Rank Expects Profits Down
6 Dec 2005
LONDON – As reported by Reuters: "Leisure conglomerate Rank said on Tuesday that profit for 2005 would be down slightly and said it had chosen a preferred bidder to buy each of its Deluxe units.
"Rank's (RNK.L) shares fell 1.9 percent to 303 pence and analysts dismissed Rank's assurance of progress in the Deluxe talks.
"…Bingo revenues from its Mecca UK chain are flat so far this year, with a 6 percent drop in the number of customers offset by a 6 percent rise in the amount each one spends.
"…Rank said revenue from its Grosvenor Casinos was up 3 percent in the year-to-date, and it was pushing for four more casino licenses before new government gaming laws come into effect next April, having already won six this year…"