Business
Interim Results
Interim Results.
About this update from Rank Group Plc
[{"type":"text","content":"\n RNS Number : 2696A Rank Group PLC 31 July 2008 \n\n31 July 2008 \n\nThe Rank Group Plc\nInterim Results for the six months ended 30 June 2008\n\nFinancial highlights\n\n\nGroup revenue of £257.0m (2007: £284.6m)\n\n\nGroup operating profit (loss) before exceptional items of £28.9m (2007: £47.9m); £(66.3)m (2007: £57.0m) after exceptional items\n\n\nAdjusted profit before tax* of £17.6m (2007: £37.3m)\n\n\nAdjusted earnings per share** of 3.0p (2007: 5.2p)\n\n\nBasic (loss) earnings per share of (13.0)p (2007: 72.4p)\n\n\nNet debt of £273.4m (£316.9m at 31 December 2007)\n\n\n\nReview of key events\n\n\nStabilisation of Group revenues following business disruption in H2 2007\n\n\nCost reduction programme on track to deliver £15m of savings\n\n\nTransfer of final salary pension plan assets and liabilities completed; net cash proceeds of at least £20m \n\n\nGroup welcomes proposals from HM Government for increase in B3 gaming machines in Britain's licensed bingo clubs\n\n\nSenior management team strengthened, including appointments of Paddy Gallagher as Group finance director and Phil Urban as managing director, Grosvenor Casinos\n\n\n\nIan Burke, chief executive of the Rank Group said: 'During the first half of 2008, we succeeded in stabilising the Group's financial performance, following a very difficult end to last year. \n\n'Although Group revenue and operating profit were substantially lower than in the first six months of last year, our performance reflects a significant improvement compared with the second half of 2007. \n\n'The trading environment for all of our businesses remains challenging, with rising operating costs and increased financial pressures on our customers. Over the course of recent months we have experienced a slight weakening in the Group's performance.\n\n'We remain positive on the longer term outlook for the UK gaming market. Our aim is to attract more customers to our businesses as we build on service improvement, games development, capital investment and regulatory reform to create more entertaining gaming experiences.'\n\n* adjusted profit is calculated by adjusting profit before tax from continuing operations to exclude exceptional items, unwinding of discount in disposal provisions, other financial gains or losses, amortisation of equity component of the convertible bond...