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Rank Group releases H1 2023/24 report: Grosvenor operating profits up 198%

Updated:2024-03-20 10:00    Views:182

Rank Group has announced its H1 results for 2023/24, with overall net gaming revenue (NGR) and the majority of other metrics showing growth from the same period last year. Underlying NGR was up 7%, totalling £362.6m ($459.3m) compared to the £338.9m made last year.  

Rank Group CEO John O’Reilly commented, stating: “After what has been a very challenging few years for Rank... we are starting to build revenues and, with our strong operational leverage, we are improving our profitability... We are well positioned to optimise the opportunities afforded by the UK Government’s planned land-based regulatory reforms.” 

Grosvenor venues 

Ranks Grosvenor venues, which covers over 50 venues under the Grosvenor Casinos chain, generated £167.5m,high rollers up 10% from the £152.1m generated last year. Of this total, £56.4m (33.7%) was generated at London venues, while the remaining £111.1m was made across the rest of the UK.  

Underlying operating profits were up a sizeable 198%, earning £14m, up from last year’s £4.7m. Across all of Rank’s recorded metrics for this half, this increase is the largest. Total profit was £13.7m.