The group revealed that it experienced a 2% decrease in year-on-year revenue for 2H16.
UK.- Rank Group has released its financial results for the six months ending December 31, 2018, which show that the company experienced a 2% decrease in year-on-year revenue, and an increase in digital revenue.
The UK operator experienced a 16% rise in digital revenue, mainly because its Grosvenor venues and Mecca experienced a growth during the six-month period. Despite the good performance from the digital sector, adjusted profit posted a 28% fall and EBITDA took a 17% hit.
“The first half of our financial year has been a tough trading period. I am, however, encouraged by the group’s improved performance in Q2. While there is lots to be done to deliver the revenue improvements and cost efficiencies identified, I am confident in the outlook for Rank and excited about the opportunities that exist,” said John O’Reilly, CEO of Rank Group.
In regards to the second half of the year, Rank said trading in January was in line with management’s expectations, while it guided for its annual performance to be in line with consensus.
Moreover, it said that it is well positioned to face the consequences of Brexit, however, it remains cautious of the “unknown economic impact of Brexit on consumer expenditure.”