Rank Group PLC Trading Statement (0148P)
14 Octubre 2021 - 1:00AM
UK Regulatory
TIDMRNK
RNS Number : 0148P
Rank Group PLC
14 October 2021
Trading statement
The Rank Group Plc
LEI: 213800TXKD6XZWOFTE12
14 October 2021
The Rank Group Plc (LSE: RNK) ('Rank' or 'Group') announces Q1
trading in line with expectations
Q1 Trading
Rank today announces Group trading is in line with expectations,
with like-for-like net gaming revenue ('NGR') up 69% for the
quarter ended 30 September 2021 ('Q1'). On a channel basis, digital
NGR grew by 5% and venues like-for-like NGR grew by 117% YOY.
LFL NGR Q1 2021/22 Q1 2021/22 vs Q1 2021/22 vs
GBPm Q1 2020/21 Q1 2019/20
Grosvenor venues 79.2 209% (20)%
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Mecca venues 34.0 41% (22)%
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Enracha venues 6.5 20% (21)%
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UK digital 38.2 4%
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International digital 5.2 11%
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Group 163.1 69%
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Venues
Grosvenor venues grew by 209% YOY, down 20% compared to the same
quarter in 2019/20, before the impact of the COVID-19 pandemic.
London continues to feel the impact of reduced tourism, whilst
outside London NGR is running at close to pre pandemic levels.
Mecca venues grew NGR by 41% YOY, down 22% compared to the same
quarter in 2019/20. Visit numbers and NGR have gradually improved
through the quarter but visits from our older and more frequent
customers have been slower to return than other cohorts.
Enracha venues NGR grew by 20% YOY, down 21% compared to the
same quarter in 2019/20. Trading restrictions continue to gradually
ease across Spain.
Digital
The UK digital business returned to growth in the quarter.
Grosvenor digital grew NGR 12%, driven by the growth in revenue
from omni-channel players following the reopening of our casinos.
Mecca digital NGR grew by 6% and the migration of Mecca onto the
RIDE platform remains on schedule for January 2022. The performance
of our other brands was mixed, with growth in the casino business
offset by revenue declines in bingo resulting in a combined NGR
decline of 6%.
In International digital, Yo NGR grew by 11% in the quarter
despite the ongoing impact of regulatory changes preventing
promotional offers being made to new customers.
Liquidity
The Group ended the quarter with cash and available facilities
in line with expectations. We are now targeting a GBP10m increase
in full year capital expenditure to GBP50m. The Group expects to
continue to meet all its liquidity and financial covenant
tests.
Outlook
Based on our current trading performance, an expectation of
continued improving performance across all businesses and assuming
venues remain fully open, management expects Group LFL NGR for the
year ended 30 June 2022 to be in the range GBP700m to GBP750m and
EBIT to be between GBP50m and GBP75m.
John O'Reilly, CEO of Rank, 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."
Forthcoming announcements
Rank will announce its interim results on 27 January 2022.
Ends
Contacts:
Rank
Sarah Powell - investor relations Tel: +44 1628 504
303
David Williams - public affairs Tel: +44 1628 504
295
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. Net gaming revenue ('NGR') is GGR less customer incentives.
2. Like-for-like excludes the impacts of venue openings,
closures, relocations, acquired businesses and foreign exchange
movements.
3. Q1 is for the period 1 July to 30 September.
4. Digital comprises the Grosvenor, Mecca, Stride, Yo and Enracha brands.
5. EBIT is earnings before exceptional items, interest and tax.
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END
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