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UK – Rank pitching full year profit at slightly ahead of £20m after strong third quarter

By - 21 April 2023

Due to the improved performance seen in Q3, the Rank Group now expects its operating profit for the full year to June 30 to be at the upper end or slightly ahead of the previously guided range of between £10m and £20m.

Net gaming revenue for the third quarter ended 31 March 2023 was up 13 per cent to £174.4m. On a channel basis, venues revenues grew by 12 per cent and digital revenue was up 16 per cent.

Grosvenor venues grew LFL NGR by 15 per cent driven by growth in visitor numbers, with improved performance across London and the Rest of UK.   Average weekly NGR in the quarter was £6.1m, up 15 per cent on the comparable period and up two per cent on Q2 2022/23 which benefited from strong Christmas trading.

Mecca venues LFL NGR grew by nine per cent in the quarter, driven by a four per cent increase in customer visits and a five per cent increase in spend per visit. Average weekly NGR in the quarter was £2.7m, up nine per cent on the comparable period and up 10 per cent on Q2 2022/23.

Digital NGR grew by 16 per cent in the quarter with strong growth across both the UK (up 15 per cent) and Spanish businesses (up 19 per cent). In the UK, both Grosvenor and Mecca performed strongly in the quarter with NGR up 23 per cent and 15 per cent respectively. Rank’s other UK digital brands were up seven per cent in the quarter.

As highlighted in previous years, the start of Q4 is traditionally a quieter period for Grosvenor venues.

John O’Reilly, Chief Executive, said: “We are pleased that the momentum we saw at the start of the second half of our financial year has continued with positive NGR growth across all our businesses. 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.”

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