IN BRIEF: Casino firm Rank counts GBP9 million annual hit of UK budget

Rank Group PLC - Maidenhead, England-based gambling operator, whose brands include Grosvenor casinos and Mecca bingo - Rank expects an additional annual cost of around £9 million following the UK government's decision in Wednesday's budget to increase machine games duty to 25% from 20%, effective April 1, 2027. Rank estimates the change will increase duty costs by about £2 million in its financial year ending June 30, 2027, before any mitigating measures.

Despite the increase, Rank says it remains confident of delivering like-for-like operating profit in line with expectations for the current financial year. Rank says it will provide further details on the budget's impact and the company's mitigating actions alongside its interim results to December 31 on January 28.

Current stock price: 85.80 pence, down 2.6% in London on Thursday

12-month change: down 29%

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