Rank Group swings to £74m annual profit

Finance News

Rank Group PLC swung to a fiscal 2022 pretax profit after a rise in net gambling revenue.

The FTSE 250 gambling group reported a pretax profit for the year ended June 30 of 74.3 million pounds ($89.5 million), compared with a pretax loss of GBP107.3 million a year earlier.

Underlying operating profit was in line with guidance at GBP40.4 million. Revenue was GBP644.0 million, compared with GBP329.6 million.

Chief executive John O’Reilly said: “The trading environment across the UK is likely to remain difficult in the months ahead with inflationary pressures squeezing consumer discretionary expenditure and cost increases, particularly in energy prices, putting pressure on profit margins.” 

Venue energy costs were £23mln in the past year, up from £13mln a year earlier, and for the coming year are expected to be around £46mln, based on current market prices.

For the past year to 30 June, Rank almost doubled its underlying gaming revenue to £644mln, up from £325.3mln a year earlier, according to its preliminary annual results statement today.