Rank sees jump in Q1 revenues

(Sharecast News) - Rank Group reaffirmed its profits outlook on Wednesday, despite concerns about possible tax changes in the upcoming Budget, following a strong first quarter. Updating on trading, the owner of Mecca Bingo and Grosvenor casinos said like-for-like net gaming revenues (NGR) jumped 9% in the three months to 30 September, to £210.2m.

Within that, Grosvenor saw an 8% uplift in NGR, to £102.7m, while digital surged 13% to £61.6m.

NGR are company revenues once customer winnings have been paid out.

John O'Reilly, chief executive, said: "We have started the year strongly and are confident of delivering group like-for-like operating profit in line with expectations.

"We are pleased to be rolling out additional gaming machines in our Grosvenor venues. We are on track with our installation programme, and expect a total of 850 incremental machines to be added before the end of the first half."

However, O'Reilly also flagged "significantly" higher costs - including increases to employer National Insurance contributions and the national living wage as well as a new statutory levy - and uncertainty around November's Budget.

"Speculation regarding tax changes in the upcoming Budget is, inevitably, hanging over the business," he said.

"We are engaged with the Treasury on the implications for tax changes on the viability of our venues, employment levels, future investment and the customer."

Shares in the FTSE 250 firm were down 1% at 128.6p as at 0845 BST.

Rank is due to post results for the six months to 31 December on 29 January 2026.