Rank Group confident of targets as Grosvenor & Mecca see revenues rise

Birch
Henry Birch – Rank Group Plc

Rank Group governance remains fully confident of hitting its 2015 full year expectations, having recorded key metric growth on all its core business channels for the 15-week period to 11 October 2015

Updating investors and markets via an interim management statement, Rank informed that its group revenues had gained an 8% increase in a like for like basis.

For its Grosvenor enterprises, Rank detailed that it had recorded growth in both its land-based (9% growth) and digital gaming (56% growth) divisions. Total Grosvenor revenue growth was forecasted at 12% for the period

Detailing performance drivers, Rank noted strong wagering growth in its London Grosvenor venues which recorded increased revenues of 19%.

During the 15 week period, the operator was able to implement successful cross-sell strategies between its land-based and digital products, with a strong emphasis on customer mobile engagement, which helped improve revenue margins and VIP activity.

Mecca Bingo assets contributed to group growth with a 3% revenue uplift, with a 10% revenue gin through its digital channels. However Rank management noted that Mecca venues had recorded a 2% decline in customer visits during the period.

Rank Group CEO Henry Birch was pleased with company progress

“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.”

“We continue to work on our five strategic priorities, particularly the development of our new digital platform which is on track to be launched in calendar Q1 2016 and we will provide a more detailed update at our forthcoming interim results in January 2016.”

Rank Group will give full a breakdown of its corporate results for the 15 week period in its upcoming interim results announcement

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