Rank Q3 revenues flat; chairman to step down in October

Casino and bingo hall operator Rank Group on Wednesday reported flat third quarter like-for-like revenue, with sales up 1% as chairman Ian Burke said he would stand down after the company's annual meeting in October.

Grosvenor venues improved in the quarter with like-for-like revenue flat after declines in the first two quarters of 2018/19, the company said in a trading statement.

"Strong London trading in the quarter was offset by a disappointing Provincial performance," it added.

Mecca venues like-for-like revenue was down 1% in the quarter, with lower customer visits partially offset by higher spend per visit.

Grosvenor digital grew gross gaming revenue (GGR) by 6% in the quarter with net gaming revenue (NGR) up 15% after targeted action to manage bonus expenditure more efficiently, Rank said.

Mecca digital grew NGR 10% in the quarter on flat GGR.

"YoBingo, which is not included in the like-for-like comparatives, continues to perform well and in line with our acquisition plan," the company said.