Rank pulls in new punters

GAMING group Rank reported an increase in pre-tax profit in the first half of its fiscal year benefiting from a rise in customer numbers at its Grosvenor Casinos and Mecca Bingo halls, offsetting weak trading at its Spanish business.
By The Newsroom
Published 9th Feb 2012, 09:20 BST

Rank, which is 74.5 per cent owned by Malaysia’s Guoco, said pre-tax profit rose to £32.5m, up from £30.1m the year before. Revenue rose to £295.9m from £286.7m the previous year.

Rank said customer numbers at Mecca Bingo had risen by 50,000 to 770,000 during the period with Grosvenor Casinos attracting 762,000 customers, a rise of 61,000.

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That helped offset a decline in revenue and profit at Top Rank Espana where trading has been hit by the introduction of a smoking ban.

Rank, which operates 35 casinos and 103 bingo halls in Britain, has sought to broaden the appeal of its venues with more restaurant and bar facilities, after its revenues were hit by a squeeze on consumer spending and the introduction of smoking bans in its key markets of Britain and Spain.

Chairman Ian Burke said: “While we remain cautious on the consumer environment, the strength of the group’s financial position along with a portfolio of well-regarded brands presents a strong platform to build on.”

Rank said last month it is in talks with private equity-owned Gala Coral over the possible acquisition of Gala’s casino business.

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