Rank Group digital revenues on the rise

Business News

Mecca Bingo owner Rank Group has notched up a hike in sales thanks to a boost from online betting.

The group, which also owns the Grosvenor Casinos chain, said like-for-like revenues lifted 2% in the 16 weeks to October 15 as a 19% surge in online sales offset a 1% fall in trade at its casinos and bingo halls.

Online revenues surged 34% across Grosvenor Casinos and were 11% higher at Mecca Bingo.

It saw sales falls at its venues narrow since its full-year, but remain under pressure, with like-for-like sales down 2% at Mecca and 1% at Grosvenor.

The group stuck by its full year guidance.

Rank also said the quarter saw a management shake-up, with a single leadership team created for the retail business covering both Grosvenor and Mecca.

The new structure will retain distinct operations for both businesses but will allow for “improved synergies”, it said.

The figures come after Rank posted a 7% fall in annual profits to £79.7 million for the year to June 30 after it was hit by falling numbers of players at Mecca bingo halls.

The group said in August falling sales at Grosvenor were also down to a combination of “macro-economic conditions, customer due diligence, venue closures and competitor openings”.

Last year Rank pulled out of a joint bid with 888 for rival William Hill after abandoning a £3.6 billion three-way merger attempt.