Rank Group CEO John O’Reilly declared that it had been a year of “strong financial progress” as results for the quarter ending June 30 showed a nine per cent growth in net gaming revenue year on year.
The group hit £734.4m in Q2 2024 compared to £671.4m for the same quarter in 2023.
O’Reilly said the company was “continuing to rebuild profitability following the impact of lockdowns and the material inflationary pressures experienced in recent years.”
Underlying operating profit for the year was £46.5m, slightly ahead of analysts' consensus and more than double the prior year's £20.1m.
“We are well-positioned to take advantage of the much-needed land-based reforms which will help to further modernise our casino and bingo propositions to better meet the expectations of today's customers and we look forward to the Government confirming the timetable for the required secondary legislation,” continued O’Reilly.
“We have started the new financial year as we finished the previous one, with good momentum across all businesses. With inflation receding, disposable incomes improving, investment continuing to be made in the customer proposition and a strong pipeline of growth initiatives underway, we are confident in the future prospects of the Group."
