Rank Group, the owner of Mecca Bingo and Grosvenor Casinos, has seen its shares slide sharply after issuing a profit warning.

The gaming operator said its annual profit could more than halve after revenues were damaged by the impact of the cost of living crisis. The football World Cup is also likely to have dented demand.

Rank reported group like-for-like net gaming revenue for the five months to 30 November almost flat on the same period last year.

While sales in its Grosvenor venues over the last few weeks has seen some improvement, the group flagged that a return to growth will take longer than previously expected due to the challenging economy.