October 7, 2010 / 6:58 AM / 8 years ago

UPDATE 1-Rank sees FY results at top end of market view

* Q3 like-for-like revenues up 7 percent

* Strong performance from Grosvenor Casino and Interactive

LONDON, Oct 7 (Reuters) - British gaming firm Rank Group (RNK.L) forecast its full-year performance would be around the top of analysts’ forecasts after all its businesses improved during the third quarter.

Analysts are expecting full-year pretax profit to range from 48 million pounds to 53 million pounds ($75 million -$84 million) compared with 49 million for 2009, according to a poll by Thomson Reuters I/B/E/S.

Rank, owner of the Mecca bingo hall and Grosvenor casino chains, said like-for-like revenue for the third-quarter, which ended on Oct.2, rose 7 percent, driven by strong performances from Grosvenor and Rank Interactive, while total revenue for the period was up 8 percent.

    For the year to date, like-for-like revenue was up 4 percent and total revenue 7 percent higher.

    “Whilst the consumer environment is likely to remain challenging for some time to come, the group is in a strong financial position and has made considerable progress in improving the standard of its products and services,” it said in a trading statement.

    Rank, which plans to roll out 10 more casinos over northern and central England over the next few years, said like-for-like revenues at Grosvenor and Interactive rose 9 percent on higher customer visits and spend. Rank Interactive like-for-like revenues jumped 26 percent.

    Mecca Bingo achieved like-for-like growth in revenue as spend per head improved, while Top Rank Espana maintained steady growth in a difficult economic environment, the company said.

    Shares in Rank closed at 121.6 pence, valuing the company at 464.3 million pounds.

    (Reporting by Jon Loades-Carter; Editing by Sarah Young)

    $1=.6354 Pound

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