LITTLE TO EXCITE IN RANK INTERIM
Generally flat revenues, but Grosvenor digital channel provides the bright spot.
Online and land gambling company Rank Group plcs interim Friday provided little in the way of excitement with the news that it expects to post ‘flat revenues’ revenues for the 15-week period to 9 October, although management remains confident it will meet its FY forecast.
Like-for-like revenues at subsidiary Grosvenor Casinos during the period were marginally up by 1 percent, a disappointing performance attributed to fewer player visits and a lower than average margin, whilst Mecca delivered a flat performance.
The bright spot in the report was the digital channel at Grosvenor, which generated like-for-like revenues during the period that were 30 percent up year-on-year.
Unfortunately the digital operations at Mecca did not achieve similar success, with revenue declining 4 percent, although post the reporting period there have been signs of improvement.
Ranks half-year results are expected late January next year.