Rank Group showcased a notable improvement in financial performance for FY2025/26, posting increases in both revenue and profits thanks to solid contributions from its Grosvenor, Mecca, and Enracha brands. The company reported a total underlying like-for-like net gaming revenue (NGR) of €967.6 million (£834.1 million), reflecting a 6% rise year-over-year, while underlying operating profit surged 21% to €91.2 million (£78.6 million). Additionally, underlying EBITDA grew by 15%, reaching €160.4 million (£138.3 million).
These results are the first complete update since Richard Harris became the Chief Executive, a position he took on permanently last month after serving as interim CEO earlier in the year.
**Business Performance by Brand**
Grosvenor Casinos continues to be Rank's most significant segment, with a 5% increase in like-for-like NGR, totaling €460.9 million (£397.3 million). The London casinos contributed €143.4 million (£123.6 million), while the regional venues accounted for €317.4 million (£273.7 million) in revenue. Underlying operating profit for Grosvenor rose 11% to €41.2 million (£35.5 million), driven by the expansion of sports betting across their casino offerings, including new sportsbook areas in Leicester and Reading South.
Mecca Bingo saw one of the year’s most substantial profitability gains. Although like-for-like revenue modestly increased by 4% to €165.9 million (£143 million), its underlying operating profit more than doubled to €10.3 million (£8.9 million), largely due to the elimination of UK bingo duty in the last quarter of the financial year. Rank anticipates Mecca will maintain profitability into FY2026/27, with expected earnings around €7.4 million (£6.4 million), even with plans to close nine unprofitable venues.
In Spain, Enracha also displayed positive growth, achieving 7% revenue growth to €52.5 million (£45.3 million) and reaching a record underlying operating profit of €13.9 million (£12 million).
**Statutory Results Impacted by One-Off Charges**
While the underlying performance was strong, statutory operating profit fell 7% to €64.6 million (£55.7 million) due to several exceptional items that affected the reported earnings for the year. These included approximately €7.5 million (£6.5 million) linked to a payment fraud incident in Spain, €5.8 million (£5 million) due to a charge from the UK Gambling Commission, and other expenditures related to restructuring and venue closures.
Despite these challenges, Rank reported that trading has been steadily improving into the new financial year, with like-for-like NGR already 8% higher compared to the same period last year.
**Financial Position and Future Outlook**
In June 2026, Rank completed a crucial refinancing effort aimed at enhancing its financial stability. The company replaced its previous €139.2 million (£120 million) financing arrangement with a new four-year revolving credit facility under more favorable commercial terms. At the end of the year, net debt was recorded at €170.8 million (£147.2 million), with around €34.8 million (£30 million) drawn from the new facility and €104.4 million (£90 million) still available for use.
Management indicated that future investments would focus on optimizing operational effectiveness and integrating technology to improve customer experiences.
**Regulatory Challenges**
Although the results indicate ongoing momentum, CEO Richard Harris expressed concern regarding the increasing impact of regulation and taxation on land-based gambling. He noted that rising gambling taxes in the UK could further strain bingo clubs and casinos that already operate on minimal margins, highlighting the need for operational efficiency and selective investments for growth. Despite these potential hurdles, Harris maintained confidence that Rank could continue to enhance profitability and create long-term shareholder value. Following the announcement of these results, the company’s shares increased by 2.9%.
