Rank Group targets further growth in second half after H1 success
Henry Birch, chief executive of the Rank Group, has said that the company hopes to achieve further growth and success during the second half of the year, after posting year-on-year increases across key financials in the six months through to December 31, 2015.
Unaudited group revenue for the first half amounted to £374.3 million (€493.5 million/$537.9 million), an increase of 3% on the £361.7 million posted in the corresponding period last year.
Like-for-like group revenue grew 5% on a year-on-year basis to £370.1 million, while net debt decreased from £94.9 million in the first half of last year to £52 million in the first six months of the current year.
Elsewhere, adjusted profit before tax increased 4% to £37.4 million, while group operating profit before exceptional items and Remote Gaming Duty (RMG) came in at £46.1 million, up 11% on the previous year.
Rank Group also noted that group earnings before interest, tax, depreciation and amortisation totalled £62.7 million in the first half, which represents an increase of 1% on the £62.1 million posted in the same six-month period last year, while adjusted earnings per share (EPS) grew by 4% to 7.4 pence.
“I am very pleased to announce a good set of results with like-for-like revenue growth across all brands and channels; even with the impact of RGD we have delivered growth in both adjusted EPS, up 4%, and dividend, up 13%,” Birch said.
“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.
“It is extremely encouraging that ahead of these changes, we are continuing to grow all parts of our business.
“In particular, it is very pleasing to have grown Mecca's retail bingo business, on a like-for-like basis, both at the top and bottom line, giving us renewed confidence in its future.”
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