The Rank Group has stressed that its transformation programme is delivering the cost savings previously expected, as the company publishes its 2018/19 third quarter update, for the period ending March 31.
Publishing its Q3 2018/19 trading update, for the period ending March 31, the company details that its transformation programme is delivering on expected cost savings.
Reflecting previous trading updates, Rank details that it has recorded improved digital revenues, with a two per cent increase, whilst its venue like-for-like revenues remain flat.
However, the UK gambling group reports an improvement for its Grosvenor venues, which has stopped its like-for-like declines recorded in the first two-quarters of the period.
For these venues, Rank details that”strong London trading in the quarter was offset by a disappointing provincial performance”.
Meanwhile, Rank’s Mecca venue revenue was down one one percent in the quarter, with the company detailing that “lower customer visits partially offset by higher spend per visit”.
Rank maintains a positive momentum with regards to its digital division, up two per cent, reporting that Grosvenor digital grew gross gaming revenue six per cent in the quarter, with net gaming revenue boosted 15 per cent following targeted action to manage bonus expenditure more efficiently, and further online growth seeing Mecca digital net gaming revenue jump ten per cent for the period.
Rank’s digital division is yet to incorporate the comparatives of Spanish online gaming site YoBingo, acquired in May 2018, with Rank detailing that the asset’s performance is in-line with expectations.
Concluding its update, Rank governance declares that expectations for the full year remains unchanged.