Rank Group trading update shows digital boom, retail gloom

UK-listed gambling operator Rank Group’s digital operations rescued an otherwise snore-inducing trading update covering the past four months.

Rank held its annual general meeting in London on Thursday, at which shareholders approved all the company’s proposed resolutions, including the always thorny issue of whether management had earned its overstuffed pay envelopes. (All but 1.63% of votes cast were in the affirmative, so there will be a Christmas at CEO Henry Birch’s house after all.)

Prior to the AGM, Rank released a trading update covering its performance over the 16 weeks to October 15. Overall like-for-like revenue was up a modest 2% over the same period last year, but retail venues revenue was down 1% while digital revenue shot up by nearly one-fifth (19%).

Grosvenor Casinos’ digital channel was the standout performer, with revenue rising more than one-third (34%). Mecca’s digital business also enjoyed healthy if more modest growth of 11%.