Rank Group Announce Q3 Results
Ian Burke
The Rank Group which operates casinos, bingos and has an online business reported flat revenues for its third quarter.
Covering the three months to March this year the company said that continued decline in its bingo retail arm was offset by steady growth in its online offerings.
Indeed online gambling overall saw a 2% rise in revenues with a 1% decline in bingo retail and the Grosvenor casino brand remaining flat.
Although the retail business for Rank was not impressive at all their digital business continues to improve albeit not as strong in this quarter. Grosvenor digital saw a 15% rise in revenues, Mecca online enjoyed a 10% growth in net revenues.
Mecca Bingo retail continues to see falling visits per customer but was helped by a larger spend during those visits.
Rank acquired Spanish online bingo operator YoBingo and is reported to be performing very well, although like for like figures were available as the purchase was made in May 2018.
In other related news from Rank, former CEO and non-executive Chairman Ian Burke has announced he is leaving the company after the annual general meeting in October.
“I have enjoyed my time at Rank immensely and am extremely proud of what we have achieved as a company,” Burke said. “I have decided to step down as chairman in the knowledge that Rank has a strong management team and board which will take the business forward through its transformation programme.”
