Rank paints mixed picture

British-based leisure group Rank today said annual profits would be lower than last year as its Blue Square sports-betting and bingo operations continued to offset growth at its Hard Rock Cafe chain.

British-based leisure group Rank today said annual profits would be lower than last year as its Blue Square sports-betting and bingo operations continued to offset growth at its Hard Rock Café chain.

Rank reported “similar” trading trends to those seen in the first half, with increases in the minimum wage and higher energy costs still affecting margins at Mecca bingo.

Although revenues growth at Grosvenor Casinos accelerated since the start of October, it said it was too early to say how much of this was driven by the relaxation of gaming laws.

The group said it expected profits from continuing operations to be slightly lower than last year, broadly in line with analysts’ expectations after underlying profits fell in the first half of its financial year.

The company owns 36 Grosvenor casinos, some 120 Mecca bingo halls and more than 100 Hard Rock Cafes in 38 countries.