Gambling operator Rank Group reported a £93m operating loss on Thursday as Covid restrictions closed its venues.
The company said annual net gaming revenue almost halved to £329.6m, from £629.7m. Losses compared with a profits of £21.5m a year ago for the owner of Mecca bingo halls.
On an underlying basis net gaming revenue was £288.2m down from £575.6m, while the underlying operating loss was £67m. Venues underlying net gaming revenue was down 65% at £151.9m.
The group suffered monthly cash losses of £15m, net of government, resulting in net cash outflow from operations of £21.2m for the year to June 30.
“The year…was exceptionally challenging for the group and, frankly, we are delighted it is over. We are now well into a new financial year with our venues open and trading positively,” said chief executive John O’Reilly.
“Good progress is being made in our digital businesses and there is a renewed sense of confidence as we focus on the growth initiatives within our clearly defined transformation programme.”
“Rank was delivering strong revenue and profit growth before the pandemic and the steps we have taken over the last 18 months, particularly in carefully managing our liquidity and developing the transformation plans, will enable the group to return to that growth trajectory as the impact of the pandemic reduces and consumer confidence for indoor leisure experiences grows.”
