MOBILE CONTINUES TO ENHANCE RANK GROUP RESULTS
14th August, 2014 at 03:07:23
Mobile betting now 26% of digital revenue.
The UK-listed Rank Group land and online gambling enterprise has posted its FY results for the 12 months ended June 30, showcasing a 43% growth in mobile betting, which now comprises 26% of group digital revenue.
Financial highlights of the report include:
* Group revenues up 13% at £ 707.7 million;
* Group operating profit up 4% at £ 72.4 million
* EBITDA up 7% at £ 116 million;
* Adjusted profit before tax down 4% at 62.5 million;
* EPS up 32% at 12.4p;
* Net debt up 32% at £ 137 million.
Henry Birch, chief executive of The Rank Group plc said:
"Performance improved in the second half of the year following a challenging first six months. The Group is well positioned for future growth with the cut in bingo duty, major capital investment programmes planned at Nottingham, Bournemouth and Luton casinos and full year benefits from the £ 8.9 million investment into new product in the acquired casinos.
"In the short term the introduction of a digital point of consumption tax will impact performance but our strong brands and market leading positions ensure that the Group is well placed and provides long-term opportunities."
Birch flagged operational highlights as:
* Solid results with increases in revenue and operating profit driven by the acquired Gala casinos;
* Improved H2 performance following a challenging H1; H2 operating profit up 21% on H1 following the successful execution of sustainable profit improvement initiatives;
* Mobile revenue growth of 43 percent, including casino games (refer to Mobilecasinnofaq.com's Grosvenor mobile casino review for information
), now comprises 26% of digital revenue;
* Dividend growth with final dividend of 3.15p recommended and total dividend of 4.50p for the year, up 10% on 2012/13
* Successful integration of the acquired casinos, completed on budget and on time;
* Grosvenor Casinos has been awarded its first 2005 Act casino licence in Luton;
* Bingo duty halved to 10% following successful engagement with HM Treasury;
* Slots VAT repaid to HMRC following adverse ruling at Court of Appeal.
Related News Tags: Gala, Grosvenor