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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.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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