Rank Group PLC Trading Statement (8306W)
20 Abril 2023 - 1:00AM
UK Regulatory
TIDMRNK
RNS Number : 8306W
Rank Group PLC
20 April 2023
Trading statement
The Rank Group Plc
LEI: 213800TXKD6XZWOFTE12
20 April 2023
The Rank Group Plc (LSE: RNK) (Rank or the Group) announces the
following trading update for the quarter to 31 March 2023.
Group like-for-like ('LFL') Net Gaming Revenue ('NGR') for the
third quarter ended 31 March 2023 was up 13% to GBP174.4m. On a
channel basis, venues LFL NGR grew by 12% and digital NGR was up
16%.
LFL NGR Q3 2022/23 Q3 2022/23 Q3 YTD 2022/23 Q3 YTD 2022/23
GBPm % change GBPm % change
Grosvenor venues 77.9 15% 231.3 1%
------------ ------------ ---------------- ----------------
Mecca venues 34.8 9% 100.3 6%
------------ ------------ ---------------- ----------------
Enracha venues 9.2 8% 26.9 19%
------------ ------------ ---------------- ----------------
Digital 52.5 16% 153.3 11%
------------ ------------ ---------------- ----------------
Group 174.4 13% 511.8 6%
------------ ------------ ---------------- ----------------
Grosvenor venues grew LFL NGR by 15% driven by growth in visitor
numbers, with improved performance across London and the Rest of
UK. Average weekly NGR in the quarter was GBP6.1m, up 15% on the
comparable period and up 2% on Q2 2022/23 which benefited from
strong Christmas trading.
Mecca venues LFL NGR grew by 9% in the quarter, driven by a 4%
increase in customer visits and a 5% increase in spend per visit.
Average weekly NGR in the quarter was GBP2.7m, up 9% on the
comparable period and up 10% on Q2 2022/23.
Digital NGR grew by 16% in the quarter with strong growth across
both the UK (+15%) and Spanish businesses (+19%). In the UK, both
Grosvenor and Mecca performed strongly in the quarter with NGR up
23% and 15% respectively. Rank's other UK digital brands were up 7%
in the quarter.
Outlook
As highlighted in previous years, the start of Q4 is
traditionally a quieter period for our Grosvenor venues. However,
due to the improved performance seen in Q3, the Board now expects
the Group's underlying LFL operating profit for the full year to 30
June 2023 to be at the upper end or slightly ahead of the
previously guided range of between GBP10m and GBP20m.
John O'Reilly, Chief Executive, said:
"We are pleased that the momentum we saw at the start of the
second half of our financial year has continued with positive NGR
growth across all our businesses. Despite the challenging
macroeconomic environment, the investments we have been making to
improve the customer experience in our venues have helped drive the
improved performance across both Grosvenor and Mecca. The digital
business is benefitting from the build out of enhancements to the
customer experience on our proprietary technology and we have a
strong pipeline of developments to continue to grow market share
into the future."
Forthcoming announcements
Rank will announce its preliminary results for the 12 months
ending 30 June 2023 on 17 August 2023.
Ends
Contacts:
Rank
Sarah Powell - investor relations Tel: +44 1628 504 303
Media Enquiries:
Edward Bridges Tel: +44 20 3727 1067
Alex Beagley Tel: +44 20 3727 1045
Notes to editors:
1. Net Gaming Revenue represents Gross Gaming Revenue after customer incentives.
2. Like-for-like excludes the effects of club closures, club re-openings and FX.
3. All comparisons are with the same period in 2021/22.
4. Q3 is the period 1 January to 31 March.
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END
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