Rank Group Enjoys Strong FY 2024 with Operating Profit Doubling
The Rank Group, the online gaming, bingo, and casino venue operator, has announced a buoyant set of revenue figures for the business's latest financial year, which sees the Net Gaming Revenue (NGR) for the group rose by 9% for the last year.
Rank Group sees operating profit double in FY 2024.
LISTEN TO THIS ARTICLE:Rank is the parent company of the Mecca Bingo Hall and Grosvenor Casino venues based in the United Kingdom. Additionally, the business has a presence in Spain with Enracha among the brands it operates in this jurisdiction. The group operates digital gaming brands based in both these regions.
Other key indicators in the yearly statement up to June 2024 are an increase in Operating Profit for the year which saw the group achieve a figure of £46.5 million and equates to a year-on-year increase of 131%.
Senior leadership at the group has outlined in the yearly statement that the business was seeing the benefits of technological changes implemented during the last year. This technology is proprietary and Rank boasts this has enhanced the customer experience making it more seamless and giving the businesses a significant advantage.
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Breakdown of the Rank Brand Results
The financial statement outlined the restructuring the Mecca Bingo operations have undergone recently since the pandemic. The number of venues has been reduced from 82 to 52 in the UK and this division of Rank goes through a rationalization process. This has resulted in the group drastically reducing its losses from (£74.1) million to (£1.7) million for FY24. Leadership figures at Mecca point to a strategy of transferring retail customers to play online as well, and has started initiatives like the recent joint Mecca Bingo Slots tournament across all platforms.
The Grosvenor Casino venues in the UK saw changes to key personnel during its last year of operations. The financial results saw the NGR increase by 9% which was in line with the overall group’s performance. The number of visitors to the venues especially in London, including the Grosvenor Victoria Casino, continued to rise since the low number in covid and saw the casino operation return to profit for the year.
The Enracha brand in Spain encompasses nine bingo, sports betting, and gaming machine venues, and performed well last year. There was a significant rise in visitor numbers and operations in Spain were similar to the combined group’s NGR.
This has been a year of strong financial, operational, and strategic progress for Rank. We are continuing to rebuild profitability following the impact of lockdowns and the material inflationary pressures experienced in recent years. Trading continues to improve due to ongoing investment in our people, our products, and the facilities within our venues businesses, and the continued development of the proprietary technology which is driving the growth of our digital business.
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