Rank release good numbers
Rank the UK Gaming Company, reported an increase in pretax profit in the first half of its fiscal year benefiting from a rise in customer numbers at its Grosvenor Casinos and Mecca Bingo halls, offsetting weak trading at its Spanish business.
Results going in right direction
Rank, which is 74.5 percent owned by Malaysia’s Guoco , said pretax profit rose to 32.5 million pounds ($51.4 million), up from 30.1 million the year before. Revenue rose to 295.9 million pounds from 286.7 million the previous year.
Rank said customer numbers at Mecca Bingo had risen by 50,000 to 770,000 during the period with Grosvenor Casinos attracting 762,000 customers, a rise of 61,000.
That helped offset a decline in revenue and profit at Top Rank Espana where trading has been hit by the introduction of a smoking ban.
Rank, which operates 35 casinos and 103 bingo halls in Britain, has sought to broaden the appeal of its venues with more restaurant and bar facilities, after its revenues were hit by a squeeze on consumer spending and the introduction of smoking bans in its key markets of Britain and Spain.
“While we remain cautious on the consumer environment, the strength of the group’s financial position along with a portfolio of well-regarded brands presents a strong platform to build on,” Chairman Ian Burke said in a statement.
The good trading figures also follows on from last months announcement from Rank that it is in talks to takeover Gala Casinos. It is believed that an announcement on these talks will be released later this month.
