Rank Group raises expectations on underlying profit

Rank Group announced an increase in its profit forecasts on Thursday, following further positive trading in its digital operations and the Grosvenor and international venues businesses, underpinned by cost savings from its transformation programme.

The FTSE 250 gambling operator said it now expected underlying operating profit for the year ending 30 June, pre IFRS 16, to be above current market expectations of between £93m and £103m.

Based on the trends experienced to date, the board said it was now anticipating underlying operating profit to be in the range of £105m to £115m.

The board said the expected impact of IFRS 16 on operating profit, offset by an increase in finance costs, would be £8m, making for an expected total underlying operating profit of between £113m and £123m.

Rank said it would announce its interim results for the six months ended 31 December on 30 January.

At 0903 GMT, shares in the Rank Group were up 5.27% at 281.07p.