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Rank Group PLC on Friday said that for the five months ended November 30, like-for-like net gaming revenue was up just 1% compared to the same period last year, due to a decline at its Grosvenor venues.
The Maidenhead-based casino operator explained that whilst there has been some improvement in Grosvenor’s trading over the last few weeks, trading in its second quarter has been weaker than expected, with weekly average net gaming revenue of £5.8 million, down 7.9% from £6.3 million a year ago.
‘We had expected Grosvenor venues to have continued to improve throughout the second quarter and then into the second half of the year, but this improvement has not yet materialised, driven by lower customer spend per visit,’ Rank said.
As a result, Rank now expects like-for-like underlying operating profit for the year ending June 30 to be in the range of £10 million to £20 million, dropping at least 56% from £45.1 million in financial year 2022.
The company will release its half-year results to September 30 on January 26.
Rank shares fell 9.1% to 73.00 pence each on Friday morning in London.
By Tom Budszus, Alliance News reporter
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