Rank Group relies on digital growth to offset retail closures

Rank Group’s online gambling operations are saving its British bacon after the company furloughed 90% of its retail staff due to the COVID-19 pandemic.

In a trading update issued Monday, Rank said its statutory revenue in the three months ending March 31 was up 5% from the same period last year despite the closure of its retail operations to minimize further COVID-19 transmission.

The retail shutdown led to revenue declines across all retail segments, including Grosvenor venues (-5%), Mecca venues (-17%) and international venues in Spain and Belgium (-12%).

On the flip side, digital revenue was up 21% for the quarter and the company said digital operations posted further growth following the retail shutdown. The digital column was also bolstered by Rank’s acquisition last year of UK rival online bingo and casino operator Stride Gaming.