Rank 'cautious'

Leisure Report, Sept, 2008

Rank Group said it is "cautious about the outlook for the rest of the year" after reporting a fall in pre-tax profits for the six months to 30 June.

Profits fell to to 17.6m [pounds sterling], from 37.3m [pounds sterling] the prior year. Revenues fell to 257m [pounds sterling] from 284.6m [pounds sterling]. Group operating profit before exceptional items fell from 47.9m [pounds sterling] to 28.9m [pounds sterling].

Ian Burke, chief executive, said the group had now stabilised its financial performance, following "a very difficult end to last year". However, he said the trading environment for all of Rank's businesses "remains challenging, with rising operating costs and increased financial pressures on customers."