Rank Q1 revenues grow amid 'challenging' trading environment

19th Oct 2023 08:43

(Sharecast News) - Gambling company Rank Group saw revenues grow in the first quarter despite operating in a "challenging" trading environment.

Rank said on Thursday that group revenues were up 11% at £179.6m, with Grosvenor revenues up 13% at £84.2m, Mecca revenues 11% higher at £34.7m, Enracha revenues 9% stronger at £8.9m, and digital revenues 7% firmer at £51.8m.

Looking ahead, Rank said that while the trading environment "continues to be challenging", with persistently high inflation and interest rates and consumer discretionary expenditure remaining under pressure, the group is now on track to deliver 2023-24 full-year revenue and profit growth following a positive performance in Q1.

Chief executive John O'Reilly said: "I am pleased to report that Rank has made a strong start to the year. After an encouraging second half of 2022/23, we have maintained the momentum through the first quarter of 2023/24 and have made good progress in driving revenue and profit growth across the group."

As of 0855 BST, Rank shares were up 3.63% at 80.0p.

Reporting by Iain Gilbert at Sharecast.com