Rank Group announces improved figures

Rank Group, one of the leading bingo hall and casino operators, has said it has had an ‘encouraging’ start to the year, led by strong sales at its Grosvenor Casinos and Rank Interactive units. Based on these figures it was feeling confident that 2010 would be a good year for the group.

The cold weather in January was partly blamed for a sluggish start to the year as far as its Mecca Bingo halls chain was concerned, but this no longer applies. In the same trading statement, released on Thursday, Rank also said despite the adverse economic situation in Spain Top Rank Espana had displayed a small growth. On the same day they said that a new VAT reclaim of approximately £42 million, relating to main stage bingo and amusement machines, and an existing £59.1 million reclaim for interval bingo would now be received later in the year, as opposed to the first quarter as previously stated.

“The Group has made a positive start to the year with revenue growth in each of its four businesses… (and) remains confident in the full-year prospects for the Group and in its longer term growth strategy,” Rank said in a statement. Up until 18th April like-for-like sales growth in revenue for the group was 4%, and there was a 10% increase in total group revenue.

In February Rank, which boasts 103 bingo halls and 34 casinos, posted a forecast-beating rise in full-year pretax profit. In the year to date Rank stock has risen 40%, outperforming the FTSE All Share Index by 30% and closing late Wednesday on 117.9p a share, valuing the company at £454 million pounds. Brought to you by London Bingo News

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