Rank’s Q3 Revenue of £182.3M Sees Group Achieve Slight Growth
The Rank Group, the bingo and casino gaming operator, has announced its Q3 results for the period ending 31st March 2024, with revenue reaching £182.3 million.
Rank Group Q3 revenue enjoys growth.
LISTEN TO THIS ARTICLE:These trading figures show steady growth for the Rank Group in a year-on-year comparison, with both digital and land-based operations sharing in the success of the gaming operator.
The statement included the year-to-date revenue for the combined Group, with an increase of 8% to £544 million for the quarter when compared to the same quarter in 2023.
The trading statement noted there had been a marketing spend reduction of 13% on UK digital brands, and noted this has led to a direct correlation of a reduction in digital revenues for the same period.
We continue to make good progress across both our venues and online businesses, Q3 trading is very much in line with the board’s expectations. Performance continues to improve. 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.
Mecca Bingo Enjoys Rise in Visitors
The Mecca Bingo brand of Rank has seen growth in the last quarter, with trading figures of £37.3 million which is reflected as an increase of 12% when compared to the same quarter for the previous year.
Senior leadership at the group has outlined in the statement that they believe this success follows a concerted effort to increase visitor numbers. Rank says its primary bingo markets, in the United Kingdom (UK) and Spain, have seen a significant rise in customer numbers and this strategy has proved successful.
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Rank Group Outlines Future Direction
Senior leadership at Rank outlined the future strategy of the group to build on the steady results for the year so far. Additionally, there will be challenges and opportunities that arise from the White Paper, and senior leadership at the group say they are looking forward to the potential changes in the Gambling Act.
Related: Rank Calls for Urgent Industry Reform in Trading Update
There are also plans for the group to proceed with the sale of its position in Passion Gaming, the Indian-based online gaming business. This process is due to be completed in a matter of weeks, and the reason given for the sale is to streamline the portfolio of the whole business.
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