Profits slip for The Rank Group
Pre-tax profits slipped seven per cent for The Rank Group in its last financial year.
They were down to £79.7 million for the 12 months to the end of June on revenue slightly down from £708.5m to £707.2m.
Rank, which includes Mecca Bingo and Grosvenor Casinos, saw strong growth in digital sales which were up 15 per cent to £111.5m with digital operating profit rising from £13.9m to £22.7m.
Revenue from the bingo clubs, including Telford, was down four per cent to £213.6m.
Its Spanich operation Enracha saw revenue up seven per cent and profit up 53 per cent.
Rank's first new retail bingo format, Luda, opened its first site in Walsall on August 7, with two more openings planned in the second quarter of 2017-2018
Group chief executive Henry Birch said: "After a challenging first half of our financial year, we are very pleased with our second half performance, especially with our digital business which delivered 63 per cent growth in operating profit for the year.
"We are excited about the roll-out of our new Luda bingo concept following the opening of the first venue."
In the seven weeks to August 13 trading has been encouraging and in line with management expectations.
Rank plans to invest £50m to £55m in the 2017-2018 financial year.
