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Rank's casinos reel from Covid impact
StockMarketWire.com
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Casino operator Rank has reported a half year operating loss of £52.9 million pounds, owing to Covid-19 restrictions.
The group's half year results reveal net revenue minus prize payments was £177.6 million, a 55% drop from the comparative period of 2019/2020.
'The ever-changing restrictions, coupled with curfews, which in particular have a seismic impact on our Grosvenor venues, have resulted in an exceptionally challenging first half for the group,' Rank Group CEO, John O'Reilly, said.
'There continues to be uncertainty looking ahead, particularly as our venues remain closed and we have no firm guidance as to when we will be able to reopen. We remain focused on managing our liquidity position and, following the successful £70m equity placing in November 2020, combined with the support of our lending banks, I believe we have the balance sheet strength to survive an extended period of closure,' he added.
Rank has over 150 locations in the UK, as well as twelve in Europe. Its brand names include the Grosvenor Casinos, Rank Interactive and Mecca Bingo.
At 9:04am: (LON:RNK) Rank Group PLC share price was 0p at 128.4p
Story provided by StockMarketWire.com
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