Rank Group posts Q3 2024 results: NGR up 6% to £182.3m
Despite the months after Christmas being the quietest in hospitality and gaming, Rank Group has still reported increases across the board.
The Rank Group has published its Q3 results for the period ending 31 March 2024. Net gaming revenue (NGR) for Q3 rose 6% to £182.3m ($227.4m), which was across both land-based and online venues.
Grosvenor’s NGR rose 3% to £80m, with the year-to-date (YTD) value increasing by 8% to £247.5m.
These venues also reported a 5% growth in visit numbers, despite it being a traditionally quieter period after Christmas.
Enracha venues fared slightly better, with a 9% increase over both time periods; £10m in this Q3 and £29.5m YTD.
Mecca came out on top, though, with a 12% jump to £37.3m this quarter and a 10% increase YTD to £104.5m.
This was driven by a 5% growth in customer visits and 7% boost in spending per visit; which was especially apparent over Mother’s Day and Easter.
John O’Reilly, The Rank Group CEO, said: “We continue to make good progress across both our venues and online businesses, with Q3 trading very much in line with the Board’s expectations.
“Performance continues to improve, and we have the very important land-based reforms from the Government’s White Paper to look forward to, which we hope to start implementing in the coming months.”
Rank’s digital operations rose 6% in NGR to £55m and 7% YTD to £163.4m. The digital platforms grew 6% in the UK and 20% in Spain.
While Mecca’s digital NGR grew 21% in the UK, Grosvenor’s only increased by 1%, which Rank attributes to some “big customer wins.”
The company has also entered an agreement to sell its holding in Passion Gaming, an Indian online rummy business, which is expected to close in the coming weeks.
It’s been a busy time in the financial sector, though, these quarterlies always are, with Entain also releasing its respective Q1 and 100% growth in CEE.
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