Casino owner Rank Group set for profit boost from gambling reforms
It came as the firm behind Grosvenor casinos reported a significant jump in profits for the past year.
Nevertheless, Maidenhead-based Rank Group saw shares tip lower on Thursday morning.
The company, which also owns Mecca Bingo, revealed that net gaming revenues (NGR) rose by 8% to £795.4 million for the year to June 30, compared with a year earlier.
Meanwhile, it revealed that pre-tax profits soared by 248% to £53.9 million for the year.
It said that revenue and profits growth was supported by a strong year for the Grosvenor business, where revenues increased 14%, alongside a 10% rise for its digital division.
Rank said Grosvenor was boosted by recent investments to improve its product offering and customer risk management.
It expects this to be accelerated further following new reforms for casino venues, which were padded by the Government last month.
The reforms include easing restriction on the number of gaming machines and sports betting within casinos. Rank said it expects to bring an extra 850 gaming machines into venues this year as a result.
Mr O'Reilly said: 'We have had another successful year, delivering revenue growth and profit ahead of our expectations.
'Both online and in our venues the customer reaction to the investments we are making in our businesses has been excellent.
'We are growing profitability and have a strong net cash position which will enable both continued investment and progressive dividend returns for our shareholders.'
Shore Capital analyst Greg Johnson said: 'Encouragingly, the strong momentum has continued into the new financial year, with NGR ahead by 9% in the first few weeks, ahead of our full year assumption of 6%, in what is set to be a transformational year for the group, as the casino estate finally begins to benefit from long-awaited land-based reform.
'We recently revised upwards our estimates to reflect this opportunity, with operating profit now forecast to build to over £100 million by full-year 2029, with today's results supportive.'
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