Rank reports an improved 2010

British gambling giant Rank Group has released its financial results for 2010 showing an almost five percent year-on-year increase in revenues to £567.8 million while statutory revenues rose four percent over the previous twelve-month period to £544.5 million.

Maidenhead-based Rank is the firm behind virtual sportsbook BlueSq.com alongside bingo domain MeccaBingo.com and the bricks-and-mortar Grosvenor Casinos chain and revealed that it achieved a nine percent year-on-year boost in earnings before interest, tax, depreciation and amortisation to £92.3 million.

Rank declared that its adjusted profit before tax for last year was £55.2 million, which was up on 2009’s £48.5 million, while its net debt had decreased £63.4 million from 2009 to £123.4 million for 2010.

“The Group continued its progress in 2010, delivering strong growth in earnings through improved revenue and profit generation and a further substantial reduction in net debt,” said Ian Burke, Chief Executive Officer for Rank.

“At the same time, we stepped up investment in our businesses and improved our competitive position in our key markets.

“We own a number of established and trusted gaming brands and have the rare ability to deliver them across a range of land-based venues and remote channels. We are developing increasingly sophisticated systems for understanding and engaging with our customers and our management team is motivated to deliver outstanding service to customers.”

In regards to its iGaming efforts, the firm stated that its Rank Interactive division had ‘achieved a positive performance during 2010’ while producing ‘strong growth in revenue’ and ‘stepping up investment and improving operating profit’. The firm’s revenues from online gambling grew 13.6 percent year-on-year to £57.7 million as a result of ‘increased investment in our brands and significant growth in customer referrals from our land-based bingo clubs and casinos’ while operating profit was up 5.3 percent when compared to 2009 to £7.9 million.

“Rank Interactive enjoyed a strong second half on the back of successful first-half investment in marketing,” said Burke.

“Revenue accelerated strongly and operating margin expanded despite investment in international and the mobile channel. During the course of the year, our brands served more than 261,000 customers via online and mobile channels, an increase of 23.1 percent. Net promoter score declined significantly, principally as a result of customer dissatisfaction with our online casino and sportsbetting sites.”