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The Rank Group lifts FY pretax profit

Tuesday, 23rd August 2016
The Rank Group has lifted its FY pretax profit to £85.5m, from £74.5m, with revenue coming in at £708.5m, from £700.7m.

Final dividend was 4.7p a share, from 4p, taking the total to 6.5p, from 5.6p.

CEO Henry Birch described the results as solid, with the 2% rise in revenue, and the group again recording like-for-like growth across all brands and channels in the year.

"This year we have focussed on delivering significant projects to ensure we have the right platform in place for future growth," he said.

"This included the migration of our digital business onto a new platform, the rollout of an improved retail casino management system and investments into new generation machines in both our casino and bingo venues.

"At the same time we have delivered a substantial increase in the dividend to our shareholders.

"Rank remains in a strong financial position, possesses market-leading brands and has a clear strategy for long-term growth. The board continues to look to the future with confidence."

HIGHLIGHTS:

- Continued like-for-like growth across all brands and channels, with Group like-for-like revenue up 3%

- Group EBITDA and Group operating profit before exceptional items up in the year, 5% and 4% respectively, excluding the impact of Remote Gaming Duty

- Continued strong digital revenue growth, up 11%

- Mecca's retail bingo growth continues, with revenue up 2% on a like-for-like basis

- Debt levels further reduced with leverage down to 0.3x

- UK digital brands migrated onto new digital platform in Q3 2015/16, on time and within budget

- Strong dividend growth with dividend per share of 6.50p, up 16% year-on-year

- Adjusted EPS up 5%.






Story provided by StockMarketWire.com

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