Quarterly Report Unveiled by Rank Group, Emphasizing Remarkable Growth in the UK and Spain Markets
Unleashing the Rank Group's Q3 Financial Powerhouse
The audacious Rank Group has dropped its financial battlecry for the third quarter of the fiscal year (finishing on March 31, 2024). In its thrilling war update, the company showcased victories across all fronts, just as anticipated by their strategic leaders.
The group's Local-Local (LL) Net Gaming Revenue (NGR) for Q3 stood at a staggering £182.3 million ($227.4 million), witnessing a robust 6% surge. On a year-to-date basis, its LL NGR reached £544.9 million ($679.8 million), boasting an impressive 8% gain.
The company showcased triumphs in both its retail and digital realms, setting up a powerful stance in the UK and Spain.
For example, the digital domain reported a solid £55 million ($68.6 million) in Q3 revenue, inflating by 6%. In the year-to-date, the segment presented an NGR of £163.4 million ($203.8 million), amassing a 7% rise.
Rank Group taunted that its digital NGR swelled by 4% in the UK and a remarkable 20% in Spain.
Meanwhile, the company's Grosvenor, Mecca, and Enracha venues emphasized Q3 NGR results of £80 million ($99.8 million), £37.3 million ($46.5 million), and £10 million ($12.5 million), respectively. Each segment roared with growth. Year-to-date, Grosvenor, Mecca, and Enracha brought in revenues of £247.5 million ($308.7 million), £104.5 million ($130.3 million), and £29.5 million ($36.8 million), respectively.
Mecca amplified its NGR in the UK by 21%, as per the report, while Grosvenor inched up by just 1%.
Rank Group proudly declared that its performance kept soaring in April and expects LL Operating Profit for FY 2023/2024 to stay on target. The preliminary results for the 12 months ending June 30 will be announced on August 15.
Rank Group's Growth Remains Unquenchable
In Q3 2023/2024, the group dazzled with a new content management system across its Mecca and Grosvenor online sites, increasing operational efficiency and swiftening the time to market. Meanwhile, the Yo brands continued to kick some serious NGR goals in Spain.
Rank Group also signed an agreement to unload its stake in Passion Gaming, a deal expected to conclude shortly.
John O'Reilly, Rank Group's chief executive officer, expressed enthusiasm about the company's progress, stating that they are charging forward like a well-oiled mission, in synchrony with the board's ambitions.
Performance remains on a roll, and we eagerly await the land-based reforms from the Government's White Paper, which we hope to deploy in the upcoming months.
This announcement coincides with the previous publication of Rank Group's Q2 results, which underscored the company's growth across the United Kingdom.
Enrichment Data:
Overall:
The Rank Group's financial performance in Q3 of the 2023/2024 fiscal year demonstrated spirited growth and encouraging trends in their vital segments, setting the stage for attaining full-year operating profits.
Key Financial Highlights Q3 2023/2024:
- Net Gaming Revenues (NGR): Rank Group detailed net gaming revenues of £196 million for Q3, reflecting an impressive 11% increase relative to the same quarter in the preceding year. Year-to-date income reached £597 million, surging 12% from £533 million seen in the previous year-to-date period.
- Segment Performance:
- Grosvenor Venues: The significant revenue generator, Grosvenor venues recorded an NGR contribution of £90 million in Q3, backed by favorable customer responses to recent investments and updates in table gaming and electronic roulette. Year-to-date, Grosvenor chalked up £283 million in revenue, swelling 15% compared to 2023/2024.
- Mecca Bingo: Despite a 1.8% dip in client visits, increased customer spend per visit by 4% helped balance the decline. Mecca managed an NGR contribution of £37 million for the quarter.
- The Rank Group added an impressive £196 million to its revenue in Q3 2023, marking a significant 11% increase from the same quarter the previous year.
- The Local-Local (LL) Net Gaming Revenue (NGR) for the digital domain increased by 6% in Q3 2023, amounting to £55 million, while year-to-date, the segment presented an NGR of £163.4 million, experiencing a 7% rise.
- Rank Group's Mecca Bingo still managed to gather an NGR contribution of £37 million in Q3 2023 despite a 1.8% drop in customer visits, thanks to a 4% increase in customer spend per visit.
