Rank Group has reported net gaming revenue (NGR) of £210.2m for Q1 2025-26, a 9% year-on-year (YoY) increase, as CEO John O’Reilly hit back at Chancellor Rachel Reeves by insisting the multi-channel operator is paying its “fair share” in taxes.
The London-listed business saw net gaming revenue (NGR) growth across several verticals, with digital NGR jumping 13% YoY – driven by 15% growth in the UK business.
The Grosvenor online arm spiked 31% YoY while Mecca grew 9% YoY.
In Spain, NGR fell 1% YoY due to platform capacity issues, though Rank Group said this is now being addressed through the launch of a new bingo platform in the country.
Growth in the Spanish market is expected to return in Q2, the operator said.
NGR from Grosvenor venues increased 8% YoY to £102.7m, while Mecca and Enracha venues grew 5% YoY to £35.5m and £10.4m, respectively.
The operator noted that Grosvenor venues outside of London grew 10%, while inside the capital growth was lower at 4% due to a “relatively quieter summer”. This was offset by the flagship Victoria Casino seeing an increase in performance following a £15m refurbishment completed in July.
However, customer visits were down 1% YoY at Mecca venues, though spend per visit grew 6% YoY.
Looming tax increases “hanging over the business”
Commenting on the group’s Q1 performance, CEO O’Reilly said the strong start to the year arrives despite “significant” cost increases including the statutory levy introduced in April.
O’Reilly also addressed the potential UK gambling tax increases that look likely to be included in the upcoming Autumn Budget, directly responding to the chancellor’s remark last month that the industry needs to pay its “fair share”.
He said: “We have started the year strongly and are confident of delivering group like-for-like operating profit in line with expectations, notwithstanding the significant cost increases we have incurred in employer national insurance contributions, the national living wage and the new statutory levy.
“Speculation regarding tax changes in the upcoming budget is, inevitably, hanging over the business.
“We are engaged with the Treasury on the implications of tax changes on the viability of our venues, employment levels, future investment and the customer.
“Last year the group generated £44.6m in profit after tax, having paid HMRC and local authorities £188m in taxes.
“The Rank Group, with its strong UK focus, is certainly paying its ‘fair share’.”
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CEO John O’Reilly directly responds to Chancellor Rachel Reeves after operator unveils record NGR of £210.2m in Q1
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