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RNS Number : 0094R
Rank Group PLC
22 April 2009
22 April 2009
Response to HM Government Budget statement
The Rank Group Plc ('Rank' or the 'Group') notes with dismay the increases to
bingo duty and poker taxation announced in Her Majesty's Government Budget
statement today.
This change has been imposed without prior indication or consultation. In Rank's
recent meetings with HM Treasury there had been no discussion of increases to
taxation for bingo or poker.
Rank anticipates that the changes to taxation announced today will result in
approximately GBP6m of unbudgeted costs during the financial year to 31 December
2009 or approximately GBP9m on an annualised basis. After accounting for these
additional costs, Rank anticipates that it will continue to operate within its
banking covenants.
As a consequence of today's announcement, the Group has brought forward its
interim management statement, which had been scheduled for release on 23 April
2009.
Ends
The Rank Group Plc
Dan Waugh, director of investor relations 01628 504053
Financial Dynamics
Marc Cohen 020 7831 3113
This information is provided by RNS
The company news service from the London Stock Exchange
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