Rank confident of reaching full year target

The Rank Group are on target to meet their full year operating profit target says Henry Birch the CEO of the casino, bingo and online gambling company.

Analysts were sceptical on Rank reaching their annual profit forecast however following a 23% fall in half year profits mainly down to falling numbers at their bingo properties, the newly installed CEO said that the second half of the year is looking a lot brighter and will their targets.

“I am pleased to report that since H1 the Group’s performance has shown an improvement in both total and like-for-like revenues,” said Birch, who took over from Ian Burke earlier in May.

“The investment in our Grosvenor Casinos venues and our continuing focus on providing value for money in our Mecca Bingo venues are helping to deliver this improvement.”

Rank is the largest casino operator in the UK and is majority owned by Malaysian company Guoco Group, in total Rank operate 56 casinos and 97 bingo halls along with their online business.

“The board anticipates operating profit for the full year to June 30, 2014, to be line with management’s expectations,” a company spokesperson said.

Those forecasts predict that Rank will turn in a profit of £74 million ($124.2 million) for the full year compared to the £70 million in 2013.