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Rank PLC Posts Weak FY Results

February 26, 2009 (InfoPowa News) — 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 £4.9 million (2007 FY: profit of £311.75).
Operational losses widened to £19.9 million from 2007's £5.3 million, and adjusted net earnings attributable to equity shareholders were £28.4 million, lower than £32 million a year ago.
Loss before taxation was £26.1 million, compared to a profit of £7.1 million last year.
Revenue for the year declined to £522.2 million from £534.4 million in 2007.
The Directors have not proposed a ?nal dividend in respect of the year ended 31 December 2008.
Stabilization measures had enabled the group to end 2008 "in significantly better shape than it had started the year," said Rank chief executive Ian Burke.