Its Rank-Xerox joint venture with Xerox Corp, in which it is now very much a sleeping partner, contributed UKP80m pre-tax profit to the Rank Organisation Plc’s interim results, an increase of just 3% on the same period last year, and pre-tax profit for the group grew by 24% to UKP137.6m, with net profit up UKP9.9m at UKP78.1m. Turnover from all divisions was up 17% at UKP522m, with UKP1,400m from Rank Xerox. Revenue from the Fuji Xerox joint venture increased by 10%, but profit fell by 7% and Rank attributes this to increased operating costs plus higher investment in research and development.
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