REG - Rank Group PLC - Trading Statement

RankAnnouncement

20/06/2022 07:00

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RNS Number : 3851P  Rank Group PLC  20 June 2022

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.

 

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