Rank Group announces half-year results
Rank Group has published half year results, which show the company is in line with full year expectations but still has some cause for concern.
Digital revenues jumped higher, but last summer’s weather hampered attendance at physical venues. This has combined to deliver a 23% fall in adjusted EPS for the period, although the dividend is to be maintained.
Profit before taxation was 22.8 million pounds, down from 32.8 million pounds in the prior year.
Rank Group noted that trading in the short four-week period to 27 January 2019 has been in line with its management’s expectations.
The Group does not expect any material improvement to the challenging consumer environment over the short to medium term. However, driven by the transformation program, the company said that the Group’s financial performance for fiscal 2018/19 is expected to be in line with the current consensus expectations, with about 10.0 million pounds of total cost savings scheduled for the second half of the year.