Rank Group PLC Trading Statement (4054E)
October 18 2018 - 02:01AM
UK Regulatory
TIDMRNK
RNS Number : 4054E
Rank Group PLC
18 October 2018
18 October 2018
The Rank Group Plc
LEI: 213800TXKD6XZWOFTE12
Trading statement
At today's Annual General Meeting, The Rank Group Plc (LSE: RNK)
(Rank or the Group) will announce the following trading update for
the 16 weeks to 14 October 2018.
Rank today announces Group like-for-like revenue for the 16
weeks to 14 October 2018 has declined by 4.9%. On a channel basis,
digital revenue grew by 1.7% and venues revenue fell by 6.1%.
Grosvenor Casinos' venues like-for-like revenue was down 7.2% in
the period driven by a reduction in handle and margin from high
spending customers. Mecca's venues like-for-like revenue was down
5.0% driven by a fall in visits.
Mecca's digital channel continues to perform well with revenue
up 6.4% in the period. Grosvenor Casinos' digital channel was
impacted by the more stringent customer due diligence implemented
from September 2017, which contributed to a revenue decline of 5.2%
in the period.
YoBingo, a Spanish digital bingo operation, was acquired in May
2018 and is excluded from the like-for-like digital revenue numbers
above. In the 16-week period YoBingo continued to perform strongly
with like-for-like revenue up 46.0%. Total Group digital revenue,
including YoBingo's contribution in the current period, grew 13.5%
in the 16-week period.
The transformation programme has identified some early cost
savings for the full year which, in part, are expected to mitigate
Grosvenor Casinos venues' revenue shortfall in the 16-week
period.
Forthcoming announcements
Rank will announce its half year results on 31 January 2019.
The information contained within this announcement constitutes
inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014.
Ends
Contacts:
Rank
Sarah Powell - investor relations Tel: +44 1628 504 303
Media Enquiries:
FTI Consulting LLP (PR adviser to Rank)
Edward Bridges Tel: +44 20 3727 1067
Alex Beagley Tel: +44 20 3727 1045
Notes to editors:
1. Figures are not adjusted for customer incentives.
2. Like-for-like excludes the effects of club openings,
closures, relocations and the contribution from YoBingo's
operations acquired in May 2018.
3. All comparisons are with the same 16-week period in 2017.
4. YoBingo's like-for-like revenue compares the revenue
generated in the 16-week period under Rank's ownership with the
same 16-week period in the previous year not under Rank's
ownership.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
TSTUBUWRWVARAAA
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