Rank Records Solid Growth For Financial Year
Rank Group has released financial year results to June 30 and the news is good. Their profits increased 15 percent during the financial year with a focus on their plans for a digital strategy. Only weeks after their failed joint bid with 888 to take over William Hill, Rank confirmed that their profit before taxation after exceptional items was £85.5 which was up from the £74.5 of the previous 12 months. On the negative side there was a 2% drop in group operating profits before exceptional items to £82.4 million. Rank owns both Mecca Bingo and Grosvenor Casinos.
CEO Harry Birch commented on the results,” I am pleased to report a solid set of results with group revenue up 2%, again recording like-for-like growth across all brands and channels in the year. This year we have focused on delivering significant projects to ensure we have the right platform in place for future growth. This included the migration of our digital business onto a new platform, the roll out of an improved retail casino management system and investments into new generation machines in both our casino and bingo venues. At the same time we have delivered a substantial increase in the dividend to our shareholders. Rank remains in a strong financial position, possesses market-leading brands and has a clear strategy for long-term growth. The board continues to look to the future with confidence.”
The migration of Rank’s digital UK based business to the Bede platform was completed on time and within budget with their casino brand benefiting from the migration. The man priority for Rank in 2016-2017 was to focus on their digital offering. In line with this Rank plans on launching a new digital Mecca VIP site as well as enracha.es in Spain during H1 that will include slots, roulette, blackjack and digital bingo.