Full-year results for The Rank Group have shown a drop in revenue, with Grosvenor casinos hit by a low win margin.
For the 12 months ending June 30 2018, the company took revenue of £738m, a drop in 2.3 per cent from £755.2m compared to last year.
Group EBITDA fell to £120m from £128.8m year-on-year.
UK digital revenue increased by 9.9 per cent from £111.5m to £122.5m, with UK digital operating profit dropping to £20.9m from £22.7m.
Grosvenor casinos have been hit by a low win margin, enhanced due diligence and bad weather, yet Mecca has performed well. Online offerings from Enracha and YoBingo have also shown positive performances.
John O’Reilly, chief executive of The Rank Group, said: “I joined Rank because of its underlying potential. With the backdrop of a disappointing performance in 2017/18, we are now moving quickly to identify the key priorities which will begin to realise the significant underlying potential that I have now seen first-hand since joining the Group in early May.”
“We are taking steps to increase our focus on the customer, to accelerate growth in the digital business, to drive cost efficiencies across the business and to strengthen our organisational capabilities. This will be delivered within a transformational programme framework, which will ensure that we deliver a growing Rank Group that is fit for the future.”
