Rank Group Revenue Up But Profits Down
Thursday August 15,2013 : REVENUES RISE BUT PROFIT LAGS AT RANK PLC
Not an outstanding year….
The UK-based online and land gambling operator Rank Group plc has released its FY 2013 numbers, showcasing rising revenues but flat profits.
Highlights of the twelve months to 30 June 2013 included:
* Revenue up 7 percent to GBP 625 million (FY 2012: GBP 584.3 million) in a "challenging economic environment."
* Strong performance at Grosvenor Casinos venues, where operating profit was up 16 percent.
* Investment of GBP 38.2 million principally in Grosvenor Casinos venues and across the Group's UK digital channels.
* Acquisition of 19 land casinos and 3 non-trading licences from Gala Coral
* Sale of loss-making Blue Square Bet business
* EBITDA at GBP 108.8 million (FY 2012: GBP 107 million) up 2 percent
* Operating profit GBP 69.9 million (FY 2012: 69.7 million) flat
* Profit before tax GBP 65.1 million (FY 1012: 65.7 million) down 1 percent
* Net debt GBP 103.8 million (FY 2012: 41.8 million)
Ian Burke, chief executive of Rank Group plc said:
"It has been a busy 12 months for Rank culminating in the successful completion in May of the acquisition of 19 casinos and 3 non-trading licences from Gala Coral, making Rank the leading operator of casinos in Great Britain.
"The recent hot weather has adversely impacted trading in the first weeks of the new financial year. However, we remain confident in the group's long-term prospects and see good growth opportunities for our expanded casino estate and digital channels."
