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Gloucestershire Business News

Bingo! Rank eyes better times

Profits for Rank Group in the firm's latest annual financial results to June 30th may have dropped by 52% to £20m, but the ents giant says rising revenue gives it cause for "optimism" after what has been a challenging couple of years.

Rank, who own Mecca Bingo and also owns Grosvenor Casinoes, saw revenues climb 6% per cent higher to £681.million year-to-year while profit for the Group in the second-half also saw an improvement, with a like-for-like operating profit of £16.1million, compared with £4.2million in the first-half.

Reflecting on an overall profit fall - earnings dropped 52 per cent to £20.3million - Rank mostly attributed this "underlying cost inflation", particularly with regard to energy and employment costs and the withdrawal of government furlough payments and pandemic support.

John O'Reilly, chief executive of Rank Group, said: "The return of customers to our Grosvenor and Mecca venues continues to pick up and our second half numbers give cause for optimism after a very challenging couple of years."

During that time, Rank Group's UK venues have faced a surge in energy costs, he said, given high wage inflation, a tightening in the regulatory environment, the slow return of overseas visitors to London's casinos and the more general pressures on consumers' discretionary expenditure.

But he added: "However, energy costs have stabilised, inflation appears to now be easing, customers continue to slowly return to both our Grosvenor and our Mecca venues and we now expect to deliver good levels of revenue and profit growth."

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