Rank Group has posted a pretax loss of £98.9 million, down from a profit of £35.7 million the previous year. Net gaming revenues decreased by 48 percent to £329.6 million from £629.7 million.
John O’Reilly, the company’s CEO, described the year as “exceptionally challenging,” saying: “Frankly, we are delighted it is over. We are now well into a new financial year with our venues open and trading positively. Our venues have been performing ahead of our expectations following the easing of restrictions on the UK hospitality sector on 17 May and we anticipate further growth as travel restrictions eventually ease and tourism returns, particularly to London.”
Government imposed closures
Rank explained: “Closures imposed in the government’s response to the pandemic amounting to 59 percent of available operating days, together with capacity constraints, reduced opening hours and other restrictions during the year, have had a material impact on the group.”
Rank noted that rather than online gambling, its venues accounted for 79 percent of the company’s income.
Prior to the epidemic, the company had been “delivering strong revenue and profit growth.” The efforts it had taken over the previous 18 months will allow it to “return to that growth trajectory as the pandemic’s impact reduces and consumer confidence in indoor leisure experiences grows,” according to the company. As it progressed with online platform technology, its web company in the UK went through a “year of transition.” Revenue, on the other hand, had been disappointing.