By Najat Kantouar
Rank Group, the gambling company that owns popular brands such as Grosvenor casino and Mecca bingo, has announced a swing to pretax profit for the first half of fiscal 2024. The company reported strong growth across all businesses as a contributing factor.
For the six months ended December 31, pretax profit stood at £10.4 million, a notable improvement from the loss of £109.1 million recorded during the same period in the previous year. Like-for-like net gaming revenue also experienced a positive shift, increasing by 9% to reach £362.6 million compared to £338.9 million.
In terms of statutory Group operating profit, Rank Group saw an impressive improvement, generating £16.2 million compared to the previous year’s loss of £103.0 million.
While no interim dividend has been declared at this time, the board of Rank Group expressed a commitment to restart dividend payments as soon as circumstances permit.
Chief Executive John O’Reilly expressed his optimism regarding the company’s progress, stating, “After what has been a very challenging few years for Rank due to a wide range of external macro factors, we are starting to build revenues and, with our strong operational leverage, we are improving our profitability, with the Group delivering revenue and operating profit growth across all businesses.”