Rank Group NGR up 8% as “key technology developments” drive digital arm
Digital NGR jumps 12% in the 12 months to 30 June as the fastest growing vertical for the Maidenhead-based operator
Rank Group has reported an 8% year-on-year (YoY) rise in underlying group NGR as the bingo-led firm’s digital division rose to the fore.
NGR for the Maidenhead-based company hit £734.4m in the 12 months to 30 June 2024, up from £681.9m in the corresponding period in 2022-23.
Total group operating profit swung from a £110.4m loss to a positive return of £29.4m, as post-tax profit sat at £12m against a loss of £96.1m.
Looking at Rank’s performance by vertical, the group’s digital arm reported a 12% uplift in revenue over the past 12 months to £226m.
Within that figure, Mecca’s online NGR improved 20% YoY from £72.5m to £86.9m while Grosvenor NGR increased 21% from £57.1m to £69m.
Rank said “key technology developments” had helped push NGR up within the division, including a single content management system.
A new in-house Grosvenor app was all launched in the back-end of the fiscal year, with Rank claiming the product is translating to a “strong take-up from customers and driving higher deposits per player”.
A new in-house Mecca app is slated to launch over the next 12 months.
The Spanish Yo and Enracha brands reported a combined NGR spike of 16% from £23.8m to £27.6m.
In December 2023, the Spain-facing business relocated to Ceuta which has resulted in a halving of the gaming tax the firm faces from 20% to 10%.
However, Rank’s non-proprietary brands, which sit on third-party platforms, reported an NGR decline of 21% to £15.5m.
Bosses confirmed the exit from the multi-brand business is “well advanced”, with a sale expected to be completed in the coming months.
Overall, underlying operating profit for the digital arm soared 79% from £13.1m to £23.4m.
On the land-based front, Mecca venues returned a 2% total NGR increase to £138.9m and Grosvenor venues reported an 8% rise in NGR to £331.3m.
Enracha venues in Spain posted a 6% jump in NGR from £36.4m to £38.5m.
Rank added that it had made a “good start” to the 2024-25 financial year, having exited 2023-24 with “good momentum”.
Group NGR is up 10% for the first six weeks of the new fiscal year, the company confirmed.
John O’Reilly, Rank Group CEO, said: “This has been a year of strong financial, operational and strategic progress for Rank.
“We are continuing to rebuild profitability following the impact of lockdowns and the material inflationary pressures experienced in recent years.
“Trading continues to improve due to ongoing investment in our people, our products and the facilities within our venues businesses, and the continued development of the proprietary technology which is driving the growth of our digital business.
“We have started the new financial year as we finished the previous one, with good momentum across all businesses.
“With inflation receding, disposable incomes improving, investment continuing to be made in the customer proposition and a strong pipeline of growth initiatives underway, we are confident in the future prospects of the group,” he concluded.