Rank profits up slightly in half

The Rank Organisation posted pre-tax profits of T95.7 million ($ 143 million) for the half-year to May 15, a marginal improvement from last year’s T 94 million ($ 141 million).

Slight growth

Sales from continuing operations grew 7% to T965.3 million ($ 1.45 billion), but this improvement was largely due to exchange-rate fluctuations.

Both profits and sales in the film and television division worsened slightly, with improvements at Rank Film Laboratories, Odeon Cinemas and the video duplication business offset by declines in film distribution and the Precision Industries.

Video distribution in the United States remains a loss-maker, although performance improved.

Film and TV sales were T307.5 million ($ 461 million), generating trading profit of T6.7 million ($ 10 million).

Theme park

Rank also owns part of Universal Studios Florida, which increased both admissions and spending per head.

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