The Financial Times have a piece on the Rank Groups profits for last year, that sees the trend of losses continue. Rank chief executive Ian Burke mentions that 2008 will be a “challenging year” for business. As a part of their plan, the group has sold their pension plan to Goldman Sachs, which will free up around £31 million a year as well as getting a one off payment of £20 million.
Overall, the groups profits dipped by nearly 3% on the previous year, with the Mecca Bingo division’s profits dropping by 8%. This is about what analysts has expected, and the piece ends with a note of positivity, with the analysts at Evolution stating that whilst Rank is not “out of the woods,” things look to be improving. this of course will make the prospects of a take over at Rank all the more likely.