Reuters – Gambling firm Rank Group warned its first half profit will be lower than last year, dragging down its full-year expectations after revenues fell during the summer and a disappointing performance at its bingo chain Mecca.
Rank, majority-owned by Malaysia’s Guoco Group, said it will be taking action to cut costs after like-for-like revenues fell 7 percent in the 15 weeks to October 13.
“The board anticipates operating profit for the full year to be marginally below market expectations,” Rank said in a trading statement, forecasting a stronger second half to its financial year.
