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Rank Group quarterly revenue grows, eyes profit ahead of forecasts

20th Apr 2023 11:19

(Alliance News) - Rank Group PLC said on Thursday its revenue for the third quarter of 2023 grew across all segments and it expects annual profit to be on the upper end, or ahead, of guidance.

The Berkshire, England-based gambling company said its group net gaming revenue for the third quarter of financial 2023 was up 13% to GBP174.4 million on a like-for-like basis.

Rank Group reported a growth across its Grosvenor, Mecca and Enracha venues, as well as digitally. For Grosvenor and Mecca, which produced net gaming revenues of GBP77.9 million and GBP34.9 million, growth was driven by an increase in visitors, Rank Group said.

Looking ahead, Rank Group expects a quieter fourth quarter for its Grosvenor venues, but expects annual underlying like-for-like operating profit to be "slightly ahead" of the previously guided range of between GBP10 million and GBP20 million.

Chief Executive Officer John O'Reilly said: "Despite the challenging macroeconomic environment, the investments we have been making to improve the customer experience in our venues have helped drive the improved performance across both Grosvenor and Mecca. The digital business is benefitting from the build out of enhancements to the customer experience on our proprietary technology and we have a strong pipeline of developments to continue to grow market share into the future."

Shares in Rank Group were down 7.4% at 76.50 pence each in London on Thursday morning.

By Sabrina Penty; Alliance News reporter

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