The Rank Group (RNK.L), a British gambling company, on Thursday reported a turnaround to profit for the fiscal 2022, amidst a surge in revenues.
For the 12-month to June, Maidenhead-based firm posted a pre-tax profit of 74.3 million pounds, compared with a loss of 107.3 million pounds reported for 2021.
Profit was at 66.2 million pounds or 14.2 pence per share as against 72 million pounds or 16.5 pence per share in loss of previous fiscal. Group operating profit stood at 82.1 million pounds, versus a loss of 92.9 million pounds, on year-on-year basis.
The Group's revenues surged to 644 million pounds from last year's 329.6 million pounds.
Commenting on the current trading, the company said: "Trading conditions are likely to remain challenging in the months ahead with high inflation hitting consumer discretionary expenditure and inflationary cost pressures, particularly the further rise in energy prices in recent weeks, continuing to impact operating margins. However, the successful migration to proprietary technology within the digital business, and the investment into the venues estate, result in us being able to compete strongly in the coming year."
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