 saw shares fall nearly 5 percent in mid morning trading on Thursday, after reporting a year of weak revenues and profits.){kind=link}
Casino operator Rank Group (LON:RNK) saw shares fall nearly 5 percent in mid morning trading on Thursday, after reporting a year of weak revenues and profits.
The group saw a strong performance from its online business, with digital revenue in the UK up by 15 percent, but failed to offset the impact of the “challenging” UK retail environment. Overall the company saw a 1 percent fall in like-for-like venues revenue and a 9 percent fall in venues operating profit.
Rank Group said it saw stronger half operating profit performance versus first half, hitting £46.9 million up from £36.6 million in the same period last year.
Total revenues at the group, which owns Grosvenor Casinos and Mecca Bingo, slipped to £707 million in the year to June 30, while profit before tax fell 7 per cent to £79.7 million.
Henry Birch, Rank CEO, said he was “very pleased with our second half performance, especially with our digital business which delivered 63 percent growth in operating profit for the year. ”
“We are excited about the roll-out of our new Luda bingo concept following the opening of the first venue on 7 August 2017. Additionally, the Group has put in place a number of digital, product and venue-based initiatives launching in the current financial year which we expect to drive top line revenues. The new financial year has started well and the Board looks to the future with confidence”, Birch concluded.
However, investors failed to be impressed by the results, sending shares down 4.36 percent by 1251GMT.