The operator reported year-on-year growth across all operating segments in the 12 months to 30 June. This included the Rank-owned Grosvenor, Mecca and Enracha land-based businesses, which endured a challenging few years during the pandemic.
There was also notable growth within Rank’s digital business, with revenue rising 10.4% to reach £202.9m.
However, higher impairment charges, together with increased operating costs, meant the business posted a net loss.
Chief executive John O’Reilly acknowledged the higher costs during his evaluation of the FY performance. However, he said with certain cost now stabilising and inflation easing, this will allow for revenue and profit growth moving forward.
“The return of customers to our Grosvenor and Mecca venues continues to pick up and our second half numbers give cause for optimism after a very challenging couple of years,” O’Reilly said.
“During that time, our UK venues have faced a surge in energy costs, high wage inflation, a tightening in the regulatory environment, the slow return of overseas visitors to London’s casinos and the more general pressures on the consumer’s discretionary expenditure.
“However, energy costs have stabilised, inflation appears to now be easing, customers continue to slowly return to both our Grosvenor and our Mecca venues. We now expect to deliver good levels of revenue and profit growth.”
