Rank Group reports 69% increase in Q1 revenue

The Rank Group has seen its net gaming revenue (NGR) increase by 69% year-on-year for the first quarter of the 2021/22 financial year.

In its trading update the group, whose brands include UK’s largest casino operator GrosvenorCasinosandMeccaBingo,said it was trading in line with expectations as it's like-for-like revenue is set to reach £163.1m ($223.7m) for the three months to 30 September.

With its land-based venues able to operate without restrictions since 19 July, Rank’s Grosvenor Casinos saw its revenue increase by 209% compared to the same period last year, up to £79.2m.

Its Mecca Bingo venues revenue rose 41% up to £34m, as visitor numbers increased throughout the summer during the gradual easing of coronavirus limits. Overall like-for-like NGR for Rank’s venues grew by 117% from a year prior.

The group’s digital business saw a 5% increase in NGR, which was a 4% rise for its UK-facing digital operations, up to £38.2m. Grosvenor’s digital revenue was up 12% and Mecca’s 6%.

The group also said it expects like-for-like revenue for the full 2021/2022 financial year to be in the range of £700m to £750m.

Rank Group CEO John O’Reilly said: "We have seen an excellent response from our customers as they return to our venues, with our colleagues doing a great job in ensuring they are being properly entertained within a safe environment."

"Whilst forecasting remains difficult as we emerge from the pandemic in an environment of volatile costs and numerous supply chain challenges, we are confident that trading will continue to improve across each of our businesses during the remainder of the year."

In August, Rank saw its underlying NGR cut in half for the 2020/21 financial year. Land-based closures due to the pandemic led to a fall in revenue to £288.2m for the 12 months ending 30 June 2021. Casinos were shut in England from mid-March to 15 August 2020 before closing again due to another lockdown last winter, only reopening as recent as 17 May.

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