Rank Group reports double-digit NGR growth for Q1 as digital arm continues to grow
Player satisfaction with Maidenhead-based operator’s product and app improvements behind 12% revenue boost, says CEO John O’Reilly
Rank Group has reported net gaming revenue (NGR) of 12% for its fiscal Q1 2024-25 as the firm’s digital division and Grosvenor venues continue to lead the way.
Group NGR for the Maidenhead-based operator stood at £197.5m for the three months ending 30 September thanks to double-digit growth for the two verticals.
Breaking performance down into verticals, Rank’s digital arm reported a significant climb of 15% in NGR to £57.9m.
NGR for Grosvenor and Mecca, its UK digital brands, was up 21% and 23% respectively, as bosses pointed to strong cross-selling capabilities and improved apps.
Regionally, the group’s UK and Spanish digital operations grew 15% YoY.
Focusing on land-based performance, Mecca venues saw 4% YoY growth to £34.7m despite visits being down 1% YoY as there was a 5% YoY increase in spend per visit.
The firm noted visitor volume did increase at the end of the quarter after a slow July, due to “sunny weather” and England reaching the final of Euro 2024.
Grosvenor venues noted a double-digit NGR increase of 13% YoY to £95.3m, driven by a 2% increase in visits and an 11% rise in spend per visit.
The firm highlighted that Grosvenor’s performance in Q1 was consistent across London and the UK.
Spain’s Enracha venues continued to perform strongly with single-digit growth of 9% YoY, with the figure standing at £9.6m.
Rank said of the opening quarter of its new fiscal year: “Momentum continues, with all business units performing well.”
As a result, the London-listed operator said it was confident in delivering group operating profit in line with expectations through the remainder of the fiscal year.
Despite the positive report, Rank’s share price remained flat in morning trading, down slightly by 0.45%.
Rank Group CEO John O’Reilly said: “We have continued to build on the momentum that we have generated over the past year-and-a-half, and I am very pleased with our start to this financial year.
“With all business units performing well, the double-digit growth in our Grosvenor venues and UK digital business is particularly encouraging, with customers clearly enjoying the improvements we are making across our land-based estate and to our digital offering.
“Rank is now a stronger and more sustainable business, and we are looking forward to the land-based legislative reforms coming to fruition in 2025.”
O’Reilly recently spoke to EGR about Rank Group’s gains following the digital upgrades that it made to its Grosvenor app.