Rank Group records 11% growth in net revenue in Q1

Operator The Rank Group has released a trading update for the quarter that ended September 30, 2023, revealing the group's net gaming revenue NGR reached £179.6 million ($217.6 million) in Q1, marking an increase of 11% year-on-year. Digital NGR grew by 7%, while like-for-like venues NGR increased by 12%. 

The report highlights the growth of Grosvenor outlets, with a 13% increase in like-for-like NGR, attributed to a 9% increase in visits and a 4% increase in spend per visit. Average weekly net gaming revenue grew by 10% in the quarter, reaching £6.4 million ($7.8 million).

The figures also highlight performance across the UK, with London recording an 8% increase in NGR, while the rest of the country witnessed growth of 16%.

Mecca's entertainment venues also maintained their momentum, posting an 11% growth in gross sales revenue, driven mainly by a 4% increase in customer visits and a 7% increase in spending per visit. In Spain, bingo company Enracha contributed to the positive results with a 9% growth in gross sales revenue.

In the digital segment, which covers operations in the UK and Spain, NGR increased by 7%, highlighting a 6% increase in business in the UK and a 15% increase in the Spanish market. Rank's UK digital brands Grosvenor and Mecca saw their NGR increase by 14% and 9% respectively.

"Going forward, we remain focused on delivering the key growth initiatives within our digital business and preparing our U.K. venues for the critical modernizing reforms in the Government's review of the gambling legislation," Chief Executive John O'Reilly said

"These reforms will help Grosvenor and Mecca to better meet the needs of our existing and prospective customers," he added.

The company is scheduled to reveal its interim results for the six months ending December 31, 2023, on February 1, 2024.