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Rank Group PLC on Thursday reported better-than-expected profit margins, as net gaming revenue rose comfortably in its financial first quarter, with the company confident in its outlook. The Maidenhead, England-based casino operator said like-for-like net gaming revenue rose 12% on-year to £197.5 million in the three months ended September 30. ‘The business saw strong underlying improvement in the quarter and also benefitted from better than expected margins. Grosvenor’s performance improvement was consistent across both London and the rest of the UK,’ Rank said. Looking ahead, the company said it is confident of delivering like-for-like operating profit in line with expectations. Chief Executive Officer John O’Reilly said: ‘With all business units performing well, the double-digit growth in our Grosvenor venues and UK digital business is particularly encouraging, with customers clearly enjoying the improvements we are making across our land-based estate and to our digital offering. Rank is now a stronger and more sustainable business, and we are looking forward to the land-based legislative reforms coming to fruition in 2025.’ Rank will release its half-year results on January 30. Rank shares were 1.5% higher at 89.56 pence each on Thursday morning in London. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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