Financial Times FT.com

Bingo proving to be drain on Rank

By John O'Doherty

Published: August 1 2008 03:00 | Last updated: August 1 2008 03:00

The fall-out from the smoking ban has continued to depress trading at Rank, the gambling group.

Turnover for the six months to June slid 10 per cent to £257m, while profit before exceptional items was 40 per cent lower at £28.9m. The worst performing division was Mecca Bingo, which has clubs around Britain. Its revenue fell 17 per cent in the first half. Management has blamed the smoking ban in public places including bingo halls, and a legislative requirement to cut the number of gambling machines that pay £500 jackpots. There was a slight fall in turnover at Top Rank Espana, the chain of bingo halls in Spain, although losses were mitigated by the strength of the euro to sterling.

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