Rank feels heat after mixed year
Thursday 15 August 2013
July's heatwave kept all but the hardiest punters away from the gaming group Rank's Mecca bingo halls and Grosvenor casinos.
Rank's chief executive, Ian Burke, said the "slow start" to the new financial year saw like-for-like sales dip below last year although its £179m acquisition of 19 casinos from its rival Gala Coral earlier this year meant overall revenues were higher.
Mr Burke remains confident despite the blip, but the results revealed mixed fortunes. Pre-tax profits fell 1 per cent to £65.1m in the year to 30 June. Within that, Mecca's operating profits sank 12 per cent as disappointing business from its venues failed to offset digital growth.
But gamblers left more behind at Rank's London casinos as revenues at Grosvenor rose 15 per cent to £300.3m thanks to a higher-than-normal win margin in the capital as well as a boost from the Gala casinos. Operating profit rose 19 per cent to £47.4m.
- 3 Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
- 4 Ann Summers survey reveals the UK's favourite sex position
Man on naked bike ride gets ejected after becoming aroused
Caitlyn Jenner's mother Ester thought her daughter, formerly known as Bruce Jenner, had transitioned for money
Charles Kennedy 1959-2015: A gifted, compassionate politician whose career was cut short by the 'demon drink' - latest news
Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
Charles Kennedy dead: A guy once asked the Lib Dem leader who his favourite Muppet was and his letter response was wonderful
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...