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RankPlc Stock Soaring
4/23/10 - The once seemingly almost moribund UK online and land gambling group Rank plc has staged a remarkable comeback this year, seeing its stock soar 40 percent year to date, outperforming the FTSE All Share Index by 30 percent.
The share price at close Wednesday reached almost 118 pence a share, valuing the company at GBP 454 million as the latest results were released.
Management said that strong sales at the Grosvenor Casinos and Rank Interactive subsidiaries underpinned an "encouraging" start to 2010, and that it was confident on full-year prospects.
The Mecca Bingo chain has recovered from the effects of cold weather in January, and Top Rank Espana had shown modest growth in spite of the weak economic environment in Spain.
Group revenue for the 16 weeks to April 18 was up 4 percent, on a 10 percent rise in total group revenue.
"The Group has made a positive start to the year with revenue growth in each of its four businesses and remains confident in the full-year prospects for the Group and in its longer term growth strategy," Rank said in a statement.
Management revealed that a new VAT reclaim of around GBP 42 million relating to amusement machines and main stage bingo, and an existing GBP 59.1 million reclaim for interval bingo would now be received later in the year, rather than in the first quarter, as previously expected.
Rank plc has 34 land casinos and 103 bingo clubs in Britain, and in February reinstated its dividend after posting a forecast-beating rise in full-year pretax profit, according to the Reuters news service.
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Gambling News :
Tom Horn Awarded Malta Gaming License -
Online gambling software provider Tom Horn Gaming has been awarded a Malta Gaming Authority license that permits the company to host and manage Malta-based gaming operators.
Calvin Ayre invests in new Antigua Business Center -
Ayre joined with government officials this week in a ground-breaking ceremony for a five-story centre on Antigua which will be home for the venture. The "green" building will be solar powered and provide employee-friendly services like catering, a gym and child care.
Attack of the Zombies Slot -
Online gambling games developer Genesis Gaming has unveiled its latest game, with a theme based on a horror story of the undead, exploiting the current trend....and just in time for Halloween.
Why is FullFlush Poker Still Down -
Its now almost a month since Full Flush Poker went offline "for a platform upgrade" and stopped communicating with its reportedly many unpaid and unhappy players. All trace of the operator - and means to communicate with it - have vanished.
Time Running Our For Pennsylvanian online gambling -
Hopes that this week would see the Pennsylvanian Senate voting on an online gambling and DFS legalization bill already passed by the House four months ago dwindled Wednesday when no progress was made and the legislatures season officially closed.
Yggdrasil Gaming Expanding -
The Swedish online gambling games developer Yggdrasil Gaming is to establish a new parent company and expand its Stockholm office as it bolsters its presence in Sweden with a raft of new hires.
FanDuel and DraftKings Settle With NY Attorney General -
Speculation earlier this week that daily fantasy sports market leaders FanDuel and DraftKings were about to agree a settlement on consumer fraud suits prepared by the New York AG was confirmed Tuesday when a $12 million settlement was announced.
Stan james Now Live With EPOS -
The company switched to the Optima server less system across its entire estate in July after previously using Optima EPOS technology. The switch was completed early this (October) month and has already delivered noteworthy savings for the company.
Singapore Online Gambling Ban Begins -
Singapore media reports indicated Tuesday that restricted online gambling services offered by the Singapore Pools have started online operations, whilst Singapore Turf Club will commence online betting activity on November 15.
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