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17 Oct 2024 07:00
The Rank Group PlcLEI: 213800TXKD6XZWOFTE12
17 October 2024
Q1 2024/25 trading update
Momentum continues, with all business units performing well
Group like-for-like Net Gaming Revenue ('NGR') for the first quarter ended 30 September 2024 ('Q1') grew 12% to £197.5m. On a channel basis, digital NGR was up 15% and venues like-for-like NGR was up 10%.
LFL NGR | Q1 2024/25 £m | Q1 2024/25 change |
Grosvenor venues | 95.3 | 13% |
Mecca venues | 34.7 | 4% |
Enracha venues | 9.6 | 9% |
Digital | 57.9 | 15% |
Group | 197.5 | 12% |
Grosvenor venues like-for-like NGR grew by 13%, driven by a 2% increase in visits and a 11% increase in spend per visit. The business saw strong underlying improvement in the quarter and also benefitted from better than expected margins. Grosvenor's performance improvement was consistent across both London and the rest of the UK.
Mecca venues like-for-like NGR grew by 4%, driven by a 5% increase in spend per visit with visits down 1%. Visitor volumes picked up towards the end of the quarter following a period of slower trading in July resulting from the sunny weather and England's run in the Euros.
Enracha venues continued to deliver strong performance with NGR growth of 9%.
Digital NGR grew by 15% with growth across both the UK business, which was up 15%, and the Spanish operations, up 15%. NGR for our two key UK digital brands, Grosvenor and Mecca, were up 21% and 23% respectively.
Outlook
We have made a strong start to the new financial year and are confident of delivering Group LFL operating profit in line with expectations.
John O'Reilly, Chief Executive, said:
"We have continued to build on the momentum that we have generated over the past year and a half, and I am very pleased with our start to this financial year. With all business units performing well, the double-digit growth in our Grosvenor venues and UK digital business is particularly encouraging, with customers clearly enjoying the improvements we are making across our land-based estate and to our digital offering. Rank is now a stronger and more sustainable business, and we are looking forward to the land-based legislative reforms coming to fruition in 2025."
Forthcoming announcements
Rank will announce its interim results for the six months to 31 December 2024 on 30 January 2025.
Ends
Contacts:
Rank
Sarah Powell - investor relations Tel: +44 1628 504 303
Media Enquiries:
FTI Consulting LLP (PR adviser to Rank)
Edward Bridges Tel: +44 20 3727 1067
Alex Beagley Tel: +44 20 3727 1045
Notes to editors:
1. NGR represents Gross Gaming Revenue after customer incentives.
2. Like-for-like excludes the effects of club closures, club reopenings and FX.
3. All comparisons are with the same period in 2023/24.
4. Q1 is for the period 1 July to 30 September.
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