Double-digit growth in digital and venues boosts Rank’s revenue by 12% in Q1

Rank Group has reported a 12% year-on-year increase in revenue for the first quarter of its 2024-25 financial year, driven by double-digit growth in both its land-based Grosvenor Casinos and digital operations.

For the three months ending 30 September, net gaming revenue reached £197.5m (€236.4m/$256.6m), surpassing the £179.6m recorded in Q1 last year.

In a trading update, Rank highlighted growth across both physical venues and digital platforms. Digital revenue saw a 15% year-on-year rise, while land-based revenue grew by 10%.

Land-Based Growth for Rank

In its land-based operations, revenue from Grosvenor Casinos jumped 13% to £95.3m, making it the group’s largest revenue source. This was supported by a 2% increase in visits and an 11% rise in spend per visit during Q1, with consistent growth across both London and the rest of the UK.

The Mecca Bingo land-based segment also saw a 4% revenue increase, reaching £34.7m. Although visits declined by 1%, a 5% rise in spend per visit contributed to the growth. Visitor numbers recovered towards the end of the quarter after slower trading in July, attributed to sunny weather and England’s success in the Euro 2024 football tournament.

Additionally, Rank’s Spanish land-based brand, Enracha, reported a 9% increase in revenue, totaling £9.6m.

Continued Digital Growth

On the digital side, Rank experienced its strongest growth in Q1, with revenue rising 15% to £57.9m. This growth was consistent across both UK and Spanish digital markets.

In the UK, digital revenue increased by 15%, with Grosvenor’s online brand seeing a 21% rise and Mecca’s digital revenue jumping 23%. Similarly, in Spain, digital revenue was also up 15% year-on-year.

Outlook for Further Growth

Following the Q1 performance, Rank remains confident in delivering like-for-like operating profit as expected.

“We have built on the momentum of the last 18 months, and I’m very pleased with our strong start to this financial year,” said Rank CEO John O’Reilly. “The double-digit growth in our Grosvenor venues and UK digital business is particularly encouraging. Our customers are clearly responding to the improvements we’ve made to both our land-based and digital offerings.”

Rank anticipates further growth as it looks ahead to upcoming legislative reforms for land-based venues, expected in 2025. The company will release its interim results for the first half of the financial year on 30 January 2025.