Rank Group’s Q1 results lag pre-pandemic levels
By Jenny McCall
12:11, 14 October 2021
UK-based betting group Rank Group reported strong first-quarter revenues but venue results were still down compared with pre-pandemic levels.
Like-for-like net gaming revenue (NGR) was £163.1m ($223.5m), up 69% for the quarter ended 30 September, while digital NGR on a channel basis grew by 5%. Venues like-for-like NGR rose by 117% year over year.
Lagging pre-pandemic level
The gaming business, which owns Mecca Bingo, Grosvenor Casinos and Enracha gaming clubs, posted strong venue results when compared with the prior-year period.
Grosvenor venues results increased by 209% year over year. However, those figures were down 20% compared with the same quarter before the Covid-19 pandemic.
Mecca venues increased NGR by 41%, but again this was down 22% compared with the same period in 2019. Enracha venues increased NGR by 20% year over year, as well, but were down 21% from pre-pandemic levels.
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Impact of Covid-19
“London continues to feel the impact of reduced tourism, whilst outside London NGR is running at close to pre-pandemic levels,” the trading statement noted.
Rank Group CEO John O'Reilly said: “We have seen an excellent response from our customers as they return to our venues, with our colleagues doing a great job in ensuring they are being properly entertained within a safe environment. Whilst forecasting remains difficult as we emerge from the pandemic in an environment of volatile costs and numerous supply chain challenges, we are confident that trading will continue to improve across each of our businesses during the remainder of the year.”
The stock price for the Rank Group was up 0.88% at 160.60p in afternoon trading today.
Read more: The Rank Group share price drops as it reports earnings slump
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