British gaming giant Rank Group saw revenues jump 13 percent in the year ended June 30, boosted by the acquisition of 19 casinos from rival Gala Coral, to £707.7 million.
Following a “challenging” first half, Rank’s operating profit rose 21 percent in the second half, but a losing court fight over gaming machine tax cost the company a £30 million VAT repayment and helped drive down net income for the year by 4 percent to £62.5 million.
On the plus side, an upcoming reduction in the tax on bingo revenue from 20 to 10 percent means the company’s Mecca bingo chain will soon benefit from major investment.
“The group is now well-positioned for future growth with the cut in bingo duty,” said Chief Executive Henry Birch.
Mecca saw revenue slip slightly due to fewer customer visits, with revenue across its venues and digital business decreasing a combined 3 percent.
