Rank Group reports 2% increase in annual 15/16 revenues to £753m

Rank Group has posted higher year-on-year revenues and profits for the 12 months to 30 June 2016. The British gambling company posted annual revenues of £753m ($993.12m). This was 2% higher than annual revenues in the same period last year. On a like-for-like basis these revenues were higher by 3%

The company's report also showed that adjusted profits before tax for the period was up 4% on-year to £77.4m. However, profit before taxes but after exceptional items were up 15% on-year to £85.5m.

Other key highlights were that the group's EBITDA and operating profit before exceptional items had increased 5% and 4% respectively, this year. The company also showed a strong dividend growth with dividend per share increasing 16% year-on-year to £0.065.

The results follow Rank Group's recent attempt at acquiring William Hill, in a joint bid from 888. The deal, however, did not go through as William Hill rejected the offer saying the bid price undervalued its business.

With regards to the effect of the Brexit vote, the company said, "Rank is predominantly a UK facing business with limited exposure to non-sterling costs and earnings. The UK's decision to leave the European Union is expected to have little or no direct impact on Rank's performance."

Commenting on the results, Henry Birch, CEO at The Rank Group, said: "I am pleased to report a solid set of results with Group revenue up 2%, again recording like-for-like growth across all brands and channels in the year. Rank remains in a strong financial position, possesses market-leading brands and has a clear strategy for long-term growth. The board continues to look to the future with confidence."