Hard Rock's profits jump by almost 25%

03 March 2006
Hard Rock's profits jump by almost 25%

Hard Rock's annual operating profit jumped by almost a quarter in 2005, thanks to a reinvigorated food offer and healthy merchandise sales at its restaurants.

Rank Group owned Hard Rock saw operating profit hit £34m (2004: £28m), and turnover increase 8% to £250m (2004: £232m).

During 2005, Hard Rock re-launched its menu at its company owned cafés, revising its pricing in its North American outlets.

Its merchandise range was also overhauled, and returned to like-for-like growth for the first time in a decade.

Rank's Hard Rock Hotels and Casinos also saw turnover growth, with the Leicester Square casino having a particularly strong year.

A new 192-bedroom Hard Rock Hotel is due to open in Madrid this June.

Despite the improvement Rank Group chief executive Mike Smith warned: "With no significant uplift from new hotels and casinos, growth is likely to be slower than in 2005."

Rank Group's turnover was 2.9% higher at £810.3m and group operating profit was down 6% to £127.5m.

By Phin Foster

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