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Share Price: 71.00
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Change: -1.60 (-2.20%)
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Rank Group earnings fall despite strong digital showing

Thu, 26th Jan 2017 09:36

(ShareCast News) - Rank Group posted its half-year results for the six months to 31 December on Thursday, with like-for-like group revenue up 2% to £378.6m.The FTSE 250 firm reported digital revenue up 11% to £52.4m, saying its digital platform was "stable and performing well".Like-for-like retail revenue was flat in the period at £326.2m.It said it saw improving trends in retail casino and UK digital in Q2 over Q1, and confirmed its digital operations were restructured to "drive further future growth".Debt levels were 37% lower than prior year at £33m, with leverage down to 0.3x.Group EBITDA before exceptional items fell 5% to £59.7m, however, with group operating profit before exceptional items down 9% to £36.6m.Basic earnings per share were 7p, down 14%, while adjusted earnings per share fell 7% to 6.9p.Rank still reported continued strong dividend growth with an interim dividend of 2.0p, up 11% year-on-year."The first half of the group's financial year has seen challenging trading conditions for both our retail casino and bingo businesses, with strong comparable figures in the previous year," said chief executive Henry Birch."That being said, both businesses showed a year-on-year improvement from quarter to quarter."Birch said Rank's digital business continued to grow strongly, and there remained significant potential for the channel as the company delivers improvements in the second half."Despite increased inflationary and employment costs, we have detailed plans to improve H2 operating profit and remain confident that the group will make good strategic progress in 2017."As a result, the board expects that the full year results will be in line with market forecasts."
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Rank Group back in black, confirms full-year guidance

(Sharecast News) - Rank Group reiterated its full-year outlook on Thursday, after a jump in interim revenues helped it swing back into the black.

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UK earnings, trading statements calendar - next 7 days

Friday 26 January 
Paragon Banking Group PLCTrading Statement
Record PLCTrading Statement
Superdry PLCHalf Year Results
Taylor Maritime Investments LtdTrading Statement
WH Smith PLCTrading Statement
YouGov PLCTrading Statement
Monday 29 January 
Team Internet Group PLCTrading Statement
Tuesday 30 January 
Diaceutics PLCTrading Statement
Diageo PLCHalf Year Results
Kromek Group PLCHalf Year Results
Luceco PLCTrading Statement
Oxford Cannabinoid Technologies Holdings PLCHalf Year Results
Pets at Home Group PLCTrading Statement
Renewi PLCTrading Statement
Saga PLCTrading Statement
SSP Group PLCTrading Statement
SThree PLCFull Year Results
Synthomer PLCTrading Statement
Wednesday 31 January 
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abrdn Private Equity Opportunities Trust PLCFull Year Results
Ecora Resources PLCTrading Statement
GSK PLCFull Year Results
ITM Power PLCHalf Year Results
NWF Group PLCHalf Year Results
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Airtel Africa PLCTrading Statement
AG Barr PLCTrading Statement
BT Group PLCTrading Statement
Cranswick PLCTrading Statement
Gem Diamonds LtdTrading Statement
Glencore PLCTrading Statement
Rank Group PLCHalf Year Results
Shell PLCFull Year Results
TClarke PLCTrading Statement
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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(Sharecast News) - Gambling company Rank Group saw revenues grow in the first quarter despite operating in a "challenging" trading environment.

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