Rank profits tumble by two-thirds after retail shutdown

UK gambling operator Rank Group’s after-tax profit fell by two-thirds in its most recent fiscal year as COVID-19 took a big bite out of its retail operations.

Figures released Thursday show Rank generated revenue of £638.1m in the 12 months ending June 30, down a modest 8% from fiscal 2018/19. But operating profit slid 40% to £23.5m and after-tax profit tumbled 66% to just £9.4m.

Rank was keen to point out that things had been going gangbusters in the eight months ending February 29, but then again, I was right close to getting Kendall Jenner to marry me until she failed to respond to my Insta post.

Back in the real world, Rank’s digital operations helped shore up the pandemic-mothballed retail venues. Like-for-like digital revenue – which excludes contributions from Rank’s October acquisition of Stride Gaming – was up 23% to £145.3m while operating profit gained 13% to £27m.