Failed William Hill suitor Rank sees profits rise

Mecca Bingo and G Casino operator Rank Group has said Britain’s decision to quit the European Union will have “little or no direct impact” on its performance.

Rank, which recently pulled out of a joint bid with 888 for rival William Hill, said it will not be affected by the plunge in the pound as it is a predominantly UK facing business.

It added that in the seven weeks to the middle of this month trading has “been positive and is in line with management’s expectations”.

The company made the announcement alongside its full-year results, which saw pretax profits rise 15% to £85.5 million.

Revenue ticked up 1% to £708.5m across the group, while like-for-like sales at Mecca rose 2%.

“Rank remains in a strong financial position, possesses marketleading brands and has a clear strategy for long-term growth,” chief executive Henry Birch said.

“The board continues to look to the future with confidence.”

Last week, Rank and 888 threw in the towel in their pursuit of William Hill, abandoning a £3.6 billion three-way merger attempt.