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\u201cInvestors have been betting against Grosvenor Casino and Mecca Bingo operator Rank Group since its profit warning in April and that seems unlikely to change after the final results today,\u201d said Ed Monk, an associate director for Fidelity Personal Investing\u2019s share dealing service.<\/p>\n<\/div>\n
\u201cThe company itself described the last year as \u2018challenging\u2019 and this was reflected in falling revenue that justifies the previous profit warning,\u201d he added<\/p>\n
But O\u2019Reilly, a former Ladbrokes exec who joined Rank\u2019s ranks shortly after that profit warning, urged investors to have faith.<\/p>\n
“I joined Rank because of its underlying potential,\u201d he said. \u201cWith the backdrop of a disappointing performance in 2017-18, we are moving quickly to identify the key priorities. We are taking steps to increase our focus on the customer, to accelerate growth in the digital business, to drive cost efficiencies across the business and to strengthen our organizational capabilities.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
The UK\u2019s biggest casino operator, Rank Group, said that the tightening of financial checks on high rollers and a spate of extreme weather in the British Isles — both hot and cold — contributed to a 41 percent drop in profits in the full year to June. It also suffered from a large dose of […]<\/p>\n","protected":false},"author":36,"featured_media":86160,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,18],"tags":[],"acf":[],"yoast_head":"\n
Rank Group\u2019s Grosvenor Casinos Squeezed by AML Clamp Down<\/title>\n\n\n\n\n\n\n\n\n\n\n\n\n\t\n\t\n\t\n\n\n\n\n\n\t\n\t\n\t\n