The Rank Group has published its financial report for the third quarter of the fiscal year (the quarter ended March 31, 2024). In its trading update, the company outlined increases across the board, just as expected by the board.
The group’s LFL net gaming revenue (NGR) for Q3 stood at £182.3 million ($227.4 million), representing an increase of 6%. On a year-to-date basis, LFL NGR stood at £544.9 million ($679.8 million), marking an increase of 8%.
The company also recorded growth across both its retail and digital business and reported strong positions in the UK and Spain.
The digital segment, for example, reported £55 million ($68.6 million) in revenue in Q3, marking an increase of 6%. For the year-to-date, the segment posted an NGR of £163.4 million ($203.8 million), an increase of 7%.
Rank Group further mentioned that Digital NGR grew by 4% in the UK and a whopping 20% in Spain.
In the meantime, the company’s Grosvenor venues, Mecca venues and Enracha venues highlighted NGR results of £80 million ($99.8 million), £37.3 million ($46.5 million) and £10 million ($12.5 million), respectively. All of these segments experienced growth. In terms of YTD results, Grosvenor, Mecca and Enracha reported revenues of £247.5 million ($308.7 million), £104.5 million ($130.3 million) and £29.5 million ($36.8 million), respectively.
Mecca’s NGR in the UK increased by 21%, according to the report. Grosvenor, in the meantime, grew by just 1%.
Rank Group also noted that its performance continued to improve in April. The company added that it expects LFL operating profit for FY 2023/2024 to be in line with its expectations. The preliminary results for the 12 months ending June 30 will be announced on August 15.
Rank Group Remains Bullish on Further Growth
In Q3 2023/2024, the group launched a new content management system across the Mecca and Grosvenor online sites, improving operational efficiency and speed to market. In Spain, the Yo brands continued to deliver NGR growth.
Rank Group also entered an agreement to sell its holding in Passion Gaming. The deal is set to be finalized very soon.
John O’Reilly, chief executive officer of Rank Group, commented on the matter, saying that his company continues to make good progress, in line with the board’s expectations.
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.
John O’Reilly, CEO, Rank Group
This follows the publication of Rank Group’s Q2 results, which further highlighted the company’s growth in the United Kingdom.
