Rank Group 2017 Final results
Strong second half operating profit performance versus first half: £46.9m vs £36.6m
UK digital revenue up 15% with profit increasing 63%
Challenging UK retail environment led to a 1% fall in like-for-like venues revenue, but with improved underlying key performance indicators in the second half
Enracha euro revenue up 7% and profit up 53% to €7.2m
4% adjusted EPS growth
Net debt decreased by £28.8m to £12.4m
Dividend up 12% to 7.30p per share
Operational highlights
First new retail bingo format, Luda, opened on 7 August 2017, with two more opening in Q2 2017/18
Two new digital brands developed; Bellacasino.com soft-launched in July 2017 and Luda.com to be launched in 2017/18
New digital sports offer and refreshed digital poker offer launched in the year
New retail management system in place in Grosvenor's casinos - an essential building block for single account and wallet
Two-year grosvenorcasinos.com sponsorship deal agreed with Fulham Football Club
Successful refurbishments of Nottingham and Leeds Westgate casinos
Successful completion of the restructuring and harmonisation of pay and benefits across our Grosvenor venues business
Henry Birch, Chief Executive of The Rank Group Plc said:
"After a challenging first half of our financial year, we are very pleased with our second half performance, especially with our digital business which delivered 63% growth in operating profit for the year. We are excited about the roll-out of our new Luda bingo concept following the opening of the first venue on 7 August 2017. Additionally, the Group has put in place a number of digital, product and venue-based initiatives launching in the current financial year which we expect to drive top line revenues. The new financial year has started well and the Board looks to the future with confidence."
