London-Listed Operator Delivers 6% Revenue Increase and 15% EBITDA Growth Under Permanent CEO Richard Harris
Rank Group has delivered a robust financial performance for the 2025/26 financial year, bucking the broader trend across the UK’s publicly-listed gambling sector. Operating prominent brands such as Grosvenor, Mecca, and Enracha, the London-listed business posted a 6% year-on-year increase in group underlying like-for-like net gaming revenue (NGR), rising from £788.4 million to £834.1 million.
Underlying EBITDA surged 15% to £138.3 million compared to £119.9 million in the previous fiscal year, while underlying operating profit climbed 21% from £64.8 million to £78.6 million. These results mark a strong start for Richard Harris, who assumed the role of permanent Chief Executive Officer last month following his tenure as interim CEO since February following John O’Reilly’s retirement.
Brand Performance Breakdown
Grosvenor Venues
Grosvenor casinos remained the primary revenue driver for the group, with LFL NGR rising 5% year-on-year to £397.3 million. London venues generated £123.6 million, while the rest of the UK contributed £273.7 million, pushing underlying LFL operating profit up 11% to £35.5 million. The brand enhanced its customer offering by integrating sports betting across all Grosvenor casinos, including new sports lounges and viewing facilities in Leicester and Reading South.
Mecca Bingo
Mecca venues experienced significant profitability improvements. While LFL NGR rose 4% to £143 million, underlying LFL profit surged 107% from £4.3 million to £8.9 million, heavily aided by the abolition of UK bingo duty in Q4. Despite closing nine commercially unviable venues during the financial year, Mecca anticipates continued growth with an estimated £6.4 million profit projected for FY2026/27.
Enracha Venues
In Spain, Rank Group’s Enracha venues achieved 7% LFL NGR growth to £45.3 million, propelled by strong live bingo and gaming machine performances. Record underlying profit for the Spanish segment rose 8% to reach £12 million.
Tax Warnings and Strategic Outlook
Despite the positive financial outcomes, CEO Richard Harris issued strong warnings regarding potential tax increases proposed by anti-gambling campaigners. Noting that Rank paid over £225 million in taxes and duties last year, Harris cautioned that tax hikes on tightly supervised, low-margin venues would jeopardize commercial viability and result in lower overall tax receipts as clubs are forced to close.
Statutory operating profit was impacted by exceptional costs totaling 7% down to £55.7 million, including a £6.5 million loss from a payment fraud incident in Spain, a £5m Gambling Commission charge in the UK, and restructuring expenses. However, the company completed a full debt refinancing in June 2026, replacing its £120 million facility with a new four-year revolving credit facility (RCF) on improved commercial terms, leaving £90 million in undrawn liquidity headroom. With a positive start to the new financial year reflecting an 8% NGR increase, Rank Group’s shares rose 2.88% past the £1 mark to over £1.02 following the announcement.
