REG - Rank Group PLC - Trading Statement

RankAnnouncement

17/10/2024 07:00

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RNS Number : 4885I  Rank Group PLC  17 October 2024

The Rank Group Plc

LEI: 213800TXKD6XZWOFTE12

 

17 October 2024

Q1 2024/25 trading update

Momentum continues, with all business units performing well

Group like-for-like Net Gaming Revenue ('NGR') for the first quarter ended 30
September 2024 ('Q1') grew 12% to £197.5m. On a channel basis, digital NGR
was up 15% and venues like-for-like NGR was up 10%.

 LFL NGR           Q1 2024/25  Q1 2024/25

                   £m           change
 Grosvenor venues  95.3        13%
 Mecca venues      34.7        4%
 Enracha venues    9.6         9%
 Digital           57.9        15%
 Group             197.5       12%

 

Grosvenor venues like-for-like NGR grew by 13%, driven by a 2% increase in
visits and a 11% increase in spend per visit. The business saw strong
underlying improvement in the quarter and also benefitted from better than
expected margins. Grosvenor's performance improvement was consistent across
both London and the rest of the UK.

Mecca venues like-for-like NGR grew by 4%, driven by a 5% increase in spend
per visit with visits down 1%. Visitor volumes picked up towards the end of
the quarter following a period of slower trading in July resulting from the
sunny weather and England's run in the Euros.

Enracha venues continued to deliver strong performance with NGR growth of 9%.

Digital NGR grew by 15% with growth across both the UK business, which was up
15%, and the Spanish operations, up 15%.  NGR for our two key UK digital
brands, Grosvenor and Mecca, were up 21% and 23% respectively.

 

Outlook

We have made a strong start to the new financial year and are confident of
delivering Group LFL operating profit in line with expectations.

John O'Reilly, 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. 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."

Forthcoming announcements

Rank will announce its interim results for the six months to 31 December 2024
on 30 January 2025.

Ends

Contacts:

Rank

Sarah Powell - investor relations                     Tel:
+44 1628 504 303

 

Media Enquiries:

FTI Consulting LLP (PR adviser to Rank)

Edward Bridges
 
Tel: +44 20 3727 1067

Alex
Beagley
            Tel: +44 20 3727 1045

 

Notes to editors:

1.     NGR represents Gross Gaming Revenue after customer incentives.

2.     Like-for-like excludes the effects of club closures, club
reopenings and FX.

3.     All comparisons are with the same period in 2023/24.

4.     Q1 is for the period 1 July to 30 September.

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