Rank profit up as bingo makes a comeback
BRITISH bingo hall and casino operator Rank Group reported an increase in first-half pre-tax profit yesterday as its Grosvenor Casinos and Mecca Bingo halls attracted more customers.
The company, which operates 35 casinos and 103 bingo halls in Britain, made a pre-tax profit of £25.1m compared with £24.7m the year before.
Overall customer numbers increased by 11.9 per cent to more than 2.5m during the period, with average spend per visit rising by 1.5 per cent to £22.48p.
Shares rose up to nine per cent, before closing yesterday 7.1 per cent higher at 117p, as the group revealed that its Grosvenor Casinos division had drawn in more than one million customers for the first time.
The group has stepped up spending to support growth plans with £50m in capital investment earmarked for this year. Chief executive Ian Burke said: “All of our businesses have achieved growth in revenue as a result of increased numbers of customers and customer visits.”
Rank said it would pay an interim dividend of 0.74p per share, having not paid one at this stage last year because of tough trading conditions, in the economic downturn.