Rank Group is facing a £34m electricity bill amid what bosses have described as a “challenging” environment.
The bingo and casino firm reported a sharp increase in energy costs and a decrease in customer spending at its casinos.
Shares in the company that runs Mecca Bingo fell 10.8% as executives said they expected “difficult” conditions to continue “in the coming months.”
Some are out of luck: Rank Group, the owner of Mecca Bingo, has reported skyrocketing energy costs and declining customer spending at its casinos.
Rank recorded a 2% increase in group like-for-like earnings to £165.7m in the three months to 30 September.
Rank told shareholders it expects customer discretionary spending “will remain under significant pressure this year” despite the positive impact of household energy bill support.
The gambling and gaming company said its own costs continue to rise and its electricity bill is expected to rise to £34m this year, up from £23m.
Credit: www.thisismoney.co.uk /