Rank shares tank as bingo group warns over profits

Shares in bingo and casino operator Rank Group slumped 15 per cent yesterday on the back of a warning over profits.

The group, which owns Mecca Bingo and Grosvenor Casinos, pointed to weaker-than-expected visitor numbers that were “compounded” by the recent cold snap.

In a trading update covering the 13 weeks to 1 April, the firm booked a 2 per cent fall in like-for-like sales. Mecca Bingo’s revenue slipped 2 per cent, Grosvenor’s venues revenues were down 9 per cent, but digital revenue leapt 17 per cent. Management now expects full-year operating profit to be about £76 million to £78m, below analysts’ expectations of £83m.