Rank reports growth in H2 revenue

Rank Group has announced its interim results for the six months ended December 31, 2022, in which net gaming revenue grew two per cent year on year with nine per cent growth in digital offset by weakness in Grosvenor venues, which declined five per cent.

John O’Reilly, chief executive, said: “The recovery from the severe impact of the pandemic on our UK venues businesses, Grosvenor and Mecca, has certainly been slower than we anticipated.

“Since lockdown we have faced a huge increase in energy costs, high wage inflation, the slow return of overseas visitors to London and the increasing pressure on consumers’ discretionary income.

“We have also experienced a continued tightening of the regulatory environment, particularly in regard to affordability restrictions on customers.

“However, trading is improving as we invest in the quality of our products and properties, introduce new gaming concepts for our customers, reduce the level of intrusion in managing customer risk and reintroduce lapsed customers to the fun and excitement of our gaming experience.”