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Rank blast
31 Jul 2009Ian Burke, chief executive of bingo, casinos and betting outfit Rank, told shareholders today to blame the Chancellor Alistair Darling for their continuing lack of dividend payouts.
“The volatile nature of HM Treasury's fiscal policy remains the principal challenge for the group,” said Burke. “We were disappointed by the Government's decision to introduce a significant increase in bingo tax in this year's Budget.”
Rank said trading had stabilised at Mecca Bingo and improved at its Grosvenor Casinos outside London but suffered in the capital as margins fell.
Underlying profits rose from £17.6 million to £24.7 million on revenues little changed at £266 million in the six months to June. Rank suspended dividend payouts in December 2007 and today said it would not return to them until “trading conditions and the market outlook improve”.
