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27 October 2011

Bingo News: Rank sees mobile and online growth

The British gambling company Rank Group have revealed their interim financial results for the previous 42 weeks. The results show a three percent year on year increase in like for like revenues which was aided by 'strong growth' from both it's mobile and online gaming arms.


 

Rank is the name behind sportsbook BlueSq.com as well as MeccaBingo.com and land based casino giants Grosvenor Casinos. Their revenues for their Interactive arm rose by 23 percent. A total of six percent of their Interactive business is made up from mobile gaming, a good three times the figure given this time last year.


 

In a statement released by Rank, they claimed that there was weekness in their Spanish operations though overall mobile and online gaming growth was strong. Grosvenor Casinos saw growth in customer visits but lower win margins in London based casinos prevented revenue growth. Mecca Bingo performed as expected in like for like revenue compared to their results last year.


 

Rank has also amended their accounting reference date for their financial year from December 31st to June 30th in line with their new majority shareholder Guoco Group Limited. Interim results for six and twelve month periods up to 31st December will now be published a little later, some time before 29th February while audited financial statements for the 18 months ending on 30th June will be revealed by 31st October.


 

“The board is encouraged by the increasing popularity of the group's UK brands with the operational improvements driving growth in customers across Grosvenor Casinos and Mecca Bingo. While the outlook for the UK consumer in 2012 seems likely to be more challenging, Rank is in a strong financial position, possesses market-leading brands with multi-channel distribution and has a clear strategy for sustained long-term growth.” said a statement read for Rank.



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