21st May 2015 07:21
LONDON (Alliance News) - The Rank Group PLC Thursday said all of its businesses have continued to make progress and it expects its full year results to meet management expectations, as increased visitor numbers at its casinos pushes up revenue while its Mecca bingo clubs show little growth.
"The board is encouraged that all its businesses have continued to make progress and expects the group's full year performance will be in line with management's expectations. Rank is in a strong financial position, possesses market-leading brands with multi-channel distribution and has a clear strategy for sustained long-term growth," said the company in a statement.
The FTSE 250-listed bingo club and casino operator said like-for-like revenue grew 4% in the 46 weeks to May 17, with total revenue rising 3%. In the 20 weeks to May 17, like-for-like revenue rose 5% and total revenue 4%.
In the 46 weeks, Grosvenor Casinos has experienced a 7% rise in total revenue thanks to a rise in customer visits and venue revenue, whilst Mecca revenue remained fairly flat. Casinos revenue was up 8% in the 20 weeks, while Mecca was up 1%.
"The group's performance continued to improve in the 20-week period, with our digital channels performing particularly strongly driven by improvements in marketing, retail cross-over and product development. The improvement in Mecca's digital revenue seen in the last 20 weeks is especially pleasing resulting in overall growth in the Mecca brand," said Chief Executive Henry Birch.
Rank shares were up 1.9% to 205.00 pence per share on Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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