Last checked at 1 May 2019 07:00
1 May 2019
The Rank Group PlcLEI: 213800TXKD6XZWOFTE12
Trading Statement
The Rank Group Plc (LSE: RNK) ("Rank" or the "Group") announces 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.
*including International venues performance
Forthcoming announcements
Rank will announce its preliminary results on 22 August 2019.
Ends
Contact: |
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The Rank Group Plc | Tel: +44 1628 504 303 |
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Sarah Powell - investor relations |
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Media Enquiries: |
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FTI Consulting LLP (PR adviser to Rank) |
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Edward Bridges | Tel: +44 20 3727 1067 |
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Alex Beagley
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Notes to editors: | |||
1. | Figures are not adjusted for customer incentives. | ||
2. | Like-for-like excludes the effects of club openings, closures, relocations and the contribution from YoBingo's operations acquired in May 2018. | ||
3. | All comparisons are with the same period in 2017/18. | ||
4. | Q1 is for the period 1 July to 30 September; Q2 is for the period 1 October to 31 December; and Q3 is for the period 1 January to 31 March. | ||
5. | Rank's digital revenue is referred as gross gaming revenue ('GGR'); net gaming revenue ('NGR') is defined as GGR after deducting customer incentives. | ||