The results highlight a steady first quarter for Rank, which posted £165.7m ($183m) in NGR. The report also revealed a 13% annual growth rate for Rank’s digital operations, while a 2% loss on its venues since 2021.
The Grosvenor venues in London showcased a strong performance, as its number of visits grew by 20% alongside its 21% rise in NGR – which helped to ease the 17% decline of the Grosvenor venues outside of London.
Meanwhile, Mecca venues reported a 2% increase in NGR and a 4% increase in customer visits, offsetting a 2% decline in spend per visit during Q1.
John O'Reilly, Chief Executive of Rank, said after the report: "It is pleasing to see increasing visits in this new financial year together with strong growth in the digital business, where we are starting to see the benefits of investments in our proprietary technology platform and our cross-channel offering, with encouraging growth in both the UK and Spain.
“Whilst it is a challenging trading environment, and we expect this to continue in the months ahead, we remain committed to delivering Rank's market-leading, exciting and entertaining proposition to our customers.”
The share price of Rank slumped yesterday, ahead of the report, but rebounded slightly following the steady news – currently sitting at £0.58, down from £0.65 on 12 October.
For the coming months, Rank warned that future results may reflect the cost-of-living crisis, stating: ‘We expect to see some continued impact of these external pressures on the business, particularly in the Grosvenor venues outside of London.’
