Digital growth an important contributor to Rank plc progress

The digital operations at UK land and online gambling group Rank plc were major contributors to the growth in group revenues, according to a trading update issued by the company Thursday. The update covers the 16 weeks to October 15 2017.

Digital revenue soared 19 percent year-on-year, Rank reported, making a major contribution to group revenue growth of 2 percent.

Retail venue revenue dipped 1 percent over the period, with Mecca land activities losing 2 percent and Grosvenor venues down 1 percent.

In contrast, the digital operations of Grosvenor and Mecca achieved year-on-year revenue growth of 34 percent and 11 percent, respectively.

The trading update announced the appointment of Alan Morgan as overall retail managing director, and confirmed the departure at year’s end of Grosvenor md Martin Pugh.

Rank’s H1-2017 numbers in June showed a 7 percent drop in annual profit at GBP 79.7 million, which it attributed to “macro-economic conditions, customer due diligence, venue closures and competitor openings”.

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