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The Rank Group, owner of the Grosvenor Casinos and Mecca Bingo have announced their full year trading results with a surprising drop in profits by 1%.
Although the company saw a rise in revenues by some 7% to £625 million the company posted profits of £65.1 million this year compared to £65.7 million last.
Now the largest casino operator in the UK following their acquisition of Gala Casinos for £179 million earlier this year said that the hot July weather impacted on customer visits. Also the company has spent heavily on renovating their casinos; improving their online gambling platform and increasing their technology team, with a net spend of £38.2 million on improvements.
Chief executive Ian Burke described the results as “solid” in the face of competitive market conditions.
He added: “The recent hot weather has adversely impacted trading in the first weeks of the new financial year.
“However, we remain confident in the group’s long-term prospects and see good growth opportunities for our expanded casino estate and digital channels.”
