Rank performing well despite sportsbook

British gaming giant Rank Group has released a trading update for the first 16 weeks of 2010 showing a ten percent year-on-year increase in total revenues helped by the performance of its Rank Interactive division.

Overall, Maidenhead-based Rank revealed a four percent rise in like-for-like revenues for the period while its Rank Interactive subsidiary reported an eight percent year-on-year increase.

“The Group made an encouraging start to 2010 led by strong revenue growth from Grosvenor Casinos and Rank Interactive,” read a statement from Rank.

“Mecca Bingo recovered from the effects on trading of January’s unusually cold weather and Top Rank Espana delivered modest growth in the period in spite of increasingly difficult economic conditions in Spain.”

Although Rank Interactive reported an 18 percent year-on-year decline in revenues from its sportsbetting activities, which include online sportsbook BlueSq.com, this was cancelled out by a rise of 14 percent compared to the same period in 2009 from its gaming offerings.

“A successful marketing campaign helped MeccaBingo.com to drive revenue growth in gaming,” read the statement from Rank.

“Casino revenues were up in the period but poker declined. Revenues from BlueSq.com moved lower as a result of declines in both stakes and margin.

“The Group has made a positive start to the year with revenue growth in each of its four businesses. In an uncertain economic environment we remain focused on providing our customers with valued and enjoyable leisure experiences. The board remains confident in the full-year prospects for the Group and in its longer-term growth strategy.”