Rank Group Plc has upgraded its full-year earnings forecast after a strong end to its 2024/25 financial year, with momentum accelerating across its retail and digital operations despite ongoing cost and regulatory pressures.
The LSE gambling group saw like-for-like net gaming revenue increase by 11% to approximately £795m in the 12 months to 30 June 2025. As a result, Rank now expects to deliver underlying operating profit of at least £63m, ahead of previous guidance.
It marks Rank’s second consecutive year of profitability, with performance once again exceeding corporate guidance. In FY 2023/24, the group had returned to profit with pre-tax earnings of £15.5m, following a £123m loss the year prior.
Group CEO John O’Reilly praised the resilience of the group’s strategy amid macroeconomic and regulatory headwinds, stating: “We have enjoyed a very strong year of earnings growth despite the significant cost and regulatory headwinds that we have faced from the start of Q4.
The momentum experienced in the first three quarters has continued, with strong trading in Q4 resulting in our full year underlying operating profit being ahead of expectation.”
O’Reilly said the group was now entering a pivotal period with the long-awaited land-based reforms set to reshape the retail casino environment in the UK: “We are at an exciting inflection point for the Group with the land-based casino reforms now law and coming into force from 22 July. At that point, we will begin the process of securing licence variations from local authorities in England and Wales ahead of the rollout of additional gaming machines across the Grosvenor estate to better meet customer demand.”
Parliamentary approval has now been granted for these reforms to be enacted from 22 July 2025, sanctioned despite calls from local councils for greater powers over the licensing and planning of gambling premises. A coalition of 39 local authorities had urged ministers to tighten oversight of adult gaming centres and give councils more power to control gambling venue proliferation—particularly in deprived urban areas.
The changes form part of the UK government’s implementation of the Gambling Act White Paper, with measures aimed at modernising and supporting the sustainability of the land-based gambling sector.
For casinos, this includes a relaxation of the machine-to-table ratio from 1:1 to 2:1, permitting up to 80 gaming machines in larger venues, alongside the introduction of debit card payments directly on machines for the first time. Bingo halls will also benefit from increased machine allowances, and trials of broader cashless payment systems are expected under Gambling Commission oversight.
Rank believes these reforms represent a transformative opportunity for the UK casino sector. As outlined in prior investor communications, the company sees the new regulatory framework to unlock a £1bn growth opportunity for the UK land-based casino industry, as it continues to modernise its venues to appeal to a wider customer base.
Rank will publish its preliminary results for 2024/25 on 14 August 2025.
