London-listed casino and bingo operator Rank Group expects to report an 11 per cent increase in like-for-like net gaming revenue to £795 million for the financial year ended 30 June.
Following strong trading in the final quarter of its financial year, the company said that full year underlying operating profit would be ahead of expectations and expected to be at least £63 million.
“We have enjoyed a very strong year of earnings growth despite the significant cost and regulatory headwinds that we have faced from the start of Q4,” said Rank Group CEO John O’Reilly. “The momentum experienced in the first three quarters has continued, with strong trading in Q4 resulting in our full year underlying operating profit being ahead of expectation.
“We are at an exciting inflection point for the group with the land-based casino reforms now law and coming into force from 22 July. At that point, we will begin the process of securing licence variations from local authorities in England and Wales ahead of the rollout of additional gaming machines across the Grosvenor estate to better meet customer demand.”
As previously announced, Rank expects to add 882 gaming machines to its current Grosvenor estate of 1,367 machines, with the operator also set to be allowed to provide sports betting in casinos in England and Wales.
Rank will publish its preliminary results for FY 2024/25 on 14 August.
Shares in Rank Group plc (LSE:RNK) gained 4.00 per cent on the news to 143.10 pence per share in London earlier Thursday.