Business
AGM Statement
AGM Statement.
About this update from Rank Group Plc
[{"type":"text","content":"\n Rank Group PLC\n03 May 2007\n\n3 May 2007\n\n Rank Group Plc\n\n AGM trading statement for 16 weeks to 22 April 2007\n\n\nSummary\n\nThe Rank Group has made a solid start to its first year as a focused gaming\nbusiness with like-for-like revenue up 3% for the first 16 weeks. This reflects\nlike-for-like revenue growth at Grosvenor Casinos, Top Rank Espana and Blue\nSquare and a modest decline at Mecca Bingo, against the comparable period in\n2006. This revenue performance, together with the cost-saving initiatives\nannounced in September last year, has led to an increase in group profits in the\nyear to date.\n\nRevenue Like-for-like Total\n (adjusted for\n club openings,\n disposals &\n closures)\nMecca Bingo (1)% (4)%\nTop Rank Espana 2% 2%\nGrosvenor Casinos 3% (1)%\nBlue Square 40% 40%\nTotal Group 3% 0%\n\n\nMecca Bingo\nMecca Bingo like-for-like revenue was 1% lower than in the same period in 2006,\nwith spend per head increasing by 6% and admissions declining by 7%.\n\nIn England and Wales, Mecca Bingo's like-for-like clubs generated 1% growth in\nrevenue with increases in spend per head off-setting lower admissions. This\npattern was due in part to our decisions both to reduce free bingo and to not\nreplicate a number of frequency-based promotions (operated in the comparable\nperiod in 2006), which resulted in a decline in low-spend admissions.\n\nOn 26 March 2007 we passed the anniversary of the Scottish ban on smoking in\nenclosed public places. For the first 12 months of the smoking ban, revenue from\nour Mecca Bingo clubs in Scotland declined by 17% on a like-for-like basis, with\nadmissions down 10% and spend per head down 7%. During the winter months spend\nper head recovered to near pre-ban levels but admissions were affected\nadversely.\n\nIn April 2007, we opened at Mecca Bingo in Dundee our first sheltered outdoor\ngaming area. We are seeking to extend this type of amenity across a large number\nof our Mecca Bingo clubs.\n\nTop Rank Espana\nA slight increase in revenue from Top Rank Espana, our Spanish bingo business,\ndemonstrated progress in overcoming the effects of the partial smoking ban that\nwas phased in during 2006.\n\nGrosvenor Casinos\nGrosvenor Casinos grew revenue by 3% on a like-for-like basis, with admissions\ndown by 6% and spend per head increasing by 10%. These figures in part reflect\n...