For the year, Rank Group, which owns Mecca Bingo and Blue Square, posted a £9.1 million loss -- down from a £23.1 profit in 2007.
Despite the loss and a year-over-year revenue decline of 2.2 percent, the Financial Times said that Rank Group’s earnings surpassed some analysts’ forecasts.
“2008 was a year of stabilization for Rank -- following a period of significant upheaval in the gaming industry in 2007,” said Ian Burke, chief executive of Rank Group, in a company statement. “The group ended 2008 in significantly better shape than it had started the year.”
Adjusted pre-tax profit fell by £5.7 million to £40.5 million, and Rank Group’s net debt decreased by £90.4 million to £226.5 million in 2008.