Rank pleased with Grosvenor progress as critical Stride integration begins

Rank Group Plc has detailed further progress for the firm’s transformation objectives and confidence in future prospects, as the London listed gambling group publishes its latest trading update for the quarter ending 30 September 2019.

Rank records a 10% increase in group like-for-like net gaming revenues (NGR), detailing strong continued growth across its digital channel up 16% NGR.

Maintaining its digital growth, Rank successfully migrated its brands onto a new content management system and reported higher average revenues for Mecca online players up 14% during the quarter.

Digital growth was matched by Grosvenor venue performance, which Rank governance marked as the ‘standout performer’.

Recording a 15% increase in NGR, Rank details that its Grosvenor venues delivered strong win margins on high volumes of table handle. Rank governance details that Grosvenor casinos will continue to benefit from investments in machine estates and gaming areas.

Meanwhile, Mecca Bingo venues’ reported flat like-for-like NGR in the quarter with lower customer visits offset by a higher spend per visit.

Closing a positive trading period, Rank governance will now focus on integrating Stride Gaming assets across the group’s operating frameworks as it seeks to compete as a ‘leading multi-channel operator with genuine digital scale’.

Marked as a transformative acquisition, Rank will begin its migration onto Stride Gaming’s proprietary platform increasing operational control and the group’s technology capacities.

Updating investors, John O’Reilly, CEO of Rank, said: “We are pleased with the growth achieved across our businesses in this key part of our financial year, as well as with the ongoing progress we are making with our transformation programme.

“The acquisition of Stride marks a pivotal moment in the development of our digital offering and having completed on 4 October 2019, we are now starting the execution of all our plans for integration and delivery of synergy benefits.”

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