Rank Release 2009 Financial Performance
13th January, 2010
Online and land based gaming giant, the Rank group, has released financial figures showing a 3% year on year rise in revenue, which is despite a 4% decline in earnings from its Rank interactive division.
Rank’s overall performance is due largely to the expansion of its land based casinos in addition to the effects of tax changes in the UK 2009 budget which increased revenues for its Mecca bingo arm whilst reducing operating profit.
The Rank Interactive division saw a 7% year on year increase for the fourth quarter, aided by the 14% increase in earnings from their online gaming operations in the last 12 weeks of the year. Revenue figures from online gaming rose 7% year on year whilst sportsbook dropped 38% for the year and 18% for the quarter in comparison to figures from 2008.
“Rank Interactive finished the year strongly after a difficult first half,” read a statement from Rank. “During the final twelve weeks of the year, revenues increased by seven percent as a result of an accelerated rate of growth from gaming and a lower rate of decline in sportsbook.
“During 2009, Rank delivered an encouraging trading performance in an uncertain consumer climate. The Group’s land-based businesses each strengthened their market positions through operational improvements and considered investment to enhance standards of service and product.
“During 2010, Rank will continue to invest in its businesses with particular focus on the expansion of the G Casino brand and the development of Mecca’s Full House concept. While the outlook for consumer confidence during 2010 is unclear, the board believes that the quality of the Group’s customer propositions and the relative strength of its financial position will enable it to continue to progress, improving its competitive position.”
By Faye
