RANK MOBILE GAMBLING REVENUES UP 172 PERCENT
31st January, 2013 at 03:02:09
UK land and online gambling group reports on half year performance
Having just completed a review of the Grosvenor mobile casino
ourselves, it is timely that the British online and land gambling group Rank plc has released its half year performance results highlightig mobile operations as having turned in an outstanding performance, increasing revenues by an impressive 172 percent. The results take into account operations over the six months ended 31 December 2012.
Other highlights in the results include:
* Group revenues up 5% to GBO 312 million
* EBITDA up 1% at £ 53.7 million
* Operating profit 3% down at £ 33.4 million
* Profit before tax down 4% at £ 31.3 million due largely to one-off additional marketing costs in Blue Square Bet and higher operating costs in Mecca venues
* Net cash way up at £ 62.6 million (H1 2011 - £ 25 million)
* 33% rise in operating profit at Grosvenor Casinos venues
* 11% rise in revenue at Mecca Bingo
* Digital channels increased group customer visits
* Fastest growing channel of distribution was mobile, which increased revenue by 172 percent
* £ 13.1 million group investment in Grosvenor Casinos venues and across the Group's UK digital channels
* Acquisition of Gala Casinos pending Competition Commission approval and is expected to complete by 20 February 2013
Ian Burke, chief executive, said:
"Rank has delivered a satisfactory set of results in what is a challenging economic environment. Growth in customer numbers, visits and spend per visit across the group has been achieved by strong performances in our Grosvenor Casinos venues and in Meccabingo.com. Whilst adjusted profit before tax is slightly lower than last year, this is largely due to the increased marketing spend incurred by Blue Square Bet and higher operating costs in our Mecca venues.
"Allowing for the slow start to the second half we remain confident in our prospects for the remainder of the year and in our longer-term growth strategy."
The current growth in mobile products seems to be consuming industry resources right now with a recent EGR Magazine poll
showing mobile as the area being most considered by industry executives, even dwarfing social gabling developments.
The AZOC site has recently conducted a number of reviews of mobile casinos
to reflect the growing trend and is expecting this section of the website to grow exponentially during 2013.
Related News Tags: Expo, Mobile Gambling, Gala, Grosvenor, Mecca Bingo