Rank Group Reports 6 Percent Like-for-Like Revenue Growth to £834.1m in FY2025/26
TL;DR — Rank Group reported 6 per cent rise in group underlying like-for-like net gaming revenue to £834.1m in FY2025/26 with EBITDA up 15 per cent. The new financial year has begun positively with net gaming revenue up 8 per cent. Rank reiterated its medium-term ambition of delivering at least £100m in underlying profit though it cautioned that digital profitability would decline.
SCCG Take — Efficiency measures and selective closures can counter tax rises in the short term, but repeated duty increases risk venue closures that ultimately shrink the tax base.
Rank Group delivered a 6 per cent rise in group underlying like-for-like net gaming revenue to £834.1m in FY2025/26. Underlying EBITDA increased 15 per cent to £138.3m and operating profit advanced 21 per cent to £78.6m. Statutory operating profit declined 7 per cent to £55.7m after exceptional costs that included a £6.5m fraud loss in Spain, a £5m Gambling Commission charge and restructuring expenses.
The new financial year opened with net gaming revenue up 8 per cent. According to reporting by Focus Gaming News, the London-listed operator of Grosvenor Casinos, Mecca and Enracha maintained its medium-term target of at least £100m underlying profit while flagging pressure on digital margins from the Remote Gaming Duty rise introduced in April.
Brand-Level Gains Underpin Group Performance
Grosvenor remained the largest contributor with like-for-like net gaming revenue up 5 per cent to £397.3m, delivering operating profit of £35.5m. Sports betting is now available across all its casinos alongside new lounges. Mecca posted 4 per cent revenue growth to £143m and a 107 per cent profit increase to £8.9m after the abolition of UK bingo duty in Q4; nine venues were closed. Enracha in Spain lifted net gaming revenue 7 per cent to £45.3m and achieved record profit of £12m.
Tax Proposals Threaten Venue Economics
Newly confirmed CEO Richard Harris noted the strength of the results but voiced concern over the UK regulatory climate and proposals to raise Machine Games Duty. Harris said: “Tax proposals from anti-gambling campaigners continue to cast clouds over a regulated industry that is proud to support jobs across the country, deliver great hospitality experiences to millions of customers. Rank paid over £225m in taxes and duties last year.” He warned that further increases will swiftly lead to lower tax receipts as venues close.
Reporting: Focus Gaming News
Generated by SCCG’s automated editorial system from published source reporting. SCCG Management holds editorial responsibility.
Solid operational execution can't shield land-based operators from policy risk when duty creep threatens the economic model of physical venues.
I've watched 30 years of regulatory cycles, and Rank's warning is the canary: efficiency and brand work buy time, but when Machine Games Duty climbs again, marginal sites go dark and tax receipts fall. UK operators need scenario planning and diversification yesterday, not next quarter.
- Underlying EBITDA up 15% to £138.3m; new FY starts +8% NGR
- Mecca profit doubled after bingo duty abolition; nine venues closed anyway
- CEO flags Machine Games Duty proposals will accelerate closures, shrink tax base
SCCG angle: SCCG's UK regulatory contacts and omnichannel tech partners help land-based groups model duty scenarios, add digital revenue streams, and pivot faster than policy moves. We've connected operators to the platform and payment providers that extend lifetime value when footfall gets squeezed.
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