Rank holds guidance as Q1 revenue rises 5%

(Sharecast News) - Gambling operator Rank Group held full year guidance as it reported a 5% rise in like-for-like net gaming revenue for the first quarter.

Group revenue climbed to £216.1m as both its digital and land-based operations delivered growth. Digital takings increased 6%, supported by continued strength in the UK market.

Grosvenor casinos also grew revenue by 6%, helped by stronger gaming machine performance and gains in table gaming.

Spanish business Enracha posted a 7% increase in revenue, while Mecca Bingo's revenue was broadly unchanged despite a decline in customer visits.

Chief executive Richard Harris said the group had made a strong start to the financial year and remained on track to meet market expectations for full-year operating profit.

Reporting by Frank Prenesti for Sharecast.com