Rank Group delivered a stronger financial performance in FY2025/26, reporting growth in both revenue and earnings as its Grosvenor, Mecca, and Enracha brands all contributed to improved results.
The company generated €967.6 million (£834.1 million) in underlying like-for-like net gaming revenue (NGR), a 6% year-on-year increase, while underlying operating profit rose 21% to €91.2 million (£78.6 million). Underlying EBITDA also increased 15% to €160.4 million (£138.3 million).
The results mark the first full-year update under Richard Harris, who was appointed Chief Executive on a permanent basis last month after serving as interim CEO earlier this year.
Growth Across All Three Brands
Grosvenor Casinos remained Rank’s largest business, with like-for-like NGR increasing 5% to €460.9 million (£397.3 million).
London venues generated €143.4 million (£123.6 million), while Grosvenor’s regional estate contributed €317.4 million (£273.7 million). Underlying operating profit increased 11% to €41.2 million (£35.5 million), supported by the continued rollout of sports betting across the casino portfolio, including newly developed sportsbook areas in Leicester and Reading South.
Mecca Bingo recorded one of the year’s strongest improvements in profitability. Although 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), benefiting from the abolition of UK bingo duty during the final quarter of the financial year.
Despite plans to close nine loss-making venues, Rank expects Mecca to remain profitable in FY2026/27, forecasting earnings of approximately €7.4 million (£6.4 million).
In Spain, Enracha continued its positive momentum, delivering 7% revenue growth to €52.5 million (£45.3 million) while achieving a record underlying operating profit of €13.9 million (£12 million).
One-Off Charges Weigh on Statutory Results
Despite stronger underlying performance, statutory operating profit declined 7% to €64.6 million (£55.7 million) after several exceptional items affected the year’s reported earnings.
These included approximately €7.5 million (£6.5 million) related to a payment fraud incident in Spain, €5.8 million (£5 million) associated with a UK Gambling Commission charge, and additional costs linked to restructuring initiatives and venue closures.
Nevertheless, Rank said trading has continued to improve into the new financial year, with like-for-like NGR already running 8% ahead of the comparable period.
Balance Sheet Strengthens Following Refinancing
Alongside its operational performance, Rank completed a significant refinancing in June 2026 designed to strengthen its financial position.
The group replaced its previous €139.2 million (£120 million) financing arrangement with a new four-year revolving credit facility on improved commercial terms.
At year-end, net debt stood at €170.8 million (£147.2 million), with approximately €34.8 million (£30 million) drawn under the new facility and €104.4 million (£90 million) remaining available.
Management said future investment will focus on improving the productivity of its estate while accelerating the use of technology to enhance operational efficiency and customer experience.
CEO Warns of Regulatory Pressure
While the results demonstrate continued operational momentum, Harris cautioned that the outlook for land-based gambling remains increasingly influenced by regulation and taxation.
He warned that higher UK gambling taxes could place additional pressure on bingo clubs and casinos operating on relatively narrow margins, reinforcing the importance of maintaining operational efficiency while investing selectively in growth.
Despite those challenges, Harris said he remains confident the business can continue improving profitability and delivering long-term shareholder value. Investors responded positively to the update, with Rank shares rising 2.9% following the results announcement.