Rank Group reports that the net gaming revenue (NGR) for the first quarter of the fiscal year 2024/25 grew by 12%, reaching £197.5 million ($256.4 million).
The company's digital and venue operations both contributed to this growth, with digital NGR increasing by 15% and venue NGR by 10%. This marks a strong start to Rank's fiscal year.
Grosvenor venues saw a 13% increase in NGR, benefiting from a 2% rise in visitor numbers and an 11% increase in spending per visit. Both London and other regions in the UK showed improvements, with better-than-expected profit margins boosting performance.
Mecca venues experienced more moderate growth, with NGR up by 4%. This was mainly due to a 5% increase in spending per visit, despite a 1% drop in visitor numbers earlier in the quarter, possibly influenced by the summer weather and England's performance in the European Championship. Visitor numbers rebounded towards the end of the quarter.
The Enracha venues in Spain continued to perform well, with a 9% increase in NGR.
Worth noting: Rank Group will release its interim results for the six months ending December 31, 2024, on January 30, 2025.
Earlier this month, Rank Group partnered with Spinomenal to integrate new game content through the Light & Wonder OpenGaming platform. Earlier this year, the company also expanded similarly in the Netherlands.
The company's digital business grew by 15%, showing strong performance in both the UK and Spain. The Grosvenor and Mecca brands led the way, with NGR growth of 21% and 23%, respectively.
John O'Reilly, CEO of Rank, stated: "We continue to maintain the strong momentum we have built over the past eighteen months, and I am very pleased with the start of this fiscal year.
"All business segments performed well, with double-digit growth in Grosvenor venues and UK digital operations being particularly encouraging. Customers clearly enjoy the improvements we have made in both our physical properties and digital offerings."
