Rank Group encouraged by ‘strong’ H1 results

British gambling operator Rank Group has cited improvements across all parts of its business as the reason behind a “strong” set of results for the six months through to December 31, 2014.

The company posted group revenue of £361.7 million (€485.4 million/$547.7 million) in the first half of the year, which represents an increase of 3% on the £352.4 million achieved in the corresponding period of the previous year.

Group earnings before interest, tax, depreciation and amortisation before exceptional items jumped 15% on a year-on-year basis to £62.1 million, while group operating profit before exceptional items grew by 25% to £40.8 million.

Elsewhere, adjusted profit before tax increased 29% to £35.8 million while net debt dropped by 30% from £135.1 million in the first half of the previous year to £94.9 million in the most recent six-month period.

Adjusted earnings per share increased 34% to 7.1p, with dividend per share jumping 19% to 1.60p.

“I am very pleased to be announcing a strong set of results with operating profit (before exceptional items) up 25%, following improvements across all parts of the business which has driven a 19% increase in our interim dividend,” Rank Group chief executive officer Henry Birch said.

“We have continued our focus on improving our digital business and this strategy has resulted in a 16% increase in digital revenues and 75% increase in operating profit.”

As part of an effort to further strengthen its service, Rank Group has entered into a partnership with Bede Gaming to supply the company with its new core digital platform.

source : www.igamingbusiness.com

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