Rank Organisation Plc, co-owner of Rank Xerox Ltd has turned in pre-tax interim profits down 2.1% at UKP94m on turnover down 4.9% at UKP935.5m. Rank’s share of the pre-tax result of Rank Xerox was UKP71.7m compared with UKP80.1m in the same period in 1991. This included a reduced contribution from the Fuji Xerox Ltd affiliate, which is having a rough time in Japan’s ravaged market. Rank’s various divisions experienced mixed fortunes: Film and Television and Leisure improved their results, but profits declined in the Holidays and Hotels and Recreation Divisions. UKP110m was invested in operations where it was, judged necessary for the maintenance or enhancement of sustainable competitive advantage. Following the sale of Motorway Service Areas for UKP86m (CI No 1,850) Rank has continued to downsize putting its five London and 17 provincial hotels on the market in April: disposals have raised UKP109m. Getting the best out of what is available in the marketplace, combined with continuing reduction of costs and rigorous control of cash flow, remains our priority, the firm says.
