Online gambling and Spanish operations shine for Rank group

07.05.2008

The UK listed gambling group Rank plc appears to be pleased with it's start to 2008 in a statement issued this week. The land and Internet betting group has successfully adjusted to the smoking ban and new British gaming and advertising regulations, and has taken timely action to protect profits, a company spokesman said.

"We have experienced a modest improvement in average weekly revenue levels compared with the final four months of 2007 ... and cost-saving initiatives have strengthened the group's profit performance," the company said, although it It still anticipates that the rest of 2008 will be a challenging year for the gaming sector.

Group like-for-like revenue was 8 percent lower in the 17 weeks to April 27, driven by a 14 percent fall at its Mecca Bingo halls and an 8 percent decline at Grosvenor Casinos.

That was partly offset by a 10 percent rise in like-for-like revenues at its online Blue Square business and a 7 percent gain by its Spanish operations, although this improvement was because of the strengthening euro with actual spend per head flat and admissions down 2 percent.

Bingo revenues in Scotland, where a smoking ban was introduced much earlier than in England, were marginally ahead year-on-year.