Rank optimistic despite tough Q3

Rank Group Q3 Financials
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Prior to reopening its UK properties in mid-May, the Rank Group reported that its Q3 net gaming venue fell 76 percent year-on-year, with only its nine Enracha venues in Spain open during the quarter.

 

The Rank Group reported that its net gaming revenue (NGR) was down 76 percent yearon- year for the quarter ending 31 March 2021.

During the quarter, Q3 in Rank’s financial year, all of the firm’s UK venues were closed. In Spain, nine Enracha venues were open and operating by the end of the period and experiencing strong customer demand, despite capacity restrictions.

The Mecca Bingo and Grosvenor Casino owner said it expects to return to growth in the first quarter of the next financial year while, for the present, its focus remains on growing its digital operations.

The operator’s venue-based revenue was down 98 percent while digital down three percent, resulting in a total NGR fall of 72 percent.

“We have ended Q3 broadly where we expected to be,” said Rank Group CEO John O’Reilly. “Our business has inevitably been heavily impacted by the pandemic but, with the strong support and dedication of our colleagues, we are now very much looking forward to reopening our casino and bingo venues, welcoming back our customers and providing the great entertainment and omni-channel service in a COVID safe environment we know they enjoy.

“We continue to make good progress on the Transformation 2.0 plans which will drive the next phase of growth for the group,” he added.

Since the quarter end, Rank has finalised the £25m sale of Casino Blankenberge in Belgium and its associated digital licence to Kindred Group, bolstering its cash reserves. Casino Blankenberge is one of nine landbased facilities operating in Belgium, and had been owned by Rank since 1998.

The sale marks Rank’s exit from the Belgian casino market, the company shut down its operations in Middlekerke in 2017.

Meanwhile, Rank has announced the appointment of Katie McAlister as a non-executive director to company’s board. McAlister has thirteen years of marketing and digital experience at TUI Group, with Rank highlighting her work on digital transformation and business change programmes.

“We are delighted to welcome Katie to the Rank board.” said Alex Thursby, chair of Rank. “Her extensive background in digital marketing, together with her customer-focussed strategic experience, will be a real asset. The board and I are very much looking forward to working with her over the coming years.”


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