Rank Group first quarter revenue soars to £163 million

Finance News

Rank Group PLC said Thursday that the first quarter was in line with its expectations, with a strong increase in like-for-like net gaming revenue, and that it expects full-year revenue to rise.

The U.K. gambling company said net gaming revenue, or NGR, rose 69% to 163.1 million pounds ($222.8 million) in the three months ended Sept. 30. Digital NGR rose 5% in the period, returning to quarterly growth, while like-for-like NGR from venues jumped 117% on-year, it said.

Based upon the company’s current performance, expectation of continued improvements across all businesses segments and the assumption that venues remain fully open, Rank expects group NGR for fiscal 2022 to be in the range of GBP700 million to GBP750 million. The company posted underlying NGR of GBP288.2 million for fiscal 2020.

“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,” Chief Executive John O’Reilly said.