Rank Group looks online after profits slashed by 40 percent

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Revenues at Rank’s UK venues continued to tumble in the year to June while online sales are still nowhere near making up for the decline.

Despite digital revenues lifting 9.9 percent in the period, higher employment costs and taxes (partly due to a change in the taxation of free bets that came into force last October) saw Rank’s online profits fall by eight percent.

Meanwhile revenue at brick-and-mortar Grosvenor fell by 6.1 percent, with operating profit down 6.7 percent to €48.6m. Mecca’s bingo halls also saw revenues down by 2.6 percent, driven by a 7.9 percent decline in footfall.

An optimistic John O’Reilly, Rank’s newish CEO, said: “I joined Rank because of its underlying potential. With the backdrop of a disappointing performance in 2017/18, we are now moving quickly to identify the key priorities which will begin to realise the significant underlying potential that I have now seen first-hand since joining the Group in early May.”

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