Growth in Grosvenor Casinos venues and an improvement in digital channels have helped Rank Group achieve positive results in the new fiscal.
UK.- Rank Group has released the financial results from the first quarter of the new fiscal year. Gross gaming revenue (GGR) increased 8% year-on-year in fiscal 2019-20, helped by growth at Grosvenor Casinos and Rank’s digital channels.
In the three-month period to September 20, net gaming revenue increased 9% in total and 10% on a like-for-like basis when compared to the previous fiscal year. Digital net gaming revenue rose 16% thanks to trading from Grosvenor and Mecca Bingo brands.
Grosvenor posted a 15% like-for-like net gaming revenue increase in its venues when compared to the first quarter of fiscal 2018-19. On the other hand, Mecca venues’ performance wasn’t as good as expected. Rank explained that higher spending per customer per visit was offset by fewer visitors.
“All gaming product areas delivered revenue growth with electronic roulette continuing to benefit from the investments we have made to the machine estate together with the regulatory changes on B2 staking limits in April,” said Rank.
Chief Executive John O’Reilly said: “We are pleased with the growth achieved across our businesses in this key part of our financial year, as well as with the ongoing progress we are making with our transformation programme. The acquisition of Stride marks a pivotal moment in the development of our digital offering and having completed it on October 4, we are now starting the execution of all our plans for integration and delivery of synergy benefits.