Shares in Mecca Bingo owner Rank Group tumbled on Thursday after the firm warned over profits.
The group, which also owns the Grosvenor Casinos chain, blamed weaker than expected visits that were “compounded” by the recent cold weather.
Rank added that underperformance at Grosvenor has been exacerbated by a “negative contribution” from its usually big spending “VIP players”.
In a trading update covering the 13 weeks to April 1, the firm booked a 2% fall in like-for-like sales.
Mecca Bingo’s revenue fell by 2%, Grosvenor’s venues revenues fell by 9%, although digital revenue grew by 17%.B
As a result, the firm’s management now expects full year operating profit to be in the range of £76 million to £78 million, below analysts’ consensus of £83 million.
By Ravender Sembhy.
Full story at Yahoo News.
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