The Rank Group reports 11% growth in Q1 NGR

Updated:2024-03-25 13:28    Views:79

Operator The Rank Group has unveiled its trading update for the first quarter ended September 30 2023.

The results showcase an increase in performance within net gaming revenue (NGR).

Group like-for-like NGR for the Q1 of 2023/24 amounted to £179.6m ($217.6m), marking an 11% increase.

This growth was further broken down into digital NGR, which experienced a 7% upswing, and venues like-for-like NGR, which saw a 12% rise.

Among the key figures in the report, Grosvenor venues demonstrated growth, with like-for-like NGR rising by 13%. This was attributed to a 9% increase in visits and a 4% boost in spending per visit.

Notably, London NGR surged by 8%, while the rest of the UK experienced a 16% growth in NGR.

Average weekly NGR stood at £6.4m, marking a 10% increase when compared to the same quatre of the previous year.

Mecca venues maintained their momentum, delivering an 11% growth in like-for-like NGR, primarily driven by a 4% increase in customer visits and a 7% surge in spending per visit.

Enracha venues, the Spanish bingo business, also contributed to the positive results with 9% NGR growth.

The digital segment, covering both the UK and Spanish operations,Online Casino Games for Real Money posted a 7% increase in NGR, underscoring a 6% uptick in the UK business and a 15% rise in the Spanish market.

Notably, two key UK digital brands, Grosvenor and Mecca, saw their NGR rise by 14% and 9%.

Rank Group CEO John O'Reilly expressed satisfaction with the company's performance, highlighting its focus on key growth initiatives within digital business and preparations for upcoming modernising reforms in the gambling legislation review by the UK Government, expected to be implemented by the next summer.

In addition to its Q1 results, the Rank Group also recently expanded its partnership with Pragmatic Play, bringing live casino content to the UK through the Rank Group.

Looking ahead, Rank Group is set to announce its interim results for the six months ending December 31, 2023, on February 1, 2024.

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