Grosvenor Casinos profit up in 2011
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Revenue for the period stood at us$ 199.7 million, up 3.1 per cent from us$ 193.7 million in the same period in 2010.
Revenue for the period stood at us$ 199.7 million, up 3.1 per cent from us$ 193.7 million in the same period in 2010. For the full year, revenue increased 4.4 per cent to us$ 395.6 million. EBITDA for the six months to December 31 increased 13.9 per cent to us$ 43 million, while operating profit before exceptional items jumped 10.9 per cent to us$ 32.3 million.
The increase in revenue and operating profit, Rank said, improved on the back of a rise in profitability of its provincial casinos along with increasing customers visits across all of its venues. Overall, the group recorded revenue of us$ 936.6 million in 2011, up from us$ 901.5 million in the previous year. Group operating profit also improved slightly.
"During 2011 we have continued to deliver growth in earnings per share while strengthening our financial position and delivering a high quality, value for money, gaming experience to our customers," said Rank chairman Ian Burke. "Our UK brands, whose reputation has been built across a portfolio of high quality venues, are increasingly complemented by improving websites and mobile applications.
"While we remain cautious on the consumer environment, the strength of the group's financial position along with a portfolio of well-regarded brands presents a strong platform to build on."
Rank, which is the UK's second largest casino operator, announced last month that it was in the first stage of negotiations regarding the acquisition of Gala Coral's casino division. Although it has yet to announce an agreement, such a transaction would increase the company's portfolio of venues considerably, making it the UK's largest operator.