Rank Group Plc expects its full-year 2022/2023 earnings guidance to fall within the ‘upper end of expectations’ following robust Q3 trading as group-wide efficiencies benefit both land-based and online trading. The LSE-listed gambling group reported improved financial results for the Q3 period ending 31 March 2023, with a 13% like-for-like increase in net gaming revenues (NGR) to £174m. Significantly, period …
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David Clifton: Licensing Expert – To appeal or not to appeal?
The First Tier Tribunal Decision in the case of ‘Daub Alderney Limited v The Gambling Commission’ was reported on the Commission’s website on 13 December 2022. This arose from an appeal against a decision relating to the quantum of a financial penalty for regulatory compliance breaches imposed by a Panel of Gambling Commissioners. The dismissal of the appeal by Tribunal …
Read More »Rank books losses of £101m to overcome cold interim for UK venues
Rank Group Plc has declared that its business remains stable, despite recording statutory losses of £101m due to post-pandemic headwinds impacting its UK venues. Publishing its Interim 2022 results (six months to 31 December), Rank achieved group underlying net gaming revenues (NGR) of £337m, up 2% on like-for-like 2021 results of £330.5m. Interim trading saw Rank Digital generate a 9% …
Read More »Rank issues profit warning on Grosvenor frozen performance
Rank Group Plc has issued a profit warning, alerting investors of weaker-than-anticipated results impacting its Grosvenor casino venues. Providing an update on its trading performance for the five months to 30 November, the LSE gambling group reported that a decline in Grosvenor performance had wiped out group growth. “Whilst there has been some improvement in Grosvenor’s trading over the last …
Read More »UKGC penalty against Rank Group’s Daub Alderney upheld
Online casino operator Daub Alderney’s appeal against a UK Gambling Commission financial penalty imposed last year has been rejected. The Rank Group brand, which operates the kittybingo.com, luckypantsbingo.com, luckyvip.com, magicalvegas.com, regalwins.com and spinandwin.com sites, was charged £5.85m in September 2021 for social responsibility and anti-money laundering failures. Daub Alderney appealed the penalty to the First-Tier Tribunal, arguing that it was …
Read More »Rank transfers Esom NED duties to Lucinda Charles-Jones
Rank Group Plc has notified investors that Steve Esom has chosen to end his tenure as a Non-Executive Director of the LSE gambling group. Formerly Managing Director of Waitrose, Esom will end his six-year tenure as a corporate advisor of Rank on 31 December 2022 and will further resign as Chair of the Remuneration Committee. Rank announced that following his …
Read More »Rank delivers positive Q1 against a frosty year outlook
Rank Group Plc maintains growth against tough macroeconomic headwinds impacting customer spending activity and the profitability of its UK gambling venues. This morning the LSE gambling group published its Q1 2022/2023 trading statement, registering a 2% increase in net gaming revenues (NGR) to £166m. Headline growth was maintained despite Rank’s flagship Grosvenor Casino unit’s continued performance decline, in which Q1 …
Read More »Rank Interactive completes full migration onto new proprietary platform
Rank Group Plc has announced that its Rank Interactive unit has completed its final migration project, transferring the Grosvenor Online business onto the group’s proprietary platform. Since 2020, Rank Interactive has been tasked with migrating all flagship, white-label and international brands to be housed under the Stride Gaming platform. The migration was announced as the cornerstone project of Rank Group’s …
Read More »Unite to strike against Grosvenor London venues
The trade union of Unite will strike against London Grosvenor Casino venues operated by Rank Group Plc this weekend. Rank has been warned that Grosvenor employees who are members of the trade union voted unanimously in favour of taking strike action against seven venues in London. Unite stated that it carried the interests of 150 Grosvenor London staff members that …
Read More »BGC warns of energy crisis threat to leisure and hospitality
Soaring energy costs have hit the headlines for the past few months, and the Betting and Gaming Council (BGC) has highlighted the impact these could have on the hospitality sector. Specifically, the betting and gaming trade association highlighted the difficulties faced by retail bookmakers and casinos, citing ‘news reports’ suggesting that these businesses are facing average increases of 300% under …
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