Update: Rank results beat expectations

31st Jul 2009 12:04

Rank said it would not pay an interim dividend, but shares in the gambling firm rallied as half year results came in better than expected.Underlying pre-tax profits rose to £24.7m in the six month ended 30 June compared with £17.6m last time. Analysts expected a profit of around £20m. Revenue came to £266m from £257m previously.Net debt reduced to £208.1m from £226.5m at 31 December 2008."Despite the economic uncertainty, we are encouraged by the progress we have made this year in terms of enhanced customer propositions, a stronger senior management team and the group's financial position," said chief executive Ian Burke."While we remain cautious in the near-term, we look forward with confidence in the long-term prospects for gaming and the success of the group's growth strategy," he added.Rank suspend dividend payments in December 2007 in the light of difficult trading conditions during the second half of that year.It plans to resume dividend payments in the future, once trading conditions and market outlook improve.