Bookmakers Rank Group sees no direct impact from Brexit

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Published: August 23, 2016 12:19:05 PM

Casino operator Rank Group Plc said on Tuesday Britain's decision to leave the European Union would have little or no direct impact on its performance, days after it dropped its joint bid to buy bookie William Hill Plc .

Casino operator Rank Group Plc said on Tuesday Britain’s decision to leave the European Union would have little or no direct impact on its performance, days after it dropped its joint bid to buy bookie William Hill Plc .

Rank, the operator of Grosvenor casinos and Mecca bingo hall, said it was mainly a UK-focused business with limited exposure to non-sterling earnings.

The company, however, said any impact of Brexit could be driven by lower UK growth rates or loss of consumer confidence and spending power.

Rank reported a 2 percent fall in operating profit before exceptional items at 82.4 million pounds ($108.4 million) for the year ended June 30, hurt by higher digital operating costs and a weak fourth quarter at its Grosvenor casinos venues.

Rank and online gaming firm 888 Holdings Plc abandoned their efforts to snap up William Hill via a cash-and-stock deal to create Britain’s largest multi-channel gambling operator by revenue.

But William Hill did not show any interest in engaging with the consortium and spurned two takeover proposals.

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