Rank Group has lowered its profit expectations for the year ending 30 June following ‘softer performance’ in its UK venues with visit numbers down across Grosvenor casinos.
Rank reported ‘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 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 Rank’s 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, the operator expects 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.
Rank will announce its preliminary results for the 12 months ending 30 June on 18 August.