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Rank knocked by closed casinos

Management has opted not to pay a final dividend, after a significant profit decline
Rank knocked by closed casinos

Shares in Rank Group (RNK) have fallen by more than a half since late February, reflecting the spread of Covid-19 and the shuttering of casinos during lockdown. Such venues constitute more than three-quarters of Rank’s like-for-like revenues, meaning that the blow has been severe – sending operating profits plunging by two-fifths to £23.5m for the year to June, and leading management to put the dividend on ice.

IC TIP: Hold at 129p

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