Rank Group reaffirms FY expectations as it reports flat revenue

Rank Group, which operates Grosvenor Casinos and Mecca bingo halls, reported flat interim revenue on Friday as it reiterated its full-year expectations.

In a brief trading update for the 15 weeks to 9 October, the company said group like-for-like revenue has grown 1%, with total revenue flat.

Venues revenue was down 1% and digital revenue rose 7%.

Grosvenor Casinos’ venue LFL revenue fell 1%, mostly due to lower-than-average margin and fewer customer visits, while Mecca venue LFL revenue was flat.

Rank said Grosvenor Casinos’ digital channel continued to show strong growth, with revenue 30% ahead of the prior period.

At Mecca, digital revenues were down 4%, but the company said trends in recent weeks have been encouraging.

Rank, which is due to release its half-year results on 26 January 2017, said management’s expectations for the full year were unchanged.

Back in August, bookmaker William Hill rejected a revised joint takeover offer from Rank and 888.

At 1115 BST, Rank shares were down 0.5% to 204p.