Rank Group says H1 operating profit down 9 pct

Business News

Rank Group Plc said it aimed to improve operating profit for the second half of the financial year amid increased inflationary and employment costs and expected full-year results to be in line with market forecasts.

Rank reported profits before tax after exceptional items of 35.4 million pounds for the six months ended 31 December 2016 compared to 42.7 million pounds, previous year. Profit for the period from continuing operations decreased year-over-year to 28.1 million pounds or 7.2 pence per share from 37.9 million pounds or 9.7 pence per share. First-half adjusted profit before tax decreased to 34.5 million pound from 37.4 million pounds, last year. Adjusted earnings per share was 6.9 pence compared to 7.4 pence.

First-half statutory revenue were up 1% to 355.3 million pounds from 352.7 million pounds, previous year. Group like-for-like revenue for the six-month period from continuing operations rose by 2% to 378.6 million pounds.

Henry Birch, Chief Executive of The Rank Group Plc said: “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. 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.”