Final Results

Summary by AI ^BETAClose X

Rank Group Plc reported preliminary results for the 12 months ended June 30, 2026, showing a 6% increase in like-for-like net gaming revenue to £834.1 million and a 21% rise in underlying operating profit to £78.6 million, driven by strong trading momentum across all businesses. The company also announced a 35% increase in its total dividend to 3.50 pence per share. Despite statutory operating profit decreasing by 7% to £55.7 million due to separately disclosed items totaling £22.9 million, including a £5.0 million provision for a proposed regulatory settlement, the Group maintained a strong balance sheet with net cash pre-IFRS 16 at £56.8 million and a reduced net debt of £147.2 million. The company reiterated its medium-term ambition to deliver at least £100 million in underlying operating profit.

Disclaimer*

	2025/26 £m	2024/25¹ £m
Underlying operating profit	78.6	64.8
Depreciation and amortisation	59.7	55.1
Working capital and others	4.6	10.9
Cash inflow from operations	142.9	130.8
Capital expenditure	(50.2)	(58.5)
Net interest and tax	(8.6)	(2.0)
Lease payments	(48.3)	(43.1)
Cashflows in relation to SDIs	(10.3)	0.5
Net free cash flow	25.5	27.7
Dividend paid	(13.8)	(7.0)
Purchase of shares for LTIP	(2.8)	-
Refund of unclaimed dividend forfeited	0.7	-
Business disposal	1.8	3.8
Total cash inflow	11.4	24.5
Opening net cash pre-IFRS 16	45.4	20.9
Closing net cash pre-IFRS 16	56.8	45.4
IFRS 16 lease liabilities	(204.0)	(200.1)
Closing net debt post-IFRS 16	(147.2)	(154.7)

#	Principal Risk	Residual Risk Rating*	Risk Trajectory	Change of risk rating and/or risk movement in last 12 months
1	Compliance with gambling law and regulations	Medium	Increasing	Risk Trajectory: Increasing, as there is continued focus on compliance by the regulators (and increased coverage in approach) in the jurisdictions in which the Group operates with further regulatory changes.
2	Taxation	Medium	Stable	Risk Trajectory: Moved from increasing to stable, as expected government tax changes (that had an impact on the Group's financial performance) have now been made.
3	Trade conditions	Medium	Reducing	Residual Risk Rating: Moved from high to medium as we enhance our mitigation approach on macro-economic conditions that continue to be challenging. Risk Trajectory: Moved to reducing as despite these challenges, the Group has demonstrated strong operational resilience through targeted mitigations across the business.
4	Cyber resilience	Medium	Increasing	No change.
5	Data protection	Medium	Increasing	No change.
6	Safe and sustainable gambling	Medium	Stable	No change.
7	People	Medium	Stable	Risk Trajectory: Moved from increasing to stable, as whilst there were changes to government employment legislation, the Group now has appropriate mitigation measures in place.
8	Strategic and technology programmes	Medium	Stable	No change.
9	Business continuity and Disaster Recovery	Medium	Stable	No change.
10	Dependency on third parties and supply chain	Medium	Stable	No change.
11	Liquidity and funding	Low	Stable	No change.
12	Health and safety	Low	Stable	No change.

Companies

Rank Group (RNK)

UK 100

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		2025/26	2024/25	Change
Financial KPIs	Group underlying LFL net gaming revenue ('NGR')^1,2	£834.1m	£788.4m	6%
	Venues underlying LFL NGR^1,2	£585.6m	£557.7m	5%
	Digital underlying LFL NGR^1,2	£248.5m	£230.7m	8%
	Underlying LFL operating profit^1,2	£79.9m	£66.7m	20%
	Underlying operating profit²	£78.6m	£64.8m	21%
	Net cash pre-IFRS 16	£56.8m	£45.4m	25%
	Underlying earnings per share^2,3	10.5p	9.1p	15%
	Return on Capital Employed ('ROCE')	18.3%	15.1%	3.2 ppt

		2025/26	2024/25³	Change
Statutory performance	Reported NGR	£835.0m	£795.4m	5%
	Reported operating profit	£55.7m	£60.1m	(7)%
	Profit before taxation	£39.2m	£45.9m	(15)%

		2025/26	2024/25³	Change
Statutory performance (continued)	Profit after taxation	£29.9m	£38.6m	(23)%
	Net free cash flow	£25.5m	£27.7m	(8)%
	Net debt	£147.2m	£154.7m	(5)%
	Basic earnings per share	6.4p	8.2p	(22)%
	Dividend per share	3.50p	2.60p	35%
1. On a like-for-like ('LFL') basis which removes the impact of venue openings, closures, foreign exchange movements, discontinued operations and new markets that have not been open for more than 12 months. 2. Excludes separately disclosed items. 3. Restated for prior period adjustment.

·	Like-for-like ('LFL') Net Gaming Revenue ('NGR') of £834.1m, up 6% year-on-year with all businesses in growth for a fifth consecutive year, reflecting the return on capital investments and strong growth in gaming machine performance across the Group.
·	Underlying operating profit increased 21% to £78.6m (2024/25: £64.8m*) with underlying operating margin of 9.4%, up from 8.1% in the prior year, driven by operational leverage.
·	Ongoing cost inflation, increased taxation and regulatory headwinds were addressed through mitigating cost actions and efficiency savings.
·	SDIs of £22.9m include the previously announced £6.5m loss relating to the H1 payment fraud in our Spanish business and a £5.0m provision for a proposed regulatory settlement with the Gambling Commission. Also included is a net £1.0m impairment charge, £6.7m costs primarily relating to the closures of nine Mecca venues and £3.7m of restructuring and other costs. These items resulted in statutory operating profit of £55.7m (2024/25: £60.1m*).
·	Underlying cash generation was strong with net free cash flow of £25.5m in the year (2024/25: £27.7m*), driven by increased profits and lower capital expenditure, offset by cash outflows from SDIs.
·	Net cash pre-IFRS 16 at the year-end was £56.8m. Net debt on an IFRS 16 basis was £147.2m.
·	Return on capital employed increased by 3.2 ppt to 18.3%, from 15.1% in 2024/25.
·	The Board has recommended a final dividend of 2.50 pence per share, taking the total dividend for the year to 3.50 pence per share up 35% on prior year.

·	Average NGR per week in Grosvenor was £7.6m, up 5% from £7.3m in the prior year with customer visits and spend per visit both up. The rollout of 850 machines in 37 casinos in 2025/26 and ongoing performance optimisation work has driven growth in the year and presents a significant further opportunity. Performance in table gaming was impacted by the conflict in the Middle East in the latter part of the year.
·	Digital LFL revenue growth of 8%. In response to the increase in Remote Gaming Duty ('RGD') to 40% from 21%, effective from 1 April 2026 (Q4), actions were taken to mitigate costs, such as significantly reducing Above The Line ('ATL') marketing, and making other efficiencies. The customer proposition was protected, with free bets and incentives maintained, whilst investment in performance marketing increased modestly.
·	Digital LFL revenue growth in Q4 of 12% was particularly encouraging and has helped to secure robust profit delivery in the year.
·	Mecca venues grew NGR by 4% on a LFL basis, with selected investment in gaming machine areas and external signage schemes driving performance. There were 9 commercially unviable venues closed in the period.
·	Enracha LFL revenues up 7% with live bingo and gaming machine performances the principal drivers of growth.
·	Group employee engagement score consistent with last year at 8.2 (2024/25: 8.3) placing Rank in the top quartile of the consumer industry benchmark.
·	Strong balance sheet, with refinancing completed in June 2026 with a new four-year £120m revolving credit facility on improved commercial terms.

·	Net gaming revenue ('NGR') is gross gaming revenue less customer incentives.
·	Underlying measures exclude the impact of amortisation of acquired intangible assets; profit or loss on disposal of businesses; costs or income associated with the closure of venues; acquisition and disposal costs including changes to deferred or contingent consideration; impairment charges; reversal of previously recognised impairment charges; property-related provisions; restructuring costs as part of an announced programme; unwind of interest on general dilapidation provisions; general dilapidation asset depreciation; significant material proceeds from tax appeals; any other one-off events not related to underlying operations and the tax impact of these, should they occur in the period. Collectively these items are referred to as separately disclosed items ('SDIs').
·	EBITDA refers to earnings before interest, tax, depreciation and amortisation.
·	Underlying operating profit is operating profit before SDIs.
·	Underlying earnings per share is calculated by adjusting profit attributable to equity shareholders to exclude SDIs.
·	'2025/26' refers to the 12-month period to 30 June 2026 and '2024/25' refers to the 12-month period to 30 June 2025.
·	Like-for-like ('LFL') measures have been disclosed in this report to show the impact of venue openings, closures, acquired businesses, foreign exchange movements, discontinued operations and new markets that have not been open for more than 12 months.
·	Prior year LFL measures are amended to show an appropriate comparative for the impact of venue openings, closures, acquired businesses, foreign exchange movements, discontinued operations and new markets that have not been open for more than 12 months.
·	The Group results make reference to 'underlying' results alongside our statutory results, which we believe will be more useful to readers as we manage our business using these adjusted measures. The directors believe that SDIs impair visibility of the underlying performance of the Group's business because these items are often material, non-recurring and do not relate to the underlying trading performance. Accordingly, these are excluded from our non-GAAP measurement of revenue, EBITDA, operating profit, profit before tax and underlying EPS. Underlying measures are the same as those used for internal reports. Please refer to Alternative Performance Measures ('APMs') for further details.
·	Venues comprises Grosvenor Venues, Mecca Venues and Enracha Venues.
·	Return on capital employed ('ROCE') was introduced as an alternative performance measure in 2024/25. It is calculated as underlying LFL operating profit divided by average capital employed. Average capital employed is the average of opening and closing capital employed. See APMs for the full calculation.

The Rank Group Plc
David Williams (Director of Corporate Affairs & Investor Relations)	david.williams@rank.com

FTI Consulting LLP (PR adviser to Rank)
Edward Bridges	Tel: +44 7768 216607
Matthew Young	Tel: +44 7929 396411

	2025/26	2024/25¹	Change
	£m	£m	%
Total Net Gaming Revenue	835.0	795.4	5%
LFL Net Gaming Revenue	834.1	788.4	6%
Grosvenor Venues	397.3	378.4	5%
Mecca Venues	143.0	136.9	4%
Enracha Venues	45.3	42.4	7%
Digital	248.5	230.7	8%

Underlying EBITDA	138.3	119.9	15%

Underlying operating profit	78.6	64.8	21%
Underlying LFL operating profit	79.9	66.7	20%
Grosvenor Venues	35.5	32.1	11%
Mecca Venues	8.9	4.3	107%
Enracha Venues	12.0	11.1	8%
Digital	37.9	35.0	8%
Corporate Costs	(14.4)	(15.8)	9%

Separately disclosed items (incl. SDI interest)	(23.3)	(5.5)	(324)%
Underlying net financing charge	(16.1)	(13.4)	(20)%
Statutory profit before taxation	39.2	45.9	(15)%
Taxation	(9.3)	(7.3)	(27)%
Statutory profit after taxation	29.9	38.6	(23)%

Underlying earnings per share	10.5p	9.1p	15%
Dividend per share	3.50p	2.60p	35%
Net debt	147.2	154.7	(5)%
Net cash pre-IFRS 16	56.8	45.4	25%
Net free cash flow	25.5	27.7	(8)%
Capital expenditure	50.2	58.5	(14)%

	2025/26 £m	2024/25 £m	Change
LFL¹ NGR London Rest of the UK	397.3 123.6 273.7	378.4 117.5 260.9	5% 5% 5%
LFL¹ NGR Table gaming Gaming machines Electronic gaming Other (incl. Poker)	175.0 113.2 62.5 46.6	174.2 101.8 59.3 43.1	- 11% 5% 8%
Total NGR	397.3	378.4	5%
Underlying² LFL¹ operating profit	35.5	32.1	11%
Total operating profit ³	23.5	29.9	(21)%

£m	2025/26	2024/25
Underlying LFL NGR	834.1	788.4
Open and closed venues, disposed business and new market	0.9	9.5
Foreign exchange ('FX')	-	(2.5)
Underlying NGR	835.0	795.4

	2024/25
Reported underlying LFL NGR	795.3
Reversal of 2024/25 closed venues	0.1
2025/26 open and closed venues, disposed business and new market	(9.5)
2025/26 FX	2.5
Restated underlying LFL NGR	788.4

£m	2024/25
Reported underlying LFL operating profit	63.7
Prior period adjustment	1.1
Restated underlying LFL operating profit	64.8
2025/26 open and closed venues, disposed business and new market	1.4
2025/26 FX	0.5
Underlying LFL operating profit	66.7

£m	2025/26	2024/25¹
Underlying current tax charge	(8.6)	(4.9)
Tax on separately disclosed items	3.9	1.4
Deferred tax	(4.6)	(3.8)
Total tax charge	(9.3)	(7.3)

P	2025/26	2024/25¹
Underlying EPS	10.5	9.1
Separately disclosed items	(4.1)	(0.9)
Reported EPS	6.4	8.2

£m	2025/26	2024/25¹
Total equity	384.7	369.9
Add back:
Net cash pre-IFRS 16	(56.8)	(45.4)
Lease liabilities	204.0	200.1
ROU assets	(138.0)	(118.5)
Retirement benefit obligations	3.5	3.4
Non-current provisions	36.9	38.6
Net deferred tax	(3.1)	(5.4)
Capital employed	431.2	442.7
Average capital employed	437.0	440.6
Underlying LFL operating profit	79.9	66.6
ROCE %	18.3%	15.1%

	As at 30 June 2026	As at 30 June 2025 (restated¹)	As at 1 July 2024 (restated¹)
	£m	£m	£m
Assets
Non-current assets
Intangible assets	437.9	442.3	446.4
Property, plant and equipment	139.9	133.7	112.5
Right-of-use assets	138.0	118.5	67.5
Deferred tax assets	6.5	8.9	9.2
Other receivables	6.1	7.6	5.2
	728.4	711.0	640.8
Current assets
Inventories	2.2	2.1	2.0
Other receivables	16.0	15.9	19.1
Assets classified as held for sale	-	-	0.3
Income tax receivable	0.4	0.7	8.5
Cash and short-term deposits	86.8	75.4	66.1
	105.4	94.1	96.0

Total assets	833.8	805.1	736.8

Liabilities
Current liabilities
Trade and other payables	(156.3)	(155.2)	(149.0)
Lease liabilities	(43.3)	(42.1)	(32.6)
Income tax payable	(5.2)	(3.1)	(4.2)
Financial liabilities - loans and borrowings	-	(0.2)	(3.3)
Provisions (note 9)	(9.8)	(1.1)	(3.6)
	(214.6)	(201.7)	(192.7)

Net current liabilities	(109.2)	(107.6)	(96.7)

	As at 30 June 2026	As at 30 June 2025 (restated¹)	As at 1 July 2024 (restated¹)
	£m	£m	£m
Non-current liabilities
Lease liabilities	(160.7)	(158.0)	(127.9)
Financial liabilities - loans and borrowings	(30.0)	(30.0)	(40.6)
Deferred tax liabilities	(3.4)	(3.5)	(2.8)
Provisions (note 9)	(36.9)	(38.6)	(33.2)
Retirement benefit obligations	(3.5)	(3.4)	(3.4)
	(234.5)	(233.5)	(207.9)

Total liabilities	(449.1)	(435.2)	(400.6)

Net assets	384.7	369.9	336.2

Capital and reserves attributable to the Group's equity shareholders
Share capital (note 10)	65.0	65.0	65.0
Share premium (note 10)	155.7	155.7	155.7
Capital redemption reserve	33.4	33.4	33.4
Exchange translation reserve	13.3	13.9	13.9
Employee Benefit Trust shares (note 10)	(2.8)	-	-
Retained earnings	120.1	101.9	68.2
Total shareholders' equity	384.7	369.9	336.2

	Share capital	Share premium	Capital redemption reserve	Exchange translation reserve	Employee Benefit Trust shares	Retained earnings (losses)	Total equity
	£m	£m	£m	£m	£m	£m	£m
At 1 July 2024 (as previously reported)	65.0	155.7	33.4	13.9	-	71.0	339.0
Impact of prior year error (note 1)	-	-	-	-	-	(2.8)	(2.8)
At 1 July 2024 (as restated)	65.0	155.7	33.4	13.9	-	68.2	336.2

Comprehensive income
Profit for the year	-	-	-	-	-	38.6	38.6
Other comprehensive income
Actuarial loss on retirement benefits, net of tax	-	-	-	-	-	(0.1)	(0.1)
Total comprehensive income for the year	-	-	-	-	-	38.5	38.5

Transactions with owners
Dividends paid to equity holders (note 6)	-	-	-	-	-	(7.0)	(7.0)
Credit in respect of employee share schemes, including tax	-	-	-	-	-	2.2	2.2
At 30 June 2025 (as restated)	65.0	155.7	33.4	13.9	-	101.9	369.9

Comprehensive income
Profit for the year	-	-	-	-	-	29.9	29.9
Other comprehensive income
Actuarial loss on retirement benefits, net of tax	-	-	-	(0.6)	-	-	(0.6)
Total comprehensive income for the year	-	-	-	(0.6)	-	29.9	29.3

Transactions with owners
Dividends paid to equity holders (see note 6)	-	-	-	-	-	(13.8)	(13.8)
Refund of unclaimed dividends forfeited	-	-	-	-	-	0.7	0.7
Credit in respect of employee share schemes, including tax	-	-	-	-	-	1.4	1.4
Purchase of Employee Benefit Trust shares	-	-	-	-	(2.8)	-	(2.8)
At 30 June 2026	65.0	155.7	33.4	13.3	(2.8)	120.1	384.7

	Year ended 30 June 2026	Year ended 30 June 2025 (restated¹)
	£m	£m
Cash flows from operating activities
Cash generated from operations (note 12)	132.6	131.3
Interest received	0.8	1.1
Interest paid	(16.0)	(13.8)
Arrangement fee paid	(0.9)	(0.2)
Tax (paid) received	(4.7)	1.2
Net cash generated from operating activities	111.8	119.6

Cash flows from investing activities
Purchase of intangible assets	(9.5)	(11.9)
Purchase of property, plant and equipment	(40.7)	(46.6)
Proceeds from sale of business	1.8	3.8
Net cash used in investing activities	(48.4)	(54.7)

Cash flows from financing activities
Dividends paid to equity holders	(13.8)	(7.0)
Refund of unclaimed dividends forfeited	0.7	-
Purchase of Employee Benefit Trust shares	(2.8)	-
Repayment of term loans	(30.0)	-
Drawdown of revolving credit facilities	72.0	108.0
Repayment of revolving credit facilities	(42.0)	(119.5)
Lease principal payments	(36.1)	(33.4)
Net cash used in financing activities	(52.0)	(51.9)

Net increase in cash and short-term deposits	11.4	13.0
Cash and short-term deposits at start of year	75.4	62.4
Cash and short-term deposits at end of year	86.8	75.4

	Year ended 30 June 2026			Year ended 30 June 2025 (restated¹)
	Underlying	Separately disclosed items (note 3)	Total	Underlying	Separately disclosed Items (note 3)	Total
	£m	£m	£m	£m	£m	£m
Revenue	835.0	-	835.0	795.4	-	795.4
Cost of sales	(475.8)	(1.0)	(476.8)	(452.5)	(6.6)	(459.1)
Gross profit (loss)	359.2	(1.0)	358.2	342.9	(6.6)	336.3
Other operating income	-	-	-	-	10.5	10.5
Other operating costs	(280.6)	(21.9)	(302.5)	(278.1)	(8.6)	(286.7)
Operating profit (loss)	78.6	(22.9)	55.7	64.8	(4.7)	60.1
Financing:
- Finance costs	(16.7)	-	(16.7)	(14.3)	-	(14.3)
- Finance income	0.8	-	0.8	1.0	-	1.0
- Other financial losses	(0.2)	(0.4)	(0.6)	(0.1)	(0.8)	(0.9)
Total net financing charge	(16.1)	(0.4)	(16.5)	(13.4)	(0.8)	(14.2)
Profit (loss) before taxation	62.5	(23.3)	39.2	51.4	(5.5)	45.9
Taxation	(13.2)	3.9	(9.3)	(8.7)	1.4	(7.3)
Profit (loss) for the year attributable to equity holders of the parent	49.3	(19.4)	29.9	42.7	(4.1)	38.6

Earnings (loss) per share
- Basic	10.5p	(4.1)p	6.4p	9.1p	(0.9)p	8.2p
- Diluted	10.4p	(4.1)p	6.3p	9.1p	(0.9)p	8.2p

	Year ended 30 June 2026	Year ended 30 June 2025 (restated¹)
	£m	£m
Comprehensive income:
Profit for the year	29.9	38.6

Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Exchange adjustments, net of tax	(0.6)	-

Items that will not be reclassified to profit or loss
Actuarial loss on retirement benefits, net of tax	-	(0.1)
Total comprehensive income for the year attributable to equity holders of the parent	29.3	38.5

	As previously reported	Adjustment	As restated
	£m	£m	£m
Revenue	795.4	-	795.4
Cost of sales	(452.1)	(7.0)	(459.1)
Gross profit	343.3	(7.0)	336.3
Other operating income	10.5	-	10.5
Other operating costs	(286.8)	0.1	(286.7)
Operating profit (loss)	67.0	(6.9)	60.1
Financing:
- Finance costs	(13.2)	(1.1)	(14.3)
- Finance income	1.0	-	1.0
- Other financial losses	(0.9)	-	(0.9)
Total net financing charge	(13.1)	(1.1)	(14.2)
Profit before taxation	53.9	(8.0)	45.9
Taxation	(9.3)	2.0	(7.3)
Profit (loss) for the year	44.6	(6.0)	38.6

Earnings (loss) attributable to equity shareholders
- Basic	9.5p	(1.3)p	8.2p
- Diluted	9.5p	(1.3)p	8.2p

	Year ended 30 June 2026
	Digital	Grosvenor Venues	Mecca Venues	Enracha Venues	Corporate Costs	Total
	£m	£m	£m	£m	£m	£m
Revenue	249.3	397.3	143.1	45.3	-	835.0

Operating profit (loss)	36.6	35.5	8.9	12.0	(14.4)	78.6
Separately disclosed items	(5.3)	(12.0)	(1.1)	(2.3)	(2.2)	(22.9)
Segment result	31.3	23.5	7.8	9.7	(16.6)	55.7
Finance costs						(16.7)
Finance income						0.8
Other financial losses						(0.6)
Profit before taxation						39.2
Taxation						(9.3)
Profit for the year						29.9

	Year ended 30 June 2025 (restated)
	Digital	Grosvenor Venues	Mecca Venues	Enracha Venues	Corporate Costs	Total
	£m	£m	£m	£m	£m	£m
Revenue	235.7	378.4	140.4	40.9	-	795.4

Operating profit (loss)	33.3	32.1	4.4	10.8	(15.8)	64.8
Separately disclosed items	4.1	(2.2)	(5.3)	3.0	(4.3)	(4.7)
Segment result	37.4	29.9	(0.9)	13.8	(20.1)	60.1
Finance costs						(14.3)
Finance income						1.0
Other financial losses						(0.9)
Profit before taxation						45.9
Taxation						(7.3)
Profit for the year						38.6

	Year ended 30 June 2026	Year ended 30 June 2025 (restated)
	£m	£m
Continuing operations
Impairment charges	(14.8)	(18.3)
Impairment reversals	13.8	11.7
Closure of venues	(0.9)	2.7
Amortisation of acquired intangible assets	(0.4)	(2.4)
Property-related provisions	(5.8)	(6.2)
Loss on payment fraud incident	(6.5)	-
Restructuring programme	(3.3)	-
Regulatory settlement provision	(5.0)	-
Divestment of businesses	-	6.5
Fleet liability write-off	-	0.8
VAT refund from HMRC (in relation to a disposed business)	-	0.5
Separately disclosed items¹	(22.9)	(4.7)

Interest	(0.4)	(0.8)
Taxation (note 5)	3.9	1.4
Total separately disclosed items	(19.4)	(4.1)
1. It is Group policy to reverse separately disclosed items within the same line they were originally recognised under.

	Year ended 30 June 2026	Year ended 30 June 2025 (restated)
	£m	£m
Current income tax
Current income tax - UK	(0.3)	(0.6)
Current income tax - overseas	(8.1)	(4.3)
Current income tax on separately disclosed items	1.2	(0.8)
Amounts under provided in previous period	(0.2)	-
Total current income tax charge	(7.4)	(5.7)

Deferred tax
Deferred tax - UK	(5.5)	(4.4)
Deferred tax - overseas	0.9	(2.1)
Impact of rate changes on deferred tax	-	0.5
Deferred tax on separately disclosed items	3.2	2.2
Amounts under provided in previous period on separately disclosed items	(0.5)	-
Amounts over provided in previous period	-	2.2
Total deferred tax charge	(1.9)	(1.6)

Total tax charge in the income statement	(9.3)	(7.3)

	Year ended 30 June 2026	Year ended 30 June 2025
	£m	£m
Final dividend for 2023/24 paid on 25 October 2024 - 0.85p per share	-	4.0
Interim dividend for 2024/25 paid on 13 March 2025 - 0.65p per share	-	3.0
Final dividend for 2024/25 paid on 25 October 2025 - 1.95p per share	9.1	-
Interim dividend for 2025/26 paid on 13 March 2026 - 1.00p per share	4.7	-
Dividends paid to equity holders	13.8	7.0

	Year ended 30 June 2026	Year ended 30 June 2025 (restated)
	£m	£m
Profit attributable to equity shareholders	29.9	38.6
Adjust for:
Separately disclosed items after tax	19.4	4.1
Underlying net earnings attributable to equity shareholders	49.3	42.7

Weighted average number of ordinary shares in issue	466.8m	468.4m
Effect of dilutive potential ordinary shares - share awards	6.4m	-
Weighted average number of diluted ordinary shares	473.2m	468.4m

Underlying earnings per share - basic	10.5p	9.1p
Underlying earnings per share - diluted	10.4p	9.1p

	Goodwill		Intangible assets
	2025/26	2024/25	2025/26	2024/25
	£m	£m	£m	£m
Grosvenor: group of CGUs¹	80.9	80.9	173.1	173.0
UK Digital CGUs	108.5	108.5	-	-
International Digital CGUs	30.9	30.9	0.7	-
Enracha CGUs²	-	-	17.6	17.5
Total	220.3	220.3	191.4	190.5
1. Each Grosvenor venue is a separate CGU. Each venue holds at least one licence, but can hold multiple licences, which represents an indefinite life intangible asset. The individual Grosvenor venues are aggregated for the purposes of allocating the Grosvenor goodwill. 2. Each Enracha venue is a separate CGU. As no individual venue CGU is significant in comparison to the total carrying amounts of intangible assets and other assets, the venue CGUs have been presented on aggregated basis.

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	Pre-tax discount rate		Post-tax discount rate		Long-term growth rate
	2025/26	2024/25	2025/26	2024/25	2025/26	2024/25
Grosvenor Venues	12.80%	12.00%	9.60%	9.00%	3.00%	3.50%
Mecca Venues	12.80%	13.33%	9.60%	10.00%	2.00%	2.00%
Enracha Venues	13.73%	13.60%	10.30%	10.20%	2.00%	2.00%
UK Digital	13.88%	13.53%	11.80%	11.50%	2.00%	2.00%
International Digital	14.63%	14.63%	12.80%	12.80%	2.00%	2.00%

	Property, plant and equipment	Right-of-use assets	Intangible assets	Total
	£m	£m	£m	£m
Impairment charges
Grosvenor Venues¹	(1.0)	(0.5)	(7.9)	(9.4)
Mecca Venues ²	(2.6)	(2.8)	-	(5.4)
	(3.6)	(3.3)	(7.9)	(14.8)

Impairment reversals
Grosvenor Venues¹	0.9	0.6	2.4	3.9
Mecca Venue²	2.2	7.0	-	9.2
Enracha Venues³	0.3	-	0.4	0.7
	3.4	7.6	2.8	13.8

Net impairment (charge) reversal	(0.2)	4.3	(5.1)	(1.0)
1. Impairment charges and reversals are recorded at the different individual Grosvenor venue CGUs. The total value in use of the CGUs where an impairment charge or impairment reversal was recognised totalled to £676.7m. 2. Impairment charges and reversals are recorded at the different individual Mecca venue CGUs. The total value in use of the CGUs where an impairment charge or impairment reversal was recognised totalled to £112.9m. 3. Impairment charges and reversals are recorded at the different individual Enracha venue CGUs. The total value in use of the CGUs where an impairment charge or impairment reversal was recognised totalled to £107.6m.

	Property- related provisions	Regulatory settlement provision	Disposal provisions	Pay provision	Legal provision	Total
	£m		£m	£m	£m	£m
At 1 July 2025 (as previously reported)	38.4	-	0.2	0.5	0.1	39.2
Impact of prior period error (note 1)	0.5	-	-	-	-	0.5
At 1 July 2025 (as restated)	38.9	-	0.2	0.5	0.1	39.7
Created	5.3	5.0	-	-	-	10.3
Charge to the income statement - SDIs	0.7	-	-	-	-	0.7
Release to the income statement - SDIs	(2.2)	-	-	-	-	(2.2)
Release to the income statement - operating	-	-	-	(0.4)	-	(0.4)
Utilised in the year	(1.4)	-	-	-	-	(1.4)
At 30 June 2026	41.3	5.0	0.2	0.1	0.1	46.7

Current	4.5	5.0	0.2	-	0.1	9.8
Non-current	36.8	-	-	0.1	-	36.9
Total	41.3	5.0	0.2	0.1	0.1	46.7

	As at 30 June 2026		As at 30 June 2025
	Number	Nominal value	Number	Nominal value
	m	£m	m	£m
Ordinary shares of 13⁸/⁹p each	1,296.0	180.0	1,296.0	180.0

Issued and fully paid
At start of the year	468.4	65.0	468.4	65.0
At end of the year	468.4	65.0	468.4	65.0

Share premium
At start of the year	468.4	155.7	468.4	155.7
At end of the year	468.4	155.7	468.4	155.7

	As at 30 June 2026	As at 30 June 2025 (restated)
	£m	£m
Total loans and borrowings	(30.0)	(30.2)
Adjusted for:
Accrued interest	-	0.2
	(30.0)	(30.0)
Cash and short-term deposits	86.8	75.4
Net debt excluding IFRS 16 lease liabilities	56.8	45.4
IFRS 16 lease liabilities	(204.0)	(200.1)
Net debt	(147.2)	(154.7)