A financial update has been published by The Rank Group for the quarter ending 31 March 2022.
It reports that UK Grosvenor and Mecca venues closed during Q3 2020/21. Enracha locations in Spain, however, were opened for a portion of the previous year’s third quarter with strict capacity restrictions.
In March 2019, the most recent comparable quarter was back. Grosvenor’s net gaming revenue (NGR), was 14% lower than the comparable period. Mecca saw a decrease of 25%. Enracha locations saw an improvement in NGR, with only 2%.
UK NGR fell 1% in terms of digital content. Grosvenor digital saw an increase of NGR by 33% thanks to its continued access to omnichannel channels. Mecca digital NGR declined 11% as a result of the migration to RIDE in January.
The performance of Rank’s other digital brands was varied; for example, with a growth of 42% of brands operating on the RIDE platform which was partly offset by a revenue decline of 25% in the non-proprietary brands due to affordability restrictions in H1 2021/22 by other operators. Additionally, the international digital market dropped by 5%.
The Rank Group observed that despite the traditionally short season at Grosvenor, they anticipate an improvement in April. As we approach the summer, performance trends will be closely monitored by the Rank Group as it measures the return rate to London office workers from city centers and customers abroad.
And due to the Q3 trends, numbers of UK venue visitors and continued inflationary costs, Rank is updating its previously guided EBIT range of £55m-£65m ($72m-$85m) for the year ending 30 June 2022 to a range of £47m-£55m.
John O’Reilly is Rank’s CEO. He stated that “the performance of our venues has softened in March and continued into Q4 which has affected our expectations for our full-year performance.”
“We are conscious of the demands on UK consumers, but we are confident that the improvements to our customer propositions and the investments made in our venues along the gradual reducing effect of the pandemic, and with it the return of overseas clients, place us well for this year.”
Rank announces its preliminary results in the twelve months ended 30 June 2022 at 18:55.
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