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Shares in casino and bingo firm Rank plunged after it warned of rising costs and slow recovery

    Shares in casino and bingo firm Rank plunged after it warned of rising costs and slow recovery.

    The FTSE 250 group, which owns the Grosvenor Casinos chain, lamented the lack of wealthy foreign customers returning to its London venues following Covid.

    The turnout in its Grosvenor casinos had improved since April, but the firm said it has been ‘considerably weaker than expected’.

    Shares down: FTSE 250 group Rank, which owns the Grosvenor Casinos chain, lamented the lack of wealthy foreign customers returning to its London venues following Covid

    Shares down: FTSE 250 group Rank, which owns the Grosvenor Casinos chain, lamented the lack of wealthy foreign customers returning to its London venues following Covid

    Rank, which also owns Mecca Bingo, said the performance across its other businesses has been broadly in line with expectations. 

    But this was not enough to offset fears over the impact of inflation and Rumahmantap168 a slowdown in trading.

    As such, Rank said it expects profit for the year to the end of June to be around £40million, down from a previous projection of between £47million and £55million.

    This was the second time the company has lowered its profit forecast this year.

    In April, Rank said it expected profits to range between £47million and £55million, down from a previous forecast of £55million to £65million. 

    Shore Capital analyst Greg Johnson said the ‘crux will be a return in higher-spending international customers over the summer, and we now see a pick-up from July’.

    He cut his forecast for Rank’s profits for the next financial year by £8million to £62million but said Shore ‘remain buyers of the stock’.

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    Meanwhile, analysts at Peel Hunt downgraded Rank’s profit forecasts to £40million from £50million and lowered the target price to 175p from 220p.Shares crashed 16.9 per cent, or 16.8p, to 82.4p.

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