The Rank Group has provided an update on its profit expectations for the year ending 30 June 2022

As noted in the trading update of 21 April 2022, the Group had witnessed softer performance in our UK venues throughout Q3 and had entered Q4 with visit numbers down across our Grosvenor casinos. 

We have seen some improvement in Grosvenor’s performance post April, but it has been considerably weaker than expected, principally due to a slower than expected return of higher spending overseas customers to our London casinos, continued softness in visitor numbers across the UK and a lower-than-average casino win margin in the quarter to date. 

The performance of our other business segments has been broadly in line with management’s expectations.

As a result of the recent performance in Grosvenor venues and continued inflationary cost pressures across the Group, subject to normal casino win margins between now and the year end, we expect like-for-like underlying operating profit to be approximately £40m for the year ending 30 June 2022, lower than the previously guided range of £47m – £55m.