Rank Group revealed a robust financial performance for the fiscal year 2025/26, marking growth in both revenue and earnings, bolstered by its Grosvenor, Mecca, and Enracha brands. The company reported underlying like-for-like net gaming revenue (NGR) of €967.6 million (£834.1 million), reflecting a 6% rise year-on-year. Underlying operating profit climbed 21% to €91.2 million (£78.6 million), while underlying EBITDA increased by 15% to €160.4 million (£138.3 million). This report is the first full-year update since Richard Harris assumed the role of Chief Executive on a permanent basis last month after serving as interim CEO earlier this year.
Continued growth was notable across Rank's three major brands. Grosvenor Casinos remained the largest segment of the business, experiencing a 5% increase in like-for-like NGR to €460.9 million (£397.3 million). Its London venues generated €143.4 million (£123.6 million), while the regional estate contributed €317.4 million (£273.7 million). Underlying operating profit rose 11% to €41.2 million (£35.5 million), supported by ongoing enhancements in sports betting facilities, including newly developed sportsbook areas in Leicester and Reading South.
Mecca Bingo demonstrated one of the year’s most significant profitability improvements. While like-for-like revenue grew a modest 4% to €165.9 million (£143 million), underlying operating profit more than doubled to €10.3 million (£8.9 million), particularly benefiting from the removal of UK bingo duty in the last quarter of the fiscal year. Although plans to close nine loss-making venues are in place, Rank anticipates that Mecca will maintain profitability in FY2026/27, projecting earnings of around €7.4 million (£6.4 million).
In Spain, Enracha sustained its growth momentum, achieving a 7% increase in revenue to €52.5 million (£45.3 million) and recording a historic underlying operating profit of €13.9 million (£12 million).
Despite the strong underlying performance, the company’s statutory operating profit saw a 7% decline to €64.6 million (£55.7 million) due to several one-off exceptional items that impacted reported earnings. These included around €7.5 million (£6.5 million) linked to a payment fraud case in Spain, €5.8 million (£5 million) associated with a charge from the UK Gambling Commission, as well as costs resulting from restructuring initiatives and venue closures.
Rank noted that trading conditions have continued to improve into the new financial year, with like-for-like NGR running 8% ahead compared to the same period last year.
In June 2026, Rank Group secured a significant refinancing deal aimed at bolstering its financial status. The company replaced its previous €139.2 million (£120 million) financing with a new four-year revolving credit facility under better commercial terms. At the end of the year, net debt stood at €170.8 million (£147.2 million), with approximately €34.8 million (£30 million) drawn from the new credit facility and €104.4 million (£90 million) remaining available. Management aims to enhance productivity and accelerate technological integration to improve operational efficiency and customer experience.
Despite these advancements, CEO Harris warned about increasing regulatory and taxation pressures affecting land-based gambling. He expressed concerns that higher gambling taxes in the UK could strain bingo clubs and casinos, which operate on narrow profit margins, highlighting the need for operational efficiency while selectively investing in growth. Nevertheless, he remains optimistic about the company’s ability to enhance profitability and deliver long-term value to shareholders, a sentiment that resonated positively with investors as Rank shares increased by 2.9% after the announcement.
