Shares in British leisure company Rank Group Plc suffered fresh losses yesterday as disappointing first-half results raised the pressure on beleaguered chief executive Andrew Teare to turn the group around.

The shares closed 19p lower, a loss of almost 6 per cent, at 309p after Rank posted profits before tax and exceptional items of £84 million sterling ($138.2 million) in the six months to June, down from £87 million from the same 1997 period.

The results came in below brokers' forecasts of £8595 million, meaning more woe for Rank's long-suffering investors. Rank shares set an all-time high of 545p at the time of Teare's appointment in April 1996 but halved in the first year of his stewardship.

Stockmarket rumours that Rank may attract a bid from US venture funds boosted the stock to 337p last Friday and analysts said lingering bid speculation had helped to cushion yesterday's fall. Teare had no comment on the speculation.

Rank has been plagued by a spate of negative comments from stockbrokers as profits continue to fall below expectations. In February John Garrett, head of the group's leisure operations, left amid reports of a failed boardroom coup.

Teare said yesterday he would ignore criticism from outside of the company.

"I have been running companies for 15 years and when you set out to do a job you stick at it, which I am determined to do.

"I have the full support of the board for the strategy we are pursuing."