10th Sep 2020 09:38
(Alliance News) - Rank Group PLC on Thursday said it will not be paying a final dividend as coronavirus hurt its performance in the most recently ended financial year.
The Maidenhead-based gambling company reported net gaming revenue of GBP638.1 million for the 12 months to the end of June, down 8% from GBP695.1 million reported a year earlier.
Pretax profit, meanwhile, fell by almost a half to GBP15.4 million from GBP34.6 million year-on-year.
Rank Group paid a total dividend of 2.80 pence a share for financial 2020, down 63% when compared to the 7.65p distribution paid a year earlier. This is after the company said that it will not be proposing a final year dividend in light of the Covid-19 pandemic and its subsequent material impact on the business.
"Despite continued good growth in our digital brands, with our venues closed from mid-March, the impact of the Covid-19 pandemic on the group has been significant," explained Chief Executive John O'Reilly.
"We've been encouraged by the first few weeks of trading following reopening and whilst the supply-side constraints, including social distancing and changes to the way we operate table gaming, are going to be challenging over the coming months, the response from customers to the extensive safety measures we have in place has been very positive," added O'Reilly.
Rank Group shares were trading 1.9% higher in London on Thursday at 127.00 pence each.
By Evelina Grecenko; [email protected]
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