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RANK PLC TRADING UPDATE
Thursday June 23, 2011 : online bingo helps group grow interactive revenues by 28 percent in second quarter
Britain's Rank plc land and internet gambling group issued a trading update for the 25 weeks to June 19 this week, revealing that total group revenue rose by 4 percent and like-for-like revenue was also up 4 percent.
For the most recent ten weeks growth was even stronger, rising by 7 percent
On its internet and mobile operations Rank Interactive grew revenue by 28 percent in the ten-week period with a very strong performance from subsidiary Meccabingo.com.
For the year to 19 June, Rank Interactive has grown revenue by 26 percent as a result of cross-selling from Rank’s land-based venues and continued investment in the group’s online brands.
Particularly strong growth was achieved in mobile gaming with more than 70,000 customers downloading the Mecca Bingo and Blue Square (sportsbetting) iPhone apps since launch in January 2011 (see previous InfoPowa reports).
The trading update comments on the company's Value Added Tax situation, noting that since the start of the year, Rank has received more than GBP160 million in VAT refunds and associated interest from Her Majesty’s Revenue & Customs and is now in a net cash position.
Since 2008, Rank has received in total over GBP275 million in overpaid VAT and associated interest, following successful litigation at both the First Tier VAT Tribunal and the High Court.
Her Majesty’s Revenue & Customs (‘HMRC’) has lodged a final appeal against these rulings with the European Court of Justice, and this will be heard later this month with a ruling anticipated by the end of 2011.
Rank has disclosed that it has submitted further claims for at least another GBP275 million, which it expects will be resolved over the course of the next two to three years.
The Rank statement also makes reference to European Commission complaints by Danish taxpayers regarding the provision of reduced rates of duty for online gambling (compared with gambling in land-based venues), which - it is claimed - constitutes illegal state aid. Rank is an advocate of harmonised and equal online and land gambling tax rates.
Management gave an optimistic outlook for the coming months, saying the group has made a solid start to the year.
NHL Odds: Toronto Maple Leafs vs. Washington Capitals on Tuesday -
Auston Matthews and the Toronto Maple Leafs touch down in DC this Tuesday (7 PM ET on TSN) as one of the hottest teams in the NHL. They've tallied a ridiculous 26 goals through only five games played; that's more than five goals scored per game on average. They'll be up against an equally potent Washington Capitals team.
Pro League Reveals Sportradar Contract Details -
The partnership between the PLC and Sportradar aims to provide a high-quality level of service to all Arabian Gulf League stakeholders in addition to making verified official data about players performances available to coaching and scouting staff and supplying match information to media outlets.
NFL Odds: Steelers Visit Undefeated Chiefs #TNF -
The Kansas City Chiefs (5-0 SU and ATS) have been flawless as an NFL pick thus far. Their chances of remaining undefeated in Week 6 look good; after opening at –4.5, Kansas City is a 5-point home chalk for Sunday’s game against the Pittsburgh Steelers (3-2 SU, 2-3 ATS), beginning at 4:25 PM ET on CBS.
Mega Moolah strikes again -
The jackpot was hit on a mobile device on Sunday 1 October 2017 by a UK player on Betway, this time awarding a £1,448,116.31 pay day.
2 New Slots For Microgaming Casinos -
David Reynolds, Games Publisher at Microgaming, comments: “On top of our branded title game Halloween, we’re delivering two more slots this October, each bringing exciting features and a different theme.
MLS Odds: Red Bulls vs. Whitecaps -
The New York Red Bulls (12W, 12L, 7T) haven’t won a match since August 15, but they’re –165 favorites this Saturday against the visiting Vancouver Whitecaps (15W, 10L, 6T), beginning at 5 PM ET. Vancouver is a +475 underdog with the draw priced at +285.
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