Rank Group shareholders hit bingo as group ups its takings

Online bingo and gambling has proved to be a profits Mecca for Rank
RANK Group yesterday published full year results to 30 June, reporting double digit growth in pre-tax profits.

The gambling firm, which has extensive holdings in digital and physical gaming operations such as Mecca Bingo, said pre-tax profits were up 19 per cent to £74.1m, while revenue had grown three per cent to £700.7m.

Rank increased the value of its dividend to 5.6p, a gain for shareholders of 24 per cent. Earnings per share were up 18 per cent to 14.6p.

Rank Group chief executive Henry Birch said: “I am delighted to be announcing a significant improvement in our performance with a strong set of results and profit growth across all our brands.

“We are particularly pleased that the strong digital growth we reported at our interims continues and we remain on track to implement a new digital platform in early 2016.”

Shares in Rank Group jumped five per cent to close at 262.6p.