Rank posts broad-based revenue growth despite tough economic backdrop
Rank Group PLC on Wednesday forecast full-year profit above current market estimates as it reported revenue growth across all businesses in its third quarter.
The Maidenhead, England-based owner of Grosvenor Casino and Mecca Bingo said like-for-like net gaming revenue for the third quarter ended March grew 5% to £205.4 million year-on-year, with year-to-date NGR up 6% on the prior year. On a channel basis, digital NGR for the quarter was up 4% and venues LFL NGR was up 6%.
As a result of the ‘strong profit conversion’ from the revenue growth in the quarter, Rank now expects full-year underlying LFL operating profit to be at least £68 million, compared to £63.7 million in the year to June 2025.
Shore Capital analyst Greg Johnson said this was £3 million above his current estimate.
In response, shares in Rank jumped 12% to 101.40 pence each, the top performer on the FTSE 250, which was up 0.1%.
Interim Chief Executive Richard Harris said: ‘It was pleasing to see continued revenue growth across all businesses and strong profit conversion in Q3, despite a tough macroeconomic backdrop.’
‘Having implemented the actions required to mitigate much of the impact of higher [remote gaming duty] in our UK digital business, and with clear plans in place to drive sustainable revenue growth, the group is well placed to deliver the medium-term objective of generating at least £100 million operating profit,’ he added.
Rank said it expected continued growth in the fourth quarter at its Grosvenor venues despite the Middle East crisis creating ongoing uncertainty around international travel.
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