Impairments push Rank Group to FY loss despite land-based recovery
Rank Group posted a 5.9% increase in revenue to £681.9m (€798.0m/$868.1m) in its 2022-23 financial year, though increased impairment costs led to a statutory net loss.
The operator reported year-on-year growth across all operating segments in the 12 months to 30 June. This included the Rank-owned Grosvenor, Mecca and Enracha land-based businesses, which endured a challenging few years during the pandemic.
There was also notable growth within Rank’s digital business, with revenue rising 10.4% to reach £202.9m.
However, higher impairment charges, together with increased operating costs, meant the business posted a net loss.
O’Reilly believes economic pressures are easing
Chief executive John O’Reilly acknowledged the higher costs during his evaluation of the FY performance. However, he said with certain cost now stabilising and inflation easing, this will allow for revenue and profit growth moving forward.
After Covid and economic headwinds, rank is positioned to drive profit and..
