Revenue boost for Rank Group

The Rank Group’s like-for-like net gaming revenue grew nine per cent for the six-month period ending December 31, 2023 against the previous year, according to figures the company has shared.

The figure stood at £332.6m for the H1 2022/23 period but grew to £362.6m in H1 2023/24.

Like-for-like underlying operating profit rocketed from £2.7m the previous year to £21.7m, which the company said reflected “both the growth in NGR and the operating leverage of the group.”

“After what has been a very challenging few years for Rank due to a wide range of external macro factors, we are starting to build revenues and, with our strong operational leverage, we are improving our profitability, with the Group delivering revenue and operating profit growth across all businesses,” said John O’Reilly, chief executive of The Rank Group.

“We are making good progress with the strong pipeline of development initiatives in both our UK and Spanish digital brands to accelerate revenue and profit growth. Whilst we expect UK digital growth to be offset in the short term by the impact of new maximum online slot stakes and the impact of the statutory levy in the UK, we are confident in the opportunities of delivering a market leading cross channel experience for our Grosvenor and Mecca customers. We are also excited to grow our digital business in selected new markets, commencing later this calendar year with the launch of the YoBingo brand in Portugal.

“I would like to express my considerable thanks to my colleagues across the group who continue to excite, entertain and protect our customers, provide support to their local communities and contribute significantly to the progress we are making in the transformation of the group.“