Rank Group’s CEO announced new financial plan

The executive revealed a new financial plan after the company reported its fiscal year results.

UK.- Chief Executive Officer of Rank Group John O’Reilly announced on Thursday that the company has set a new plan to boost revenue. The move comes after Rank posted a 40 per cent drop in full-year profit.

The new management team is seeking to attract and retain new customers as they noticed that there is a decrease on the number of young people visiting its Mecca bingo halls and Grosvenor casinos, therefore they see the necessity to target online and digital platforms in order to boost revenues.

The group saw pre-tax profit for the fiscal year ending June 30th decrease 41.4 per cent to £46.7 million, against a 2.3 per cent fall in like-for-like revenue to £738 million.

“With the backdrop of a disappointing performance in 2017/18, we are now moving quickly to identify the key priorities,” said O’Reilly, who started his position in the company three months ago, and added that, while still in the development phase, the programme is designed to last for three years and is expected to be self-funded this financial year.

“It is early days in sort of identifying what the costs of the programme is going to be,” O’Reilly added. The company also named James Pizey as the interim chief financial officer on Thursday, as the current finance director Clive Jennings will leave the company today.