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RANK GROUP DELIVERS FULL YEAR 2010 RESULTS

Posted 2/25/11 : Grosvenor Casinos; now the largest single business within the Group
 
UK-based gaming and betting company Rank Group delivered its full year 2010 results for the period ending 31 December 2010 this week.
 
Rank has recorded growth in customers across all its four business and results indicate that Grosvenor Casinos has become the largest single business within the Group, providing the largest contribution of revenue to group revenue and operating profit.
 
Revenue from bingo and games sites increased by 22.4 percent over 2009, largely due to sustained growth from meccabingo.com and casino showed an increase of 11.8 percent.  However, declines of 37.9 percent were seen in poker revenue as well as sports betting where Blue Square's sports book recorded a decrease of 3.5 percent.
 
Financial results for the year to 31 December 2010 include:
 
•     Group revenue of GBP 567.8 million (2009: GBP540.0 million)
 
•     Group EBITDA before exceptional items of GBP92.3 million (2009: GBP83.9 million)
 
•     Group operating profit after exceptional items of GBP75.4 million (2009: GBP60.8 million)
 
•     Adjusted profit before tax of GBP55.2 million (2009: GBP48.5 million)
 
      •     Grosvenor Casinos’ revenue improved by 8.5 percent to GBP238.6 million.  Operating profit increased by 16.5 percent to GBP36.0 million.
 
      •     Mecca Bingo grew revenue by 0.6 percent to GBP234.5 million but operating profit declined by 8.0 percent to GBP29.7 million, largely as a result of increases in taxation.
 
      •     Revenue of GBP37.0 million from Top Rank España was 2.2 percent higher than in 2009, despite the relative weakness of the Euro. In local currency, revenue increased by 6.2 percent as a result of rising customer visits and higher average spend per visit.
 
      •     Revenue from Rank Interactive increased by 13.6 percent to GBP57.7 million, with meccabingo.com generating the majority of the growth. An increase in marketing costs to build the groups brands online led to a slight weakening in margin but nevertheless operating profit increased by 5.3 percent to GBP7.9 million.
 
 
Ian Burke, chief executive of The Rank Group Plc said:
 
“The Group continued its progress in 2010, delivering strong growth in earnings through improved revenue and profit generation and a further substantial reduction in net debt. At the same time, we stepped up investment in our businesses and improved our competitive position in our key markets.
 
"Moving into 2011, the consumer environment remains challenging with higher sales taxes in both Great Britain and Spain; as well as the introduction of a full smoking ban in Spain. Nevertheless, the Group has started the year well with growth in like-for-like revenue and increases in customer visits in our two largest businesses, Grosvenor Casinos and Mecca Bingo."



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Oink Country Love Slot Launches - Oink Country Love will have players tapping their feet to the country beat with the lovable Oink Bros, Willy and Chancho, who are trying to win over the heart of Miss Southern Charm in this five by three reel, 45-line online slot.

Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

Sensational Sixes Slot Goes Live - Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!

3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

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