Rank Group’s gaming revenue jumps 221%

Finance News

Rank Group said that its like-for-like net gaming revenue, or NGR, rose in the third quarter of fiscal 2022, and lowered its Ebit guidance for the year.

For the quarter ended March 31 revenue was £156.4 million ($204.4 million) up 221%, compared with GBP48.7 million a year earlier.

Rank Group said that its U.K. venues saw lower visits at the end of the quarter because of the increase in Covid-19 cases in the country, and that this continued into the first few weeks of the fourth quarter.

John O’Reilly, CEO of Rank, said: “The performance of our venues softened in March, and this has continued into the first few weeks of Q4, impacting our current expectations for our full year performance. We recognise the pressures on UK consumers but are confident that the improvements we are continuing to make to the customer proposition and the investments in our venues, alongside the gradually reducing impact of the pandemic and, with it, the return of overseas customers, position us well for the year ahead.”