Cost Rises Eat Into Rank Profits
Last updated: 13/03/2008 16:39
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Leisure group Rank has blamed cost rises for a drop in profits at its Mecca bingo and Grosvenor casinos.
The group posted annual profits of £85.4m, against £98.8m last year, but insisted there had been positive recent trends at the two outlets.
Rank still hopes to find a buyer for its Deluxe DVD and CD manufacturing and distribution business, put on sale in 2005 with its Deluxe film services.
Outgoing CEO Mike Smith admitted group operating performance had been "mixed".
Operating profits were down by a tenth to £105.8m in the gaming division, but this was offset by a 24.7% gain for its Hard Rock Cafe division, which operates from more than 120 sites worldwide.
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