Flutter boosts revenue ahead of £11bn Stars merger November 7, 2019 Gambling operator Flutter Entertainment boosted revenue 10 per cent in the third quarter ahead of its £11bn merger with Stars Group. Flutter – previously Paddy Power Betfair -said revenue in the quarter to 30 September rose 10 per cent to £533m. The company also upped its profit guidance for its US business after revenue grew [...]
RSA shares up on underwriting profit boost November 7, 2019 Shares in insurer RSA rose today after it announced underwriting profit had grown in the first nine months of the year. The FTSE 100 company said operating profit rose in the first nine months of the year, but did not publish third quarter numbers. RSA’s shares rose 3.3 per cent to 550p this morning. Read [...]
Rolls Royce expects profit at lower end of guidance range as engine woes continue November 7, 2019 Engineering company Rolls Royce said today it expected full-year profit to be in the lower end of its guidance as it continued to struggle with the Trent 1000 engine. The company said it was likely to take a £1.4bn charge to full-year operating profit because of troubles with the engine. It said it expected total [...]
Halfords’ revenue and profit dip as it snaps up garage chain November 7, 2019 Revenue and profit at Halfords fell in the first half of the year, the bicycle and car maintenance retailer said today. Halfords also announced today it had acquired independent garage chain McConechy’s Tyre Service in a £9.3m deal. Profit before tax slipped 2.5 per cent to £27.5m in the six months to 27 September from [...]
Luke Johnson hires bankers for Gail’s Bakery sale November 6, 2019 Serial entrepreneur Luke Johnson has reportedly appointed bankers to explore a sale of Gail’s Bakery. Johnson has appointed bankers at Nomura to oversee the sale of Gail’s parent company Bread Holdings, Sky News reported. A sale process is expected to be launched in the next few months with a price tag of £150m, the report [...]
Law firm tries to muscle in on £1bn forex cartel claim November 6, 2019 US claimant law firm Hausfeld is trying to muscle in on a £1bn group action against a raft of banks who were found to have rigged the foreign exchange markets. The Competition Appeals Tribunal (CAT) heard today that Hausfeld is set to bring a claim by the end of November. The CAT was sitting for [...]
General election: Ed Vaizey joins MPs stepping down in December November 6, 2019 Former cabinet minister Ed Vaizey has announced he will step down at the December general election. Calling it “one of the hardest [decisions] I have ever taken”, Vaizey said the time was right to move on. “I am passionate about the arts, our creative industries and technology and I want to specialise in these sectors,” [...]
Boris Johnson compares Jeremy Corbyn to Soviet dictator Joseph Stalin November 6, 2019 Prime Minister Boris Johnson yesterday compared Labour leader Jeremy Corbyn to former Soviet dictator Joseph Stalin. Johnson wrote that Corbyn’s attack on a group of billionaires – including retail magnate Mike Ashley and hedge fund manager Crispin Odey – was reminiscent of Stalin’s brutal collectivisation campaign in the 1930s which led to an estimated half [...]
Cybersecurity firm Sophos posts loss ahead of £3bn sale November 6, 2019 Cybersecurity firm Sophos today posted a loss for the first half of the year, blaming restructuring and legal costs. The UK listed firm is set to be taken private after accepting a £3bn takeover bid from US private equity firm Thoma Bravo last month. It today announced a loss before tax of $1.5m (£1.16m) for [...]
Watchdog says accountancy firms failing to challenge management of firms they audit November 5, 2019 Audit watchdog the Financial Reporting Council (FRC) today warned that the top firms were failing to be robust enough in challenging management of the companies they audit. The audit sector is in the political and regulatory spotlight following company failures such as the collapse of travel agent Thomas Cook and outsourcer Carillion. The FRC today [...]