The Rank Group Optimistic about the Future, despite 2% Growth for Q1

The leading UK-based gambling company, The Rank Group, released its latest trading update Thursday.

The Rank Group’s Revenue Hits £165.7M, up 2%

The company revealed that for the first quarter, covering the trading period between July 1 and September 30, 2022, it has seen its total net gaming revenue (NGR) increase by 2% to £165.7 million ($183.1 million) when compared to the same period the prior year. In its latest update, The Rank Group revealed that its digital NGR for the period hit £48.9 million ($54 million), while retail NGR was £116.8 million ($129.1 million). In comparison to the same period last year, the digital NGR grew by 13%, while retail NGR marked a slight decrease of 2%.

“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.“

John O’Reilly, chief executive at The Rank Group

John O’Reilly, The Rank Group’s chief executive, said that seeing strong growth in the company’s digital operations combined with an increase in visits to its venues brings excitement. He acknowledged that the company already sees the benefits of its investments in cross-channel offerings and technology that boosted the growth in Spain, as well as the UK.

The Company Expects Further Growth

Despite the difficulties due to the current trading environment, O’Reilly said that the company remains committed to offering entertaining experiences to its customers. At the same time, The Rank Group’s chief executive revealed that the company has multiple initiatives in the making that will boost its long-term revenues.

“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,“

added O’Reilly

According to O’Reilly, The Rank Group plans to improve its gaming machines available at Mecca venues and introduce new jackpot games and electronic roulette games along with refurbishments of its Grosvenor venues. Within the online space, he explained that The Rank Group plans to boost its online digital assets in the UK by introducing live casino games and personalization features. All those projects are expected to boost the company’s revenue. Last but not least, O’Reilly said: “The Group has the benefit of a strong balance sheet, enabling us to continue investing in the business through this period.”