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Rank reports revenue growth

British gambling giant has also announced that its adjusted half-year profits before tax increased by 4.7 percent year-on-year to £26.3 million.

Friday 29th July 2011

Just over a week after being purchased by Malaysian investment firm Guoco Group, British gambling giant Rank Group has released its financial results for the first six months of 2011 showing a 4.6 percent year-on-year rise in revenues to 294 million. Maidenhead-based Rank is the firm behind virtual sportsbook alongside bingo domain and the bricks-and-mortar Grosvenor Casinos chain and revealed that earnings before interest, tax, depreciation and amortisation before exceptional items increased by 4.7 million over the first half of 2010 to reach 47.8 million while operating profits rose just over three percent year-on-year to 29.5 million. Rank also declared that its adjusted half-year profits before tax of were up by 4.7 percent year-on-year to 26.3 million while it held net cash of 37.2 million compared to a debt of 123.4 million at the conclusion of 2010. The upturn in Rank’s business was certainly helped by the performance of its Rank Interactive subsidiary, which reported that revenues had been boosted by 24.1 percent year-on-year to 34 million led by ‘strong performance’ from its brand. In addition, the subordinate stated that its operating profits had risen by 17.4 percent when compared to the same period in 2010 to reach 2.7 million ‘as the business balanced strong trading with sustained investment in key brands and start-up costs for a new brand in Spain’. “During the first half of 2011 we have maintained the progress of recent years as rising customer numbers drive profits and revenue,” said Ian Burke, Chairman for Rank. “We have a portfolio of some of the strongest brands in UK gaming and the ability to reach our customers through our estate of well invested venues, our high-quality websites and increasingly via mobile channels. “The strength of our first-half results reflects the success of our efforts to entertain and delight our customers with both customer visits and customer numbers up across the group.”

Source: OnlineCasinoNews

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