Rank Group reports FY 2022-23 results
Rank Group has recently published its latest financial report covering the 2022-23 fiscal year.
The company’s report started off by highlighting its net revenue, which reached 682 million pounds in the year ending on the 30th of June. This was 6% higher than the firm’s performance in the 2021-22 financial year, during which Rank earned 644 million pounds. However, due to a number of impairment charges that added up to just under 119 million pounds, Rank ended up having an operating loss of almost 110 million pounds, down from last year’s profit of 80 million pounds.
The report broke down the operator’s performance in its two main segments, online and land-based, which revealed that both experienced a sizable growth in revenue on a like-for-like basis, which eliminates a number of variables such as operating downtime or changes in currency exchange rates. Rank’s retail establishments generated just under 477 million pounds in the year, up by 6% from last year’s 450 million pounds, while its online operations grew by 10% from 184 million pounds to 203 million pounds.
Continuing on this LFL basis, the report revealed that the company’s revenue experienced a 7% increase from 633 million pounds to 680 million pounds, while its operating profits declined by more than 50% from 42.5 million pounds to just over 20 million pounds.