The Rank Group Plc (LON: RNK) announced the following trading update for the quarter to 31 March 2019.
Rank today announces total Group like-for-like revenue was flat for the quarter ended 31 March 2019 (‘Q3’), with total revenue up 1%. On a channel basis, digital gross gaming revenue (‘GGR’) grew by 2% and venues* like-for-like revenue was flat.
|
LFL revenue |
Q3 2018/19 |
Q2 2018/19 |
Q1 2018/19 |
|
Grosvenor venues |
0% |
(3)% |
(6)% |
|
Mecca venues |
(1)% |
(1)% |
(6)% |
|
Digital |
2% |
10% |
0% |
|
International venues |
0% |
0% |
3% |
|
Group |
0% |
0% |
(5)% |
Grosvenor venues improved in the quarter with like-for-like revenue flat following declines in the first two quarters of 2018/19. Strong London trading in the quarter was offset by a disappointing Provincial performance.
Mecca venues like-for-like revenue was down 1% in the quarter, with lower customer visits partially offset by higher spend per visit.
Grosvenor digital grew GGR 6% in the quarter with net gaming revenue (‘NGR’) up 15% following targeted action to manage bonus expenditure more efficiently. Similarly, Mecca digital grew NGR 10% in the quarter on flat GGR. YoBingo, which is not included in the like-for-like comparatives, continues to perform well and in line with our acquisition plan.
The transformation programme delivered the expected cost savings in the quarter and remains on track.
Management’s expectations for the full year remain unchanged.
