Key points:
- Rank Group’s Net Gaming Revenue (NGR) grew by 12% in Q1 2024/25
- Digital NGR increased by 15%, while venue NGR rose 10%
- Grosvenor venues led growth with a 13% rise in NGR
- Overall trend is positive again, changing previous pattern of flat results in the years post-Covid
Rank Group has reported a 12% increase in like-for-like net gaming revenue (NGR) for the first quarter of 2024/25, reaching £197.5m ($256.4m).
The company’s digital and venue operations both contributed to the growth, with digital NGR up 15% and venue NGR rising 10%. This marks a strong start to the financial year for Rank.
Grosvenor venues posted a 13% rise in NGR, driven by a 2% increase in visitor numbers and an 11% increase in spend per visit. The improvement was seen across both London and the rest of the UK, with better-than-expected margins bolstering performance.
Mecca venues saw more modest growth, with a 4% rise in NGR. This was primarily due to a 5% increase in spend per visit, though visitor numbers fell by 1% earlier in the quarter, likely impacted by summer weather and England's run in the Euros. Visitor numbers picked up toward the end of the period.
Enracha venues in Spain continued to perform well, posting a 9% increase in NGR.
Good to know: Rank Group will release its interim results for the six months ending 31 December 2024 on 30 January 2025
Earlier this month, Rank Group entered into a partnership with Spinomenal, integrating new gaming content through the Light & Wonder OpenGaming platform. This follows a similar expansion in the Netherlands earlier in the year.
The company’s digital operations grew by 15%, with strong performance in both the UK and Spain. Grosvenor and Mecca brands led the way, recording NGR increases of 21% and 23%, respectively.
John O'Reilly, Rank's Chief Executive, 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.”
