Mecca Bingo investors satisfied with performance
Rank Group, the Mecca Bingo operator now has a reason to celebrate as the cost of their shares increased from 69.75p to 75p recently. The rise followed soon after the announcement of the half yearly trading report which stated that the profitability of the company rose by 40%.
Chief Executive of the Rank Group, Ian Burke said that the group has performed extremely well while achieving a profitable growth during the tough economic climate. With this achievement, the group has also managed to reduce their debt. Although the news is cheerful for investors, Mecca Bingo has advised caution.
The majority of the current bingo profit has been greatly impacted due to the higher tax rate. The first two months were affected due to an increase in the tax rate and the performance of Mecca Bingo the previous year, which means that the profit will be £9.4 million.
In order to continue the momentum of the first half year, Mecca Bingo has some aggressive plans. The strategy involves developing existing bingo properties, along with rolling out new product trials in the latest Mecca Bingo club at Beeston and other bingo halls that are within the group.
