Home Business News Rank Group are preparing for a ‘tougher autumn’ as soaring household bills threatens spending

Rank Group are preparing for a ‘tougher autumn’ as soaring household bills threatens spending

by LLB Finance Reporter
18th Aug 22 12:19 pm

Mecca Bingo owner Rank Group said their casino and bingo hall are bracing for a “tough autumn” as the rising cost of energy bills hitting households is and will affect spending.

The group warned that inflationary pressures such as “the further rise in energy prices in recent weeks” will hit their profits.

Chief executive John O’Reilly told the PA news agency “So far, we are pleased with where demand levels are.

“A lot of people we meet in bingo venues have only come back recently following Covid so there is still a lot of positivity there among customers.

“But we know we might see a tougher autumn as energy price rises come through.”

He added, “Whilst we have been seeing improvements in London in recent weeks, the trading environment across the UK is likely to remain difficult in the months ahead, with inflationary pressures squeezing consumer discretionary expenditure and cost increases, particularly in energy prices, putting pressure on profit margins.

“However, we are taking actions to drive further efficiencies in the venues businesses, and we are seeing strong revenue growth in properties which have recently benefited from our accelerated capital investment programme.”

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