The Rank Organisation has announced that its pre-tax profits have fallen from £444 million in 1995 to 128m in 1996, though turnover is up 10% to £940m. Within the film and entertainment sector, turnover increased by 17% and profit rose by 4%.
These results coincide with news that Rank will be hoping to raise £300m from a major restructuring programme, which will see businesses such as Shearings coach holidays, Precision Industries and Kingston Plantation being sold. The company’s remaining stake in Rank Xerox will also be sold.
Rank Organisation: 0171 706 1111
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