25
OCT
Rank Growth Stale as Sales Match 2010

Rank Growth Stale as Sales Match 2010

Written by: Jeannie on 25/10/2011 15:55

Over the past few weeks the worlds biggest brands have been unveiling their profits for the third quarter of 2011. Many companies, as expected, have reported a downturn in profits whilst others have continued to increase profits despite the economic slump.

 

Rank has published their records which have shown a stalemate on growth when compared to the same time last year, despite an increased number of players to their online bingo site. So where have they lost money? Inevitably it comes down to a further decrease in visitors to land based Mecca Bingo Halls.

The figures show that visitors to the 99 remaining bingo halls declined by 3% over the last quarter, with revenues remaining constant due to an increased average spend in the halls. The groups Grosvenor casinos also suffered a decrease in visitors, down 7% on the last quarter. Again this only resulted in a 1% decrease in revenue when compared to the same time last year.

Spanish Lull

Ranks Spanish arm, Top Rank España, also suffered a major downturn in the last 16 weeks. Sales in Spain dropped 19% over the last quarter, possibly due to economic reasons or seasonal variations. One thing for certain is this Siesta will hit Ranks’ coffers hard.

The group is hoping to benefit from further VAT refund claims, a strategy which has resulted in them receiving £280 million back from HM Customs and Excise. This could mean a further £275 million refund, depending on how the European Court of Justice rules. 

Categorised Under: Bingo News,
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Polly
by: Polly over 6 years ago
I guess a stalemate is much better news than a loss, this seems to show that online bingo is still growing too. Which is great because i love new bingo sites and games, nothing stale about online bingo :-)

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