Rank Group (LSE:RNK) has predicted a bounce back into profitability as its venues reopened strongly after lockdown.
Assuming no further lockdowns, Rank said it expects group like-for-like net gaming revenue (NGR) or amounts wagered for the year ended 30 June 2022 to be in the range of £700mln to £750mln and underlying profits (EBIT) to be between £50mln and £75mln.
NGR was £288mln and underlying losses £67mln in the year to June just ended.
In the first quarter of this current year, revenues at Grosvenor Casinos were 20% below the comparable pre-pandemic period, Rank said, Mecca Bingo was 22% lower and Enracha revenues 21% down.
John O'Reilly, chief executive, said he expected trading to get better as the year progresses and thus far it has seen an “excellent response from our customers as they return to our venues”.
The digital arm is also growing again, he added, with the UK NGR up 4% on a year ago and international NGR 11% ahead.
Total revenues for the quarter to end September 2021 were £163mln or 69% above a year ago.