Transformation directives see Rank confident of beating year expectations

Issuing a corporate filing, the governance of LSE-listed gambling group Rank Plc has this morning disclosed that ‘further positive trading’ will see the company deliver underlying operating profits ahead of market expectations.

Updating investors, Rank governance underlines significant progress in its ‘corporate transformation programme’ which has underpinned growth within its Digital, Grosvenor and International units.

Based on current trading trends, Rank governance maintains that it will deliver corporate underlying operating profits in the range of £105-115 million, tracking above the market consensus of £93-103 million for the year ending 30 June 2020.

Since December 2018, Rank governance has operated its transformation programme, overseen by Group Chief Executive John O’Reilly, with executive Jim Marsh leading the scheme directive as ‘Chief Transformation Officer’.

Publishing its 2019 annual accounts, Rank governance disclosed that the transformation directives had delivered £11 million in group-wide cost reductions during the second half of 2018/2019, which should transfer to an expected £9.3 million in savings during current year trading.

Rank governance is scheduled to announce its interim results for the six months ended 31 December 2019 on 30 January 2020.