Mecca Bingo owner hit by high energy costs and wage inflation – but bets on things improving Mecca Bingo Mecca Bingo owner Rank Group reported a 52 per cent decline in like-for-like underlying operating profit for the year as it was hit hard by energy bills and raising wage inflation. But, the gambling giant is also raising its outlook for the year as the economy stabilises. In April, the business raised its profit guidance [...]
Gambling company Rank bounces back quickly following Omicron slump Rank Gambling company Rank has marked its return to profitability in the six months ended 31 December, as a result of improved revenue performance in subsidiaries such as casino company Grosvenor as well as bingo firms Mecca and Enracha. After a Covid-induced slump, Rank’s profits went up to £24.1 compared with the £41.2m loss registered last [...]
Mecca Bingo owner Rank Group’s shares rise after win in VAT battle with HMRC Mecca Bingo owner Rank Group's shares rise after win in VAT battle Shares in Mecca Bingo and Grosvenor Casino owner Rank Group jumped today on the news it’s likely to secure an £80m tax rebate from HMRC. The long-running tax spat looks likely to conclude with the gambling firm nabbing a rebate of up to £80m from a VAT claim after HMRC chaose not to appeal against an [...]
Profit down 26 per cent at gambling group Rank as footfall declines August 22, 2019 Gambling group Rank has reported a drop in pre-tax profits after being hit by slowing sales at its Grosvenor Casinos and a decline in traffic at its Mecca Bingo halls earlier in the year. The figures Rank said that pre-tax profit for the full year was £34.6m, a 26 per cent drop on the £46.7m [...]
Sales drop at Rank Group’s Grosvenor Casinos and Mecca Bingo chains October 18, 2018 Rank Group’s latest sales have fallen almost five per cent year-on-year as it took a hit from high rollers ditching its casinos, it said in a trading update today. Takings at the company’s venues fell 6.1 per cent for the four weeks to mid-October, with its chain of Grosvenor Casinos seeing a drop in like-for-like [...]
Bingo! Rank Group reports a full house of half-year profits January 29, 2015 MECCA bingo owner Rank Group yesterday reported a 29 per cent rise in half-year profit, helped by its Grosvenor casino business and online operations. Rank said adjusted pre-tax profit rose to £35.8m in the first half ended 31 December, from £27.7m a year earlier. Revenue from continuing operations rose three per cent to £361.7m. Spend [...]
Rank Group to hike investment in wake of bingo tax cut March 19, 2014 European gaming business Rank Group has announced a new programme of investment and job creation in response to George Osborne's halving of bingo duty from 20 per cent to 10 per cent. The company said it had identified a number of new towns where it will be able to develop new bingo clubs. Rank Group [...]