UK market update – Flutter flies as users jump

imageStock Markets12 hours ago (Aug 10, 2021 08:25)

© Reuters.

By Samuel Indyk – At 08:20BST, the FTSE 100 is trading higher by 0.2% at 7143.05. The midcap FTSE 250 is trading higher by 0.3% at 23,526.29.

In FX markets, GBP/USD is trading at 1.3850, EUR/GBP is trading at 0.8473. The US Dollar Index is flat.

Today’s calendar highlights include the German ZEW survey and a speech from the Federal Reserve’s Charles Evans.

InterContinental Hotels (LON:IHG) – Significant improvement in demand in H1. Total gross revenue down 42% on 2019 level. 2021 interim dividend will not be paid. Confident in strength of IHG’s future prospects.

M&G (LON:MNG) – H1 adjusted operating profit before tax up 6% to £327 million. Assets under management increased to £370.0 billion. Interim dividend of 6.1 pence per share.

Flutter Entertainment (LON:FLTRF) – Adjusted revenue up 30% to £3.053 billion driven by 40% increase in average monthly players. Dividend policy to be kept under review. Group says H2 has started well and sees group ex-US adjusted EBITDA of £1.27-1.37 billion, assuming real estate remains open. US net revenue expected at £1.285-1.425 billion assuming launches in Arizona and Connecticut in H2.

Abrdn (LON:ABDN) – H1 fee based revenue up 7%, operating profit up 52%. To pay interim dividend of 7.3 pence per share, in line with policy. Outlook remains unchanged from that given in March.

Derwent London (LON:DLN) – Acquires two properties in London’s West End for £214.6 million. Also signs MOU with Lazari Investments for 50:50 joint venture to acquire 3 sites in Baker Street, London. Total return of 2.7%, down 0.1% in H1 2020. Interim dividend raised 4.5% to 23.0 pence.

Gamesys (LON:GYS) – H1 revenue up 17% to £398.8 million. Adjusted EBITDA up 16%. Board declares interim dividend of 15 pence per share. Combination of Gamesys and Bally’s expected to become effective in Q4.

Man Group (LON:EMG) – Announces new $100 million share buyback programme.

IWG (LON:IWG) – Strong occupancy recovery in Q2 with unprecedented demand for hybrid working and record new client wins. Open centre revenue increased Q1 to Q2 by 3.4%. US showing strongest recovery.

Watches Of Switzerland (LON:WOSG) – Q1 roup revenue +101.9% in constant currency to £297.5 million. Strong UK and US performance supports confidence in outlook for the remainder of the full year and underpins existing guidance.

Bellway (LON:BWY) – FY revenue up 41% to over £3.1 billion. Number of housing completions up 34.8%. Group has record forward sales position with an order book comprising 7,082 homes.

Marlowe (LON:MRLM)/Restore (LON:RSTP) – Marlowe walks away from pursuit of Restore after rejected bid.

Meggitt (LON:MGGT) – Downgraded by HSBC to hold from buy.

UK market update – Flutter flies as users jump

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Please enter your comment!
Please enter your name here