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UK – Rank reports steady growth

By - 13 May 2016

Rank has reported steady growth so far in 2016 with like-for-like revenue for the 19 weeks to May 8 2016 has grown by three per cent with total revenue up two per cent and digital revenue up six per cent.

Henry Birch, chief executive of The Rank Group Plc, said: “I am pleased with the Group’s performance during this 19-week period. We have seen continued like-for-like revenue growth across all of our brands and the performance in our Grosvenor digital business has been particularly encouraging. During the period we launched our new digital platform which was delivered both on time and on budget. This is an important development for the Group and we look forward to the benefits the increased functionality will bring.”

In the 19-week period, like-for-like brand revenue grew by four per cent and total revenue was up three per cent.

Venues like-for-like revenue grew by two per cent principally driven by a solid London performance. Customer visits were stable and spend per visit increased by two per cent.

Grosvenor’s digital channel continued to deliver strong growth in the 19-week period with revenues up 35 per cent driven by on-going customer growth and improved functionality from the new digital platform.

Like-for-like revenue for Mecca increased by one per cent in the 19-week period, total revenue was down one per cent reflecting the closure of venues in 2015 as previously disclosed.

Venues like-for-like revenue continued to grow in the 19-week period, up three per cent driven by the recent improvements in product and service. Total venues revenue was flat. Like-for-like customer visits were down one per cent in the period.

Disruption following the recent platform migration led to a five per cent decrease in digital revenue in the 19-week period. New content and functionality are now being rolled out, which management expects to have a positive impact on performance.

On 1 March 2016 Steven Esom joined the Rank board as a non-executive director. Steven will chair Rank’s remuneration committee and serve on its audit and nominations committees.

The Board said it is ‘encouraged that all its brands have continued to make like-for-like progress and expects the Group’s full year performance will be in line with management’s expectations. Rank is in a strong financial position, possesses market-leading brands with multi-channel distribution and has a clear strategy for sustained long-term growth.’

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