Rank Group Reports Robust Third-Quarter Earnings

Rank Group’s robust performance in the third quarter was fueled by their ongoing commitment to retail operations and digital offerings. They witnessed a 13% surge in earnings, reaching £174.4 million. This expansion was evident across all of their divisions.

Their Grosvenor land-based gaming establishments were the primary driver of this growth, with revenue climbing by 15%. This was attributed to a rise in UK patrons and an increase in average weekly earnings.

Mecca bingo locations also experienced a 9% uptick in revenue, with more patrons and higher spending per visit.

In Spain, Rank’s Enracha venues generated £9.2 million in revenue, an 8% increase.

Rank’s digital operations also saw significant growth, with revenue rising by 16%. This was propelled by a 15% increase in UK revenue, with Grosvenor brand revenue soaring by 23% and Mecca by 15%. Spanish digital revenue also leaped by 19%.

By the conclusion of March, earnings for the initial nine months of the fiscal year have climbed by 6%, reaching £511.8 million. Digital net gaming revenue (NGR) expanded by 11%, hitting £153.3 million, while Grosvenor venue NGR saw a 1% rise to £231.2 million. Mecca venue NGR grew by 6%, reaching £100.3 million, and Enracha venue NGR experienced a 19% increase to £26.9 million.

“We are delighted to observe the positive momentum we witnessed at the beginning of the second half persisting, with encouraging NGR growth across all our operations,” remarked John O’Reilly, the Chief Executive Officer of Rank. “Despite a difficult economic landscape, we have been dedicated to enhancing the customer experience at our venues, which has been instrumental in driving the improved performance at Grosvenor and Mecca.

“Our digital enterprise has benefited from enhancements to our proprietary technology customer experience, and we possess a robust development pipeline poised to continue expanding our market share in the future.”

Rank anticipates announcing its preliminary full-year financial outcomes on August 17.

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