By Adria Calatayud
Rank Group PLC said Thursday that it swung to a loss for the first half of fiscal 2021 as revenue took a hit from venue closures and coronavirus-related restrictions.
The FTSE 250 gambling group reported a pretax loss for the six months to Dec. 31 of 59.4 million pounds ($81.3 million) compared with a profit of GBP48.2 million for the same period a year earlier.
Revenue for the half year fell to GBP177.6 million from GBP391.8 million a year before.
Rank said the closure of venues for much of the first half and restrictions on when it could open led to a 58% reduction in like-for-like net gaming revenue for the period.
The company said the end of lockdown will lead to a recovery of revenue and earnings.
