Rank Group details revenue, profit growth in first half

The Rank Group has reported year-on-year revenue and profit growth for the six months to December 31, 2017.

Group like-for-like revenue came in at £378.1m (€432.3m/$535.5m), up 1% on the corresponding period last year, while statutory revenue remained level at £354.2m.

Adjusted profit before tax in the first half climbed 17% year-on-year to £40.2m, while group earnings before interest, tax, deprecation and amortisation before exceptional items climbed 6% to £63.3m.

UK digital revenue hiked 16% year-on-year to £60.6m and UK digital operating profit increased 56% to £11.4, and although venues' like-for-like revenue fell by 1% to £317.5m, venues' operating profit climbed 9% to £46.4m.

Adjusted earnings per share for the first half came in at 8.0p, up 16% on 6.9p in the corresponding six-month period last year.

Henry Birch, chief executive of The Rank Group, said: “We are pleased to report a good set of results with adjusted profit before tax up 17% and a particularly strong digital performance, with revenues up 16% and operating profit up 56%, despite the introduction of new gaming duty rules on customer bonuses.

“Along with much of the high street, we have faced a more challenging retail trading environment in the first half, but our combined venues businesses delivered an impressive 9% growth in operating profit.

“2018 promises to be a busy year with continued positive changes, including the launch of a single account and wallet product across Grosvenor's retail and digital businesses.

“We remain confident in the outlook for the group with management expectations for the full year unchanged.”

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