LONDON (ShareCast) - (ShareCast News) - Casino operator Rank Group warned investors that it was expecting full-year profits to come in lower this time around after the group, whose chief executive Henry Birch resigned in March, said it remained "cautious" about the UK's consumer outlook.
Rank anticipated full-year operating profits dropping 2.5% to £76m for the year to 30 June 2018, after weaker than expected numbers of visitors to its Grosvenor Casinos, compounded by two periods of cold weather and a "negative contribution" from VIP players in recent months. This hit its UK venues business for not only the remainder of the 2017-18 financial year but also the beginning of 2018-19.

The Berkshire based group saw like-for-like revenues across the company drop 2% over the year but noted that its recent performance had been significantly worse, falling 9% over the last 13 weeks.

Rank noted that it was "cautious about the UK consumer outlook," and expects trading at its bingo halls and casinos to be "impacted" for the rest of its fiscal year.

As of 0840 BST, shares had tumbled 13.35% to 185p.

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