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Rank Group PLC - Maidenhead, England-based operator of Grosvenor Casinos and Mecca bingo halls - Lowers guidance for its financial year ending June 30. Guidance for earnings before interest and tax cut to between £47 million and £55 million, from £55 million to £65 million previously.
Rank lists inflationary pressures and ‘softness in our UK venues’ as reason for profit downgrade. Chief Executive Officer John O'Reilly sees improvements to the customer proposition and investments in its venues, ‘gradually reducing impact of the pandemic’.
Net gaming revenue in the third quarter ending March 31 rises to £156.4 million from £48.7 million compared to a year ago, when there were more Covid-restrictions globally.
The company will release its annual results for the year ending June 30 on August 18.
Current stock price: 118.07 pence, down 8.1% on Thursday
12-month change: down 38%
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