United Kingdom: Rank Group H1 revenue falls 55% as operator posts £48.6m loss

United Kingdom: Rank Group H1 revenue falls 55% as operator posts £48.6m loss

Article brief provided by iGaming Business
  • Conor Mulheir, iGaming Business
January 29, 2021 6:45 AM
  • Conor Mulheir, iGaming Business

The Rank Group saw revenue fall 55% in the first half of its 2020-21 fiscal year, with land-based closures resulting from novel coronavirus (Covid-19) exacerbated by the impact of new social responsibility measures on digital revenue.

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Underlying like-for-like net gaming revenue in the six months to 31 December 2020 came to £156.9m, down 58% year-on-year. This does not factor in the acquisition and integration of Stride Gaming, new venues and permanent venue closures.

Of this total, £66m came from digital operations of the business, up 1%, and £90.9m came from the operator’s venues, down 70% on a like-for-like basis.

Chief executive John O’Reilly said significant affordability restrictions had a serious impact on digital revenue.

The impact of Stride, new venues and permanent closures were worth another £20.7m in revenue. This meant Rank’s overall revenue amounted to £177.6m, down 55%.