Rank Financials Stumble

Internet betting group Rank had a less than stellar start to 2018 as financials were lower than expected.

Key financial indicators for the company were:

• Annual profits of £77 million, down from the £83 projected by analysts
• Mecca bingo hall sales down 2% in the first quarter
• Shares at 180p on Thursday, the lowest point in more than three years.

In a trading statement to partners the company advised: "The board is cautious about the UK consumer outlook and as a result expects venues to continue to be impacted for the remainder of the 2017-18 financial year and into 2018-19."