Last checked at 20 Jun 2022 07:00
20 June 2022
The Rank Group Plc LEI: 213800TXKD6XZWOFTE12
Trading update
Rank provides an update on its profit expectations for the year ending 30 June 2022
As noted in the trading update of 21 April 2022, the Group had witnessed softer performance in our UK venues throughout Q3 and had entered Q4 with visit numbers down across our Grosvenor casinos. We have seen some improvement in Grosvenor's performance post April, but it has been considerably weaker than expected, principally due to a slower than expected return of higher spending overseas customers to our London casinos, continued softness in visitor numbers across the UK and a lower-than-average casino win margin in the quarter to date.
The performance of our other business segments has been broadly in line with management's expectations.
As a result of the recent performance in Grosvenor venues and continued inflationary cost pressures across the Group, subject to normal casino win margins between now and the year end, we expect like-for-like underlying operating profit to be approximately £40m for the year ending 30 June 2022, lower than the previously guided range of £47m - £55m.
Forthcoming announcements
Rank will announce its preliminary results for the 12 months ending 30 June 2022 on 18 August 2022.
Ends
Contacts: | |
Rank | |
Sarah Powell - investor relations | Tel: +44 1628 504 303 |
David Williams - public affairs | Tel: +44 1628 504 295 |
Media Enquiries: | |
FTI Consulting LLP (PR adviser to Rank) | |
Edward Bridges | Tel: +44 20 3727 1067 |
Alex Beagley | Tel: +44 20 3727 1045 |
Information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.