Revenues Rise But Profit Lags At Rank Plc

REVENUES RISE BUT PROFIT LAGS AT RANK PLC

15th August, 2013 at 11:22:51
Source: http://www.azonlinecasinos.com

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% to 625 million (FY 2012: 584.3 million) in a "challenging economic environment."

* Strong performance at Grosvenor Casinos venues (see the casino directory for more information), where operating profit was up 16 percent.

* Investment of 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 GalaCoral

* Sale of loss-making Blue Square Bet business

* EBITDA at 108.8 million (FY 2012: 107 million) up 2 percent

* Operating profit 69.9 million (FY 2012: 69.7 million) flat

* Profit before tax 65.1 million (FY 1012: 65.7 million) down 1 percent

* Net debt 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 the UK.

"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."

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