Statutory revenue at Rank Group climbed to £401.8 million (€479.9 million/$499.8 million) in the six months leading to 31 December 2024, marking an 11% increase compared to the previous year. The gambling giant attributes the rise to strong performances across its Grosvenor venues, digital operations, and bingo halls, as it moves beyond a challenging recovery period.
Grosvenor Venues Surpass Expectations
Grosvenor venues recorded the highest growth within Rank’s portfolio, with revenue soaring 15% to £192.8 million in H1. This was driven by an uplift in both visitor numbers and player spending.
- Table games revenue rose by 23%
- Electronic gaming revenue jumped by 16%
- Machine revenue climbed by 6%
- Visitor numbers increased by 7%
- Spend per visit was up 8%
Rank believes Grosvenor has now emerged from its long-standing recovery phase and is shifting focus toward expansion. The group now anticipates weekly revenue at its venues to reach around £8.0 million in the medium term, up from the current £7.3 million.
John O’Reilly, Rank’s CEO, highlighted the company’s readiness to capitalise on upcoming land-based legislative changes expected in summer 2025. “A programme of venue and product improvements is well advanced as we prepare to better meet the needs of our customers when the time comes,” he said.
Digital Growth Shows No Signs of Slowing
Rank’s digital division also reported strong figures, with like-for-like revenue up 14% to £120.2 million. Statutory revenue followed closely, growing 11% year-on-year.
Mecca Bingo remains Rank’s most significant digital driver, posting a 21% increase in like-for-like revenue to £48.1 million. However, Grosvenor’s digital arm outpaced this, surging 22% to £41.0 million.
Meanwhile, Enracha and Yo saw moderate growth of 5%, reaching £13.5 million. Revenue from other proprietary brands increased by 6% to £11.6 million, but non-proprietary brands saw a steep 25% decline, falling to £6.0 million.
Rank credits its digital success to key product rollouts and investment in customer retention strategies:
- A new proprietary Mecca app drove engagement
- Grosvenor added new live tables to its digital platform
- Reward and loyalty schemes were expanded
Market performance varied, with UK revenue rising 16% while Spain’s contribution grew by 5%. The company has also applied for a licence in Portugal, aiming to extend its YoBingo brand into a fresh European market.
“The benefit of our digital proprietary platforms is increasingly evident in our performance,” O’Reilly said. “We continue to focus on product innovation and investment in our technology.”
Mecca and Enracha Venues Post Steady Gains
While Grosvenor led the charge, Rank’s bingo halls and Spanish gaming venues also reported steady improvements.
Like-for-like revenue at Mecca rose 6% to £68.6 million, despite the closure of one venue. The increase was driven by a rise in player spending, up 5%, while visits edged up 1%.
Mecca’s revenue breakdown shows:
- Mainstage bingo revenue up 5% (flat when adjusted for prize money)
- Bingo interval games revenue up 8%
- Gaming machine revenue up 9%
Rank attributed the machine revenue boost to the introduction of 235 new Novomatic machines across its bingo halls.
Similarly, Spanish brand Enracha posted a 7% increase in like-for-like revenue, reaching £20.2 million. Customer visits to Enracha venues also grew by 7%, aided by the refurbishment of its Seville location. Rank is now eyeing similar upgrades at its Sabadell site.
Net Profit Soars 228.4% Amid Cost Controls
Beyond revenue growth, Rank also posted a sharp rise in profitability. The company recorded £40.2 million in like-for-like operating profit, a jump of 148% from the previous year.
Key financials for H1 2024:
Metric | Value | YoY Change |
---|---|---|
Cost of Revenue | £229.1 million | N/A |
Operating Expenses | £141.9 million | N/A |
Operating Profit | £40.2 million | +148% |
Pre-Tax Profit | £34.7 million | +234% |
Net Profit | £28.9 million | +228.4% |
CEO John O’Reilly described the figures as a reflection of Rank’s continued investment across both digital and land-based operations. “We are pleased to deliver another good set of results,” he said. “Customers are responding positively to the investments we are making and the experiences we are delivering both online and in our venues.”
Rank now enters the second half of its financial year with momentum, bolstered by an improving economic environment, increased customer engagement, and plans to leverage upcoming legislative changes.