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Saturday, October 13, 2007

Rank Shares Drop

Rank's shares have taken a bit of a tumble to hit their lowest point in almost 20 years. Bloomberg reports that the company behind the Mecca Bingo chain's shares have slipped 21%. The impact of the smoking ban and the change in gaming machines brought in with the 2005 Gambling Act have contributed to a drop of sales at Mecca's clubs of 5%. The Rank Group's trading statement offers a gloomy forecast for the future but it's not all bad news. The online BlueSq arm of the business has enjoyed a growth of 38%. The company is investing in the future with a number of outdoor areas and other electronic based solutions planned for the smokers out there.

Posted at 9:47 AM |

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