Rank Group Sees GBP2.5M Cost Rise From UK VAT, NI Changes

23rd Jun 2010 08:00

LONDON (Dow Jones)--Rank Group PLC (RNK.LN), which operates bingo clubs and casinos in the U.K. with complementary on-line gaming and bookmaking services, said Wednesday that the increase in the standard rate of VAT and changes to the National Insurance regime announced in Tuesday's budget will result in a net cost increase of GBP2.5 million from 2011. MAIN FACTS: -This represents Rank's initial assessment and management will seek ways to minimize the impact on earnings. -Shares closed Tuesday at 111.7 pence valuing the company at GBP436.22 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires June 23, 2010 03:00 ET (07:00 GMT)