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Rank Group End of Year Slump

Rank Group End of Year Slump

Written by: ava carson on 04/02/2014 10:15

Profits for the last 6 months in 2013 show profits down. Grosvenor Casinos and Mecca Bingo has seen a marginal loss have placed cost reduction and revenue enhancements to turn it around.

Ian Burke, CEO, said:

"As previously guided, the first half of the current financial year was challenging with like-for-like brand performances down on the same period last year. Our London Park Tower casino has underperformed against a strong comparative period; this casino's performance has been the principal cause of a 2.9 percentage point fall in London win margin and a 6% fall in London handle in the period. The very challenging bingo market has contributed to a decline in the Mecca brand's performance as customer visits fell by 8% in the period."

"The integration of the 19 acquired casinos has been successfully completed and we are pleased with their performance to date."

"We are continuing to implement actions outlined in our Q1 IMS to drive both revenue and operating profit that will bring benefits in the second half and future years. Management anticipates operating profit in the second half, excluding the impact of the acquired casinos, will be broadly in line with the comparable period last year."
 

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