28th Jun 2007 07:04
Rank Group PLC28 June 2007 28 June 2007 Rank Group Plc trading update 25 weeks to 24 June 2007 The Rank Group has maintained its solid start to the year, delivering 5% growthin like-for-like revenue for the first 25 weeks. All of our businesses grewlike-for-like revenue against the same period in 2006. As a result of thisrevenue performance and of the cost saving measures introduced last year, thegroup delivered strong growth in operating profit in the period. However, asstated previously, the impact of changes to casino taxation and the anticipatedeffects of the smoking ban in England are likely to hold back profit performancein the second half of the year. Like-for-like Total revenue revenue (adjusted for club openings, disposals & closures)Mecca Bingo 1% (2)%Top Rank Espana 3% 3%Grosvenor Casinos 4% 0%Blue Square 37% 37%Group 5% 2% Mecca Bingo Mecca Bingo grew like-for-like revenue by 1% with a 7% increase in spend perhead and a 5% decline in admissions. Our clubs in England and Wales grewlike-for-like revenue by 3% with spend per head up 7% and admissions down 3%. In Scotland, where we operate 14 clubs, Mecca Bingo's like-for-like revenuedeclined 10% since the start of 2007, with 3% growth in spend per head onlypartly off-setting a 13% decline in admissions. In the 12-week period from theend of March (which marked the anniversary of the ban's introduction in 2006)the rate of revenue decline slowed to 1%, and in recent weeks we have begun tosee some early signs of recovery. In Wales, where we operate three clubs, we have seen revenue fall by 5% on alike-for-like basis since the introduction of a smoking ban on 2 April 2007. Top Rank Espana Top Rank Espana, our Spanish bingo clubs business grew revenue by 3% as itcontinued to recover from the effects of the partial smoking ban introduced in2006. Grosvenor Casinos Grosvenor Casinos grew like-for-like revenue by 4% with a 5% increase in spendper head and a 1% decline in admissions. This performance reflects a return togrowth in admissions since the start of the second quarter (as we anticipated atthe time of our AGM trading statement in May) and an acceleration in revenuegrowth. However, the impact of changes to casino gaming duty, which wereimplemented on 1 April 2007, diluted the business's profit growth in the period. Blue Square Blue Square maintained its strong rate of revenue growth with continued goodperformances in both gaming and in sportsbook. Ends Rank Group photographs are available from www.newscast.co.uk and fromwww.rank.com Contact Rank Group Plc Dan Waugh, director of investor relations +44(0)1628 504053 M: Communications Nick Fox +44(0)20 7153 1540Lisa Gordon +44(0)20 7153 1548 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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