Rank’s revenues climb over 20%

22/08/2012

The Rank Group is weathering the recession well, according to its latest financial report for the 12-month period ending June 30th, which was released this week.

Rank Group increased revenues thanks to growth at its Grosvenor Casinos, of which there are 37 scattered around the UK, as well as a sharp increase in activity through its online Rank Interactive platform.

Revenue grew by 4.2% to £255.8 million at Grosvenor Casinos, while revenues climbed 20.8% to £77.7 million at Rank Interactive, according to the financial report.

The best performer in Rank Interactive’s division was Mecca Bingo, which is moving further and further into the realm of online and mobile gaming. Mecca Bingo recently introduced an iPhone app which made the brand more accessible to smartphone users.

Increased revenues overall climbed by 3.4% to £600.5 million in the twelve month period. Pre-tax profits (pre-exceptional items) reached £60.6 million, compared to £56.6 million last year. However, Rank had a number of one-off expenses totalling £19.8 million, resulting in lower profits as a result.

Looking ahead, the chairman of Rank, Ian Burke noted that the company was readying itself to complete the final stages of its much publicised buy up of Gala Casinos, comprising 23 casinos, by the end of September this year. When this happens, Rank will officially be the largest casino operator in Britain, even larger than Genting, the Malaysian based gambling group.

Burke said that upcoming regulatory changes to the British bingo industry, which will see duty rates drop from 20% to 15%, will also have a positive impact on Rank.

 

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