casino management system as the milestones of Rank Group’s policy over the last 12 months. Mr. Birch also emphasized on the fact that the company had managed to deliver a massive increase in its shareholders’ dividend.
According to the figures announced in Rank Group’s preliminary report, the groups revenue for the 12 months ended on June 30th was estimated to £753 million. This is a 2% increase in comparison to the group revenue of £738.3 million posted for the 2014/15 fiscal year. Most analysts had been made a prognosis for revenue amounting to about £756 million, so the result moved pretty much in line with their expectations.
The group’s earnings before interest, taxes, depreciation and amortisation (EBITDA) also rose by 2% compared to the figures posted for the previous fiscal year and amounted to £128.2 million over the above-mentioned period.
Rank Group posted a 4% increase in its adjusted profit before tax from £74.1 million to £77.4 million. The company also revealed that there was a 11% increase in the total digital revenues generated by both the online and mobile operations of the group in the latest fiscal year.
The gaming and casino venues operator also emphasized on the fact that it is primarily a business that faces the UK as a major market for growth, so its exposure to non-sterling costs and earnings are limited. According to the group, this is exactly why “little or no direct impact” on its performance is expected after the country’s decision to leave the European Union.
- Author
Olivia Cole
