Rank plc posts weak FY results

One of Britain’s larger online and land gambling groups, Rank plc, has published its results for the full year to 31 December 2008, showing a bottom line loss of GBP 4.9 million (2007 FY: profit of GBP 311.75)
Operational losses widened to GBP 19.9 million from 2007’s GBP 5.3 million, and adjusted net earnings attributable to equity shareholders were GBP 28.4 million, lower than GBP 32 million a year ago.
Loss before taxation was GBP 26.1 million, compared to a profit of GBP 7.1 million last year.
Revenue for the year declined to GBP 522.2 million from GBP 534.4 million in 2007.
The Directors have not proposed a ?nal dividend in respect of the year ended 31 December 2008.
Stabilisation measures had enabled the group to end 2008 “in significantly better shape than it had started the year,” said Rank chief executive Ian Burke.

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