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Rank posts quarterly growth across all units despite difficult market

19th Oct 2023 10:15

(Alliance News) - Rank Group PLC on Thursday reported growth across all areas despite a "challenging environment" and consumer discretionary expenditure remaining under pressure.

The Maidenhead-based gambling company with operations in Great Britain, Spain and India said in the first quarter of the year ending June 30, like-for-like net gaming revenue rose 11% to GBP179.6 million from GBP165.7 million a year ago.

On a channel basis, digital casinos grew net gaming revenue by 5.9% to GBP51.8 million from GBP GBP48.9 million in the corresponding quarter in 2022.

Grosvenor's venues contributed to GBP84.2 million in LFL NGR, up 13% from GBP75.3 million a year prior.

NGR for Mecca bingo venues grew 11% to GBP34.7 million, which Rank attributed to a 4% increase in customer visits and a 7% increase in spend per visit.

Looking ahead, Rank said it is on track to deliver full year revenue and profit in with expectations.

Chief Executive Officer John O'Reilly said: "Going forwards, we remain focused on delivering the key growth initiatives within our digital business and preparing our UK venues for the critical modernising reforms in the government's review of the gambling legislation. These reforms, which are planned to be implemented by next summer, will help Grosvenor and Mecca to better meet the needs of our existing and prospective customers."

Shares in Rank were up 2.6% at 79.24 pence each in London on Thursday morning.

By Sabrina Penty, Alliance News reporter

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