Rank Group (LSE: RNK)

Currency in GBP

Last close As at 25/03/2023


−0.60 (−0.82%)

Market capitalisation


Rank Group is the UK’s largest multi-channel casino operator (Grosvenor) and the second largest multi-channel bingo operator (Mecca). It is also the fourth largest bingo operator in Spain. Management seeks to grow its online exposure while improving the performance of offline brands.



Equity Analyst

Russell Pointon

Russell Pointon

Director, Consumer

Key Management

  • John O'Reilly


  • Richard Harris


  • Sarah Powell

    Director of IR and ESG

Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (17.8) (6.6) (48.4)
Relative (13.8) (7.6) (47.9)
52 week high/low 143.4p/52.4p


Rank Group has faced numerous external challenges since 2020: the ravages of the COVID-19 pandemic and tighter regulatory requirements, in particular the negative effects of required affordability restrictions, have been followed by the recent cost of living crisis and higher inflation. These external challenges have masked the group’s underlying transformation, which is extending and improving the product offer, while making the organisation more efficient to drive future growth and innovations. With revenues at key assets well below pre COVID-19 levels, Rank Group has the potential to demonstrate rapid revenue and profit growth on a normalisation of demand and costs pressures, before the potential for easing regulation is considered. Based on consensus EV/sales, Rank Group’s valuation is at a significant discount to its own historical multiples.

Y/E Jun Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 329.6 (13.1) (98.7) (20.3) N/A N/A
2022A 644.0 107.5 26.7 4.3 16.3 3.0
2023E N/A N/A N/A N/A N/A N/A
2024E N/A N/A N/A N/A N/A N/A



ConsumerWatch – January 2023


ConsumerWatch – October 2022


IPO apocalypse

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