Rank Group reflects on year of 'strong financial, operational and strategic progress'

The group, which owns Mecca Bingo sites in the Black Country and Wrexham and Grosvenor Casinos in Walsall, saw growth in revenue and profits.

For the year to June 30, it revealed like-for-like Net Gaming Revenue grew 9% year on year to £734.4m with all businesses in growth.

LFL underlying operating profit for the year was £46.5m, slightly ahead of analysts' consensus and more than double the prior year's £20.1m.

LFL underlying operating profit was £24.8m in the second half of the year, up 14% compared with £21.7m in the first half.

And Rank also reported strong trading in quarter four, with like-for-like Net Gaming Revenue increasing 14% year on year.

The Board said it was recommending a final dividend of 0.85p per share, with the resumption of dividend payments to shareholders reflectingits confidence in the improving trading and financial position of the Group.

John O'Reilly, Chief Executive of The Rank Group Plc said: "We are continuing to rebuild profitability following the impact of lockdowns and the material inflationary pressures experienced in recent years.

"Trading continues to improve due to ongoing investment in our people, our products and the facilities within our venues businesses, and the continued development of the proprietary technology which is driving the growth of our digital business.

"With some important developments within our proprietary technology now in place, we are increasingly delivering a seamless and tailored cross-channel experience for our customers, leveraging our key area of competitive advantage.

"We are well-positioned to take advantage of the much needed land-based reforms which will help to further modernise our casino and bingo propositions to better meet the expectations of today's customers and we look forward to the Government confirming the timetable for the required secondary legislation.

"We have started the new financial year as we finished the previous one, with good momentum across all businesses. With inflation receding, disposable incomes improving, investment continuing to be made in the customer proposition and a strong pipeline of growth initiatives underway, we are confident in the future prospects of the Group.

"It would not be possible to deliver this improved performance without our excellent colleagues who continue to excite, entertain and protect their customers, support their local communities and contribute fully to the progress we are continuing to make."