Online gambling company's full-year results reveal 'encouraging' start to 2019/20

Rank Group plc has revealed its preliminary 12-month results to June 30, 2019.

The Maidenhead-based gambling company’s H2 operating profit came in at £42.2m, up 20 per cent following a supposedly ‘tough’ H1 where profits stood at £30.3m.

A new operating model was launched for Grosvenor Casinos, which Rank Group works closely with, and resulted in £8.2m of savings in 2018/19. A further £11.3m was made in 2019/20.

Rank Group’s new ‘transformation programme’, which launched in December 2018, is also said to be driving team performance and has been introducing new ways to work.

There has also been a growth spurt in digital net gaming revenue (NGR) - up 23 per cent, which included a contribution from YoBingo, acquired in May 2018. Excluding YoBingo, digital NGR grew by 11 per cent.

John O’Reilly, Rank Group plc’s chief executive, said: “We are pleased with the group’s second half performance and the full year results, especially given the challenges we faced in the first half of the year.

“We are excited by the important initiatives that are being implemented across each of our businesses. We have made a good start to the transformation of Rank and there remains a lot of improvement to be delivered.

“I would like to thank my colleagues across the group for their enthusiasm and commitment in delivering much needed improvements in the ways in which we are meeting the needs of our customers.”

Overall, Rank Group’s full-year dividend is up three per cent. The financial figures show an ‘encouraging’ start to 2019/20, while Rank Group is expected to complete its acquisition of Stride Gaming plc - an online gaming company - in Q2 of 2019/20.