Rank tanks as customers rein in spending
By Frank Prenesti
Date: Thursday 13 Oct 2022
(Sharecast News) - Shares in bingo hall and casino group Rank fell sharply on Thursday as the company reported weaker customer spending and warned of challenging times ahead as consumers tightened their belts.
Rank, which runs Mecca Bingo, posted a 2% rise in group like-for-like revenues to £165.7m for the three months to September 30.
The group was boosted by 2% growth in its bingo business and 13% digital growth. However, its Grosvenor casino venues saw a 5% drop in revenues after lower spending per customer visit.
Rank said it expects customer discretionary spending "to remain under significant pressure this year" despite the positive impact of energy bill support for households.
The company said its own costs have continued to soar, with its energy bill expected to rise to £34m, up from £23m and was also coming under increasing pressure from wage inflation, higher food costs and supply chains.
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