British gambling operator Rank Group posted today interim management statement with information about its financial performance during the 19 weeks to May 8, 2016. Like-for-like revenue, or revenue excluding the effects of clubs launches, relocations, and closures, increased 3% as compared to the figures posted for the same period of the previous year. Including these, revenue was up 2% year-on-year, with revenue from online gambling operations up 6% year-on-year.
Rank Group currently manages three gambling brands, two UK-facing and one providing services across Spain. Grosvenor Casinos, known to be UK’s biggest multi-channel gaming brand, posted a 4% increase in like-for-like revenue. Total revenue was up 3% year-on-year.
Grosvenor Casinos operates both land-based casino venues and digital operations. Like-for-like revenue from brick-and-mortar operations was up 2% as compared to the figures posted for the same period of 2015. The growth was mainly attributed to solid performance in London. Total revenue was up 1% year-on-year. As for Grosvenor Casinos’ Internet gambling business, revenue increased 35% due to customer growth and the launch of the new digital platform, which was said to have improved functionality.
Mecca, known to be Rank Group’s bingo business, reported like-for-like revenue increase of 1%. Total revenue, however, was down 1% year-on-year due to the closures of several venues back in 2015. Mecca’s digital business reported a 5% drop in revenue, attributed to the recent migration to a new platform.
As mentioned above, Rank Group also owns a chain of gambling facilities located in several bigger Spanish cities. Revenue from those was included in the overall figure reported for the period to May 8, 2016.
Commenting on the posted results, Henry Birch, CEO of Rank Group, said that they are pleased with the operator’s financial performance during the reviewed 19 weeks as they have seen continued like-for-like revenue increases across all brands. Mr. Birch also noted that Grosvenor Casinos’ digital business performed in a particularly encouraging manner.
As for the recent launch of the new gaming platform, the executive said that it was on budget and on schedule and that it is an extremely important endeavor for the company as the increased functionality of their operations is expected to bring a number of benefits.
