TIDMRNK
RNS Number : 6790U
Rank Group PLC
29 June 2009
The Rank Group Plc
29 June 2009
Accounting change: segmental operating profit
The Rank Group Plc ('Rank' or the 'Group') in accordance with IFRS 8 ('Operating
segments') will modify its reporting of segmental operating profit from the
beginning of the current financial year. This is solely an accounting adjustment
and consequently there are no changes to Group operating profit, profit before
tax or earnings per share.
Certain operating costs, previously reported within 'shared services' will be
allocated to Mecca Bingo, Grosvenor Casinos and Rank Interactive as appropriate.
In addition, the remaining 'shared services' costs will be aggregated with
'central costs' under 'central overhead'. These changes will take effect from
Rank's half-year financial results for the six months ended 30 June 2009 which
are scheduled to be announced on 31 July 2009.
To aid year-on-year comparison, Rank has prepared segmental operating profit
figures for 2008 (first half and full year) on the same allocation basis that it
will report its 2009 financial results (see note 1 below).
The Rank Group Plc full-year 2008 - segmental operating profit (GBP million)
+------------------------+------------------------+------------------------+
| | Treatment adopted for | As published in annual |
| | 2009 financial year | report business review |
+------------------------+------------------------+------------------------+
| Mecca Bingo | 37.9 | 41.8 |
+------------------------+------------------------+------------------------+
| Top Rank Espana | 6.9 | 6.9 |
+------------------------+------------------------+------------------------+
| Grosvenor Casinos | 25.9 | 29.5 |
+------------------------+------------------------+------------------------+
| Rank Interactive | 7.6 | 11.4 |
+------------------------+------------------------+------------------------+
| Shared services | - | (20.8) |
+------------------------+------------------------+------------------------+
| Central costs | - | (8.5) |
+------------------------+------------------------+------------------------+
| Central overhead | (18.0) | - |
+------------------------+------------------------+------------------------+
| Group | 60.3 | 60.3 |
+------------------------+------------------------+------------------------+
The Rank Group Plc half-year 2008 - segmental operating profit (GBP million)
+------------------------+------------------------+------------------------+
| | Treatment adopted for | As published in annual |
| | 2009 financial year | report business review |
+------------------------+------------------------+------------------------+
| Mecca Bingo(1) | 22.7 | 24.5 |
+------------------------+------------------------+------------------------+
| Top Rank Espana | 4.1 | 4.1 |
+------------------------+------------------------+------------------------+
| Grosvenor Casinos | 12.5 | 14.5 |
+------------------------+------------------------+------------------------+
| Rank Interactive | 3.5 | 5.3 |
+------------------------+------------------------+------------------------+
| Shared services | - | (11.2) |
+------------------------+------------------------+------------------------+
| Central costs | - | (5.4) |
+------------------------+------------------------+------------------------+
| Central overhead | (11.0) | - |
+------------------------+------------------------+------------------------+
| Group(1) | 31.8 | 31.8 |
+------------------------+------------------------+------------------------+
Note 1 - Operating profit for Mecca Bingo and the Group in the first half of
2008 is shown on the same basis as that disclosed in the business review section
of the Group's annual report and financial statements. This differs from the
figure disclosed in the Group's 2008 half-year results statement (which will be
the comparative in the 2009 half year results statement) owing to a VAT
repayment from HMRC which was recognised in the year.
Ends
Further information
The Rank Group Plc
Dan Waugh, director of investor relations: 01628 504 053
Financial Dynamics
Ben Foster/Marc Cohen 020 7831 3113
Notes to editors
About the Rank Group
Rank is a leading European gaming business, head-quartered in the UK and listed
on the London Stock Exchange (RNK.L). The Group's principal activities are the
operation of bingo clubs and casinos in the UK with complementary on-line gaming
and bookmaking services. For more information about The Rank Group, visit
www.rank.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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