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The Rank Group saw its total net gaming revenue (NGR) increase 6% year-on-year to £182.3m in Q3 of its 2023/24 financial year (three months ended 31 March 2024).

Revenue breakdown

The largest contributing business segment was the firm’s Grosvenor casino venues, which generated £80m of the total revenue amid a year-on-year improvement of 3%.

Growth in Grosvenor operations was helped by a 5% improvement in visitor numbers and 2% growth in average weekly NGR.

The digital segment delivered an additional £55m, up 6% on a like-for-like basis, while Rank’s Mecca bingo venues grew decidedly faster, as revenue there improved 12% year-on-year to £37.3m.

Mecca venues saw a 5% increase in the number of customer visits, and a 7% increase in the average spend per visit, Rank said.

The operator’s Enracha venues in Spain delivered a further £10m in NGR amid year-on-year growth of 9%.

Those figures brought the group’s total NGR for the first nine months of its 2023/24 financial year to £544.9m, up 8%.

Good progress

“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,” said Rank CEO John O’Reilly.

“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.”

Elsewhere, the business revealed it has entered into an agreement to sell its holding in Passion Gaming, an Indian online rummy business, for “a nominal consideration”. The sale is expected to complete in the coming weeks, it added.

Following publication of the results, investment bank Peel Hunt reiterated its Buy rating for Rank Group stock and £1 target price.

After peaking at more than £3 in February 2020, shares in Rank Group have been on a downward trajectory which saw them dip as low as 56p in October 2022. 

For the past month, shares have changed hands for between 66p and 73p.

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