see all jobs
Rank set to strengthen its focused businesses
Rank has announced that it is now considering an acquisition programme following its heavy disposals over the last two years. The revelation came as Rank unveiled improving results. Despite pre-tax profits dropping 18 per cent to £186m, the company's net debt has dropped by more than £1bn to £320m following the sale of assets including Odeon cinemas, Butlins and the Pinewood film studios. In its leisure divisions, like-for-like sales for Hard Rock café were down 3.5 per cent to £260.2m, while its gaming business, Mecca, rose 19 per cent to an operating profit of £82.4m. Speaking on publication of the results, chief executive, Mike Smith, says Rank is now in a position to strengthen its focused businesses and may consider new acquisitions, share buybacks and organic development: We now have the financial and managerial capacity to develop our increasingly focused activities more aggressively.
More News
- News by sector (all)
- All news
- Fitness
- Personal trainer
- Sport
- Spa
- Swimming
- Hospitality
- Entertainment & Gaming
- Commercial Leisure
- Property
- Architecture
- Design
- Tourism
- Travel
- Attractions
- Theme & Water Parks
- Arts & Culture
- Heritage & Museums
- Parks & Countryside
- Sales & Marketing
- Public Sector
- Training
- People
- Executive
- Apprenticeships
- Suppliers