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Rank Group Shares Surge After Upgrading Full-Year Profit Forecast
Shares of Rank Group PLC surged after the company announced it expects full-year underlying operating profit to beat market expectations, driven by strong digital revenue and an improving performance at its Grosvenor casino locations.
Upgraded Financial Guidance
In a full-year trading update, the gaming operator said it now anticipates underlying operating profit will be at least £76 million. This upbeat forecast was supported by a 6% increase in group like-for-like net gaming revenue, which reached approximately £834.1 million for the full year.
The company attributed the strong results to sustained momentum in its digital division and a recovery across its physical casino estate. Rank Group also reaffirmed its medium-term goal of achieving at least £100 million in operating profit, signaling confidence in its longer-term business strategy.
AdMarket Reaction and Context
Investors reacted positively to the news, with Rank Group's stock climbing as much as 3.5% in morning trading. The advance stood in contrast to a more subdued broader market, where the mid-cap FTSE 250 index, of which Rank is a member, faced headwinds.
The update followed a constructive note from Shore Capital Group, which had reiterated its "house stock" rating on the company a day earlier. According to the source material, the consensus analyst price target for Rank Group sits significantly above its current trading level, suggesting that analysts see the shares as undervalued relative to their earnings potential.
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