Express & Star

Profits drop for Mecca Bingo owner

Profits fell for the Rank Group, which includes Mecca Bingo and Grosvenor Casinos, in its latest financial year.

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Mecca Bingo at Bilston

Rank, which has bingo clubs across the Black Country and a casino in Walsall, also saw revenue down 2.3 per cent to £738 million for the year to the end of June.

Pre-tax profits fell 41.4 per cent on 2016-2017 to £46.7m.

The group did see UK digital revenue rise by 9.9 per cent to £122.5m, but venues revenue was 3.9 per cent lower at £618.5m.

The group said it had been a challenging year for Grosvenor's casinos which were hit by low win margin, enhanced due diligence and extreme weather.

Chief executive John O'Reilly said: "I joined Rank because of its underlying potential. With the backdrop of a disappointing performance in 2017-2018, we are now moving quickly to identify the key priorities which will begin to realise the significant underlying potential that I have now seen first-hand since joining the group in early May."

"We are taking steps to increase our focus on the customer, to accelerate growth in the digital business, to drive cost efficiencies across the business and to strengthen our organisational capabilities. This will be delivered within a transformational programme framework, which will ensure that we deliver a growing Rank Group that is fit for the future."