The company says it is taking several actions to bolster its financial performance after demand for gaming tumbled amid squeezed consumer budgets and the World Cup.
Rank chief executive, John O'Reilly, said:"Weak consumer confidence and pressure on disposable income is resulting in a tougher than expected trading environment for our UK venues businesses, particularly in Grosvenor where we are seeing customers spending less per visit.
"Whilst we expect these challenges to continue to impact our recovery into the second half of the financial year, we have implemented a series of measures to deliver incremental cost savings and to drive revenues."The company said it now expected to report like-for-like underlying operating profit in the range of £10m to £20m for the year ended 30 June 30.Shares, already down by half in the year to date, fell 8%.
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