British online and land gambling giant Rank Group has released its most recent trading update showing that like-for-like revenues declined by eight percent for the 41-week period prior mid-October.
As part of the deterioration, Rank revealed that its Blue Square interactive business, which includes online bookmaker BlueSq.com and virtual poker room BlueSqPoker.com, saw revenues for the 41-week period grow by only one percent. The firm announced earlier this week that Martin Belsham, Managing Director for Blue Square, would be stepping down after five years in charge with Ian Burke, Chief Executive Officer for Rank, assuming direct operational management of the business in the interim.
Although Blue Square saw a seven percent increase in gaming revenues led by the strong performance of its MeccaBingo.com brand, those from its sportsbook declined by eleven percent, reflecting the highly competitive nature of the market.
However, the Maidenhead-based firm revealed that its overall like-for-like revenues for the past six weeks have increased by five percent, reflecting both the timing of the Gambling Act and the actions it took to address the negative effects of the legislation.
“While the group has continued to perform in line with expectations, we recognise that the broader economic climate remains uncertain in the near-term,” read a statement from Rank.
“We retain a positive long-term outlook on both the growth potential of the gaming industry and the prospects for our businesses within it.”