15th Oct 2015 06:42
LONDON (Alliance News) - Casinos and bingo hall operator Rank Group PLC on Thursday said its revenue grew both on a total and like-for-like basis in the first 15 weeks of its current financial year, with a particularly strong performance from its Grosvenor Casinos brand.
The FTSE 250-listed company said its total revenue growth in the 15 weeks to October 11 was 7.0%, with 12% of that growth coming from Grosvenor and 1.0% from Mecca, its bingo operation. Like-for-like revenue for the group in the period was up 8.0%, with 12.0% growth from Grosvenor and a 3.0% rise at Mecca.
Rank said its remains confident it will meet its expectations for the full year.
At Grosvenor, venue revenue rose 9.0% in the period, while digital revenue increased 56%. London was the star performer for the business, with revenue up 19% in the capital compared to 6.0% for regional sites, helped by a strong win margin.
Mecca venue revenue fell 2.0% in the period, while digital revenue was up 10%. Venue revenue was hit by lower customer visits in the 15 weeks, down 5%, though the rate of decline has slowed, Rank said.
"The group has had a good start to the financial year. We are seeing a continued strong performance from our Grosvenor Casinos brand, particularly in its digital channel and London casinos, as well as an improving admissions trend in our Mecca venues combined with good growth in Mecca's digital business," said Henry Birch, Rank's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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