The Rank Group has released its interim results for the six months ending on December 31, 2023, referred to as H1 2023/24. The results reveal a year-over-year increase in net gaming revenue (NGR). In addition to financial data, the company also shared its expectations for 2024 in key markets.
Chief Executive John O’Reilly emphasized the company’s strong position for further growth in the UK, citing upcoming regulatory changes in the retail gambling sector as a significant factor. O’Reilly expressed anticipation for these reforms, as they would allow the company to modernize its offerings to better meet customer expectations. The anticipated changes are expected to come into effect at some point in 2024, potentially around the summer.
The company confirmed its financial success, reporting £362.6 million ($460 million) in NGR for H1 2023/24, a 7% increase compared to the previous year. Additionally, the operating profit for the period was £16.2 million ($20.6 million). Despite acknowledging the challenging economic environment, Rank Group expressed optimism about its future performance and expects its upcoming financial results for the year ending June 30, 2024, to align with its initial expectations.
The company’s positive outlook comes amid ongoing discussions and consultations regarding the proposed changes outlined in the Gambling Act review white paper, which aims to overhaul the gambling industry in the UK. While the government has not set a deadline for the implementation of these changes, the review is expected to ensure that the country’s gambling laws are suited for the digital age.
Overall, The Rank Group’s latest interim results reflect a strong performance and position the company well for future growth and adaptation in response to anticipated regulatory reforms in the UK’s retail gambling sector.