Trading update a winner for Rank

Shares in FTSE 250 gambling firm Rank Group (LON:RNK) climbed 5.03% to 175.40p (as of 10:40 GMT) after the company reported strong digital revenue growth during the quarter ended 31st March. Overall net gaming revenues were up by 5%, but down 4% on a life-for-like basis. The company is offering free meals to key workers and vulnerable people from kitchens in certain UK venues but they remain closed for gambling, and management said that if this remains the case for the remainder of the year underlying operating profits would be between £48 and 58 million.

CEO John O’Reilly commented: “With the tremendous support we have received from HM Treasury and HMRC, together with our own mitigations, we have established a robust financial position to address and withstand an extended period of economic turmoil. Given the uncertainty we face and continued social distancing measures likely to be in place for some time to come, we continue to work to protect cash and to prepare for the reopening of our venues in as safe a way as possible.

“I am enormously proud of our colleagues and how they have responded to the decisions we have had to take as well as their selfless response and contribution to the national effort. We know how important our venues are in many local communities and we’ve answered the call to contribute by stepping up to help those who need it most right now“.