BUSINESS

Rank Group reports revenue growth across all channels in fiscal H1

TAGs: kambi sports solutions, Rank Group

rank-group-reports-revenue-growth-across-all-channels-in-first-halfBingo club and casino operator Rank Group has set its sights on further growth after posting year-on-year increase across key financials in the first half of its fiscal year.

The company enjoyed a 3% increase in group revenue to £374.3 for the six months to December 31. Like-for-like basis revenue grew by 5% to £370.1 million.

Earnings before interest, tax, depreciation and amortization (EBITDA) is up 1% to £62.7 million while net debt decreased to £52 million from £94.9 million over the same period a year ago.

Rank’s brick and mortar business Grosvenor Casinos saw revenue rise 7% to £219 million, while Mecca’s retail bingo business was up 2% to £143 million.

The company’s digital revenue continues to grow, posting an increase of 14%.

Henry Birch, Rank Group CEO, is pleased with the “good set of results” across all of the company’s brands and channels despite the impact of the recently introduced Remote Gaming Duty.

“2016 will see us deliver significant new platforms, new functionality and new products – including a new digital platform, a new retail casino management system, new poker and sports betting products and a new retail bingo format – all of which will drive improvements across our company,” said Birch.

The company is also moving back into the sports betting space after signing an agreement with Kambi Group.

Under the deal, Kambi will provide its sports betting services to Grosvenor Casino’s online brand Grosvenorcasinos.com.

“We believe that the power of the Kambi Sportsbook, combined with the capability of the Bede Gaming Management system, will allow us to provide a truly exceptional and market leading digital proposition to our customer base, no matter whether they are within our casinos or simply enjoying playing from home,” said Grosvenor Casinos digital operations director Adam Joseph.

The new offering is expected to go live in the second half of 2016.

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