Rank Group PLC
27 April 2000
THE RANK GROUP Plc
First Quarter Trading Statement
(to 1 April 2000)
Trading for the year to date has been satisfactory with
operating profit ahead of last year and in line with our
expectations.
The pattern of trading is similar to that experienced in the
latter part of 1999 and we have made further progress in a
number of areas. Within Deluxe, film processing has had an
excellent start to the year assisted by strong film releases,
particularly in North America. However video duplication is
still not performing at the required levels and a substantial
restructuring of the US business is under way, partly in
anticipation of reducing VHS volumes over time. We completed
our initial investment in DVD by acquiring the Pioneer plant in
California and are actively seeking further DVD related
opportunities. Gaming has had particularly good results with
both Mecca and Grosvenor continuing the favourable trends shown
last year. The recent acquisition of the Park Tower casino will
add further strength to our representation in the important
London market. The Hard Rock like for like sales trend
continues to improve and results are ahead of last year,
reflecting the operational improvements initiated in the second
half of 1999. Within Holidays, overall bookings are ahead of
last year, with the exception of Butlins. Warner and Oasis have
traded well in the year to date. Tom Cobleigh recorded positive
like for like sales.
We are continuing to refocus the Group following the disposals
announced in the last six months. In particular, we remain
hopeful of a sale of our 50% holding in Universal Studios
Escape. The 10% share buyback has been completed and we will
seek authority at the Annual General Meeting to purchase up to a
further 15%.
Enquiries:
The Rank Group Plc
Kate Ellis-Jones, Investor Relations - 020 7535 8031
Press Enquiries:
The Maitland Consultancy
Laura Frost - 020 7379 5151
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.