Industries
Rank sales down 8 percent
Posted 17 October 2008 @ 07:39 am GMT
Rank Group, the bingo, casino, and online gaming firm, said on Friday that like-for-like sales had declined by 8 percent in the first 41 weeks of its financial year to Oct 12.
Rank was hit hard by last year by the smoking ban and legislation introduced in Sept 2007 banning lucrative gaming machines in its bingo halls. Those factors, along with the economic downturn, led to a sharp decline in attendances.
However, in the last six weeks, Rank said it had delivered a much stronger relative performance, with like-for-like revenue up 5 percent.
That reflected the passing of the anniversary of the Gambling Act and actions taken to address its negative effects, the group said in a trading update.
(Reporting by Matthew Scuffham)
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