Bradda Head  Lithium exceeds targets, secures US$3 million royalty and moves closer to production. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksFlutter Entertainment Share News (FLTR)

Share Price Information for Flutter Entertainment (FLTR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 15,495.00
Bid: 15,485.00
Ask: 15,500.00
Change: 120.00 (0.78%)
Spread: 15.00 (0.097%)
Open: 15,405.00
High: 15,600.00
Low: 15,400.00
Prev. Close: 15,375.00
FLTR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

LONDON BRIEFING: Flutter hails US success; Smiths names new CEO

Tue, 26th Mar 2024 08:08

(Alliance News) - London's FTSE 100 opened lower on Tuesday, as a slow start to the week continues, with investors having simmering global tensions to be mindful of.

The US, UK and New Zealand have accused Beijing-backed cyber groups of being behind a series of attacks against lawmakers and key democratic institutions - allegations that prompted angry Chinese denials.

Focus this week will also be on a US inflation reading. The latest personal consumption expenditures data is released on Friday.

"US stocks traded cautiously on Monday as the holiday-shortened week began, with investors hesitating to increase their risk exposure ahead of critical inflation data. Although all three major US indices recovered from their intraday lows, the overall sentiment remained subdued," SPI Asset Management analyst Stephen Innes commented.

"After a strong performance last week, investors may be taking a hiatus and possibly enjoying the spring break, while others are adopting a wait-and-see approach for the next bullish catalyst, such as a favourable outcome from the Fed's preferred inflation gauge. In this context, an 'all-clear' signal would entail the inflation data meeting consensus expectations or coming in lower than anticipated."

In early UK corporate news, Flutter Entertainment's annual loss widened, while Smiths Group's half-year profit ticked higher and it announced its chief executive has left the role with immediate effect.

Here is what you need to know at the London market open:

----------

MARKETS

----------

FTSE 100: down 0.3% at 7,895.02

----------

Hang Seng: up 1.0% at 16,624.84

Nikkei 225: closed marginally down at 40,398.03

S&P/ASX 200: closed down 0.4% at 7,780.20

----------

DJIA: closed down 162.26 points, 0.4%, at 39,313.64

S&P 500: closed down 15.99 points, 0.3%, at 5,218.19

Nasdaq Composite: closed down 44.35 points, 0.3%, to 16,384.47

----------

EUR: up at USD1.0843 (USD1.0838)

GBP: up at USD1.2652 (USD1.2643)

USD: down at JPY151.31 (JPY151.41)

Gold: down at USD2,173.74 per ounce (USD2,176.03)

(Brent): down at USD85.85 a barrel (USD86.06)

(changes since previous London equities close)

----------

ECONOMICS

----------

Tuesday's key economic events still to come:

12:30 GMT US durable goods orders

13:00 GMT US house price index

14:00 GMT US Conference Board consumer confidence

14:00 GMT US Richmond Fed manufacturing index

----------

In rare and detailed public accusations against China, a trio of Washington, London and Wellington described a series of cyber breaches over the last decade or more, in what appeared to be a concerted effort to hold Beijing accountable. The US Justice Department charged seven Chinese nationals over what it said was a 14-year "prolific global hacking operation" designed to aid China's "economic espionage and foreign intelligence objectives." Washington said a unit, dubbed APT31, was behind the attacks, describing it as a "cyberespionage program" run by China's powerful Ministry of State Security out of the central city of Wuhan. With Britain expected to hold a general election within months, UK Deputy Prime Minister Oliver Dowden also made a shock announcement that "a Chinese state-affiliated entity" had likely "compromised" the country's Electoral Commission.

----------

BROKER RATING CHANGES

----------

Deustche Bank raises Kingfisher target to 245 (225) pence - 'hold'

----------

COMPANIES - FTSE 100

----------

Paddy Power owner Flutter Entertainment reported a pretax loss for 2023 of USD1.09 billion, widening from USD295 million in 2022, despite revenue rising 25% to USD11.79 billion from USD9.46 billion. Costs of sales rose 29% to USD6.20 billion from USD4.81 billion, sales and marketing expenses up 26% to USD3.78 billion from USD3.01 billion, while general and administrative expenses were up 37% to USD1.60 billion from USD1.17 billion. Adjusted earnings before interest, tax, depreciation and amortisation grew 45% to USD1.87 billion, however. "As anticipated, our number one position in the US has transformed the group's earnings profile during 2023 as FanDuel delivered a positive US full year adjusted Ebitda for the first time," Chief Executive Peter Jackson said. In 2024 trading to-date, it said revenue was up 23% from the equivalent period a year earlier. Looking ahead, it expects 2024 revenue growth of around 18% from a year earlier and further adjusted earnings before interest, taxes, depreciation and amortisation growth of 30%.

----------

Engineering company Smiths Group reported pretax profit rose 2.4% in the six months ended January 31 at GBP171 million from GBP167 million a year earlier. This was as revenue improved 0.7% to GBP1.51 billion from GBP1.50 billion. It raised its interim dividend by 5.0% to 13.55 pence compared to a year earlier. This was alongside unveiling a GBP100 million share buyback programme, in which the first tranche of up to GBP50 million will be completed by the end of September. Looking ahead, it reaffirmed its financial 2024 organic revenue growth guidance of between 4% and 6%. Outgoing Chief Executive Officer Paul Keel commented: "We expect growth to improve in the second half, driven by a record order book for Smiths Group, continued strength in end markets like aerospace, security and energy, as well as gradually improving conditions in the industrial segments that were softer in the first half." Smiths announced that Keel has decided to step down as CEO with immediate effect, as he is returning to the US where most of his family is based to take on a new role as CEO of a US public company. Roland Carter has been named as Keel's successor at Smiths Group, also effective immediately. Since 2018, Carter has led the Smiths Detection division. "Here he has been instrumental in developing its order book that has grown to be the largest in its history," the company said.

----------

The boss of British American Tobacco has said a ban on disposable vapes in the UK will not be "effective", claiming similar legislation overseas has not worked. Last week, the government introduced legislation aimed at curbing youth smoking, with the tobacco & vapes bill restricting the sale of tobacco so that anyone turning 15 this year, or younger, will never legally be sold cigarettes. It will effectively raise the age of tobacco sale by one year every year, with the aim of stopping today's youngsters from ever taking up smoking in the first place. However, Tadeu Marroco, chief executive of BAT, told the BBC similar legislation introduced overseas had only pushed people to the illegal market.

"In other countries this hasn't been effective," he said. "In Australia they have banned the whole category, and the amount teenagers use in the illegal market is very high. The same is happening in Brazil."

----------

COMPANIES - FTSE 250

----------

Housebuilder Bellway reported pretax profit more than halved to GBP117.4 million in the six months ended January 31 from GBP305.9 million a year earlier. This was in line with revenue falling 30% to GBP1.27 billion from GBP1.81 billion. It reduced its interim dividend payment by 64% to 16.0 pence per share from 45.0p a year earlier. During the half-year period, housing completions fell 28% to 4,092 from 5,695. Chief Executive Officer Jason Honeyman commented: "Although the economic backdrop remains uncertain, the gradual reduction in mortgage interest rates throughout the first half has helped to ease affordability constraints and we have been encouraged by the improvement in reservations since the start of the new calendar year." It said it is on track to deliver volume output of around 7,500 homes for the year, down from 10,945. The CEO added: "Overall, the long-term fundamentals of the UK housebuilding industry remain attractive, given the shortage of energy efficient and affordable homes across the country. We remain confident that the group's robust balance sheet and operational strength, combined with the depth and quality of our land bank, will enable Bellway to successfully navigate changing market conditions and capitalise on future growth opportunities."

----------

OTHER COMPANIES

----------

Research and data analytics firm YouGov reported pretax profit fell 50% in the six months ended January 31 to GBP10.4 million from GBP21.0 million a year earlier, despite revenue climbing 8.9% to GBP143.1 million from GBP131.4 million. This was because administrative expenses rose 23% to GBP112.3 million from GBP91.1 million, while cost of sales rose 7.0% to GBP21.3 million from GBP19.9 million. It declared no interim dividend, unchanged from a year earlier. Looking ahead, Chief Executive Officer Steve Hatch commented: "As we enter the second half, our clients are increasingly looking for high-quality, data-driven solutions. The quality of our products and services, the accelerated sales momentum seen in the second quarter, and our robust sales pipeline gives us confidence that YouGov can achieve growth for the full year in line with current market expectations."

----------

By Greg Rosenvinge, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

More News
9 Mar 2022 10:19

LONDON BROKER RATINGS: Deutsche cuts ITV; Citi raises SSE to buy

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday afternoon:

Read more
8 Mar 2022 21:24

DIRECTOR DEALINGS: Rio Tinto Iron Ore Chief Trott sells shares

(Alliance News) - The following is a round-up of share dealings by London-listed company directors and managers announced on Wednesday and not separately reported by Alliance News:

Read more
8 Mar 2022 09:47

LONDON BROKER RATINGS: Jeffries cuts Travis Perkins to hold from buy

(Alliance News) - The following London-listed shares received analyst recommendations Tuesday morning and Monday afternoon:

Read more
7 Mar 2022 15:35

Director dealings: Flutter directors invest, St. James's Place MD sells

(Sharecast News) - Flutter Entertainment was at the top of the buyers' list on Monday, after it disclosed two purchases made by its chair and a director's associate.

Read more
7 Mar 2022 10:18

IN BRIEF: Flutter Entertainment chair buys EUR240,000 in shares

Flutter Entertainment PLC - Dublin-based sports betting and gaming company - Chair Gary McGann buys 2,200 shares at EUR108.50 per share, worth EUR238,700, on Thursday last week in Dublin. A person closely associated with Non-Executive Director Andrew Higginson buys 3,343 shares at GBP87.65 per share, worth GBP293,014, also on Thursday.

Read more
3 Mar 2022 10:02

LONDON BROKER RATINGS: Downgrades for Hikma Pharma and Royal Mail

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
2 Mar 2022 09:52

LONDON BROKER RATINGS: Downgrades for AB Foods, BT and Royal Mail

(Alliance News) - The following London-listed shares received analyst recommendations Wednesday morning and Tuesday:

Read more
1 Mar 2022 12:20

LONDON MARKET MIDDAY: Stocks fall as Russia continues offensive

(Alliance News) - Stock prices in London were sharply lower at midday on Tuesday, as the Russian assault on Ukraine intensified, with fears the invading forces are set to launch assaults aimed at taking control of the capital Kyiv and other major cities.

Read more
1 Mar 2022 10:18

TOP NEWS: Flutter Entertainment revenue grows as profit targeted in US

(Alliance News) - Flutter Entertainment PLC on Tuesday reported a rise in revenue in 2021 with a strong rise in customers as its FanDuel operation in the US remains on track for profitability in 2023.

Read more
1 Mar 2022 09:20

LONDON MARKET OPEN: Stocks lower; Reach sinks on inflation warning

(Alliance News) - Stock prices in London opened lower on Tuesday amid rising concerns over Russia's attack on Ukraine.

Read more
1 Mar 2022 07:53

LONDON MARKET PRE-OPEN: Croda raises dividend after strong 2021

(Alliance News) - Stock prices in London are seen opening lower on Tuesday as Russia continued its assault on Ukraine.

Read more
1 Mar 2022 07:39

Flutter profit falls after run of customer-friendly results

(Sharecast News) - Flutter's underlying annual profit fell as the gambling group was hit by a string of punter-friendly sporting results in the UK and Ireland.

Read more
24 Feb 2022 15:00

IN BRIEF: Numis adds Flutter Entertainment risk officer to board

Numis Corp PLC - London-based stockbroker and investment bank - Hires Richard Hennity as independent non-executive director, starting immediately. Hennity is chief legal & risk officer of the international division of FTSE 100 gambling operator Flutter Entertainment PLC, previous to which he held senior positions at lender HSBC Holdings PLC. Subject to regulatory approval, Hennity will chair the Numis board's risk committee.

Read more
22 Feb 2022 15:56

UK earnings, trading statements calendar - next 7 days

Wednesday 23 February 
Aston Martin Lagonda Global Holdings PLCFull Year Results
Barclays PLCFull Year Results
Capital & Counties Properties PLCFull Year Results
CAP-XX LtdHalf Year Results
Georgia Capital PLCFull Year Results
International Personal Finance PLCFull Year Results
Irish Residential Properties REIT PLCFull Year Results
Metro Bank PLCFull Year Results
Hochschild Mining PLCFull Year Results
Photo-Me International PLCFull Year Results
Rio Tinto PLCFull Year Results
Seraphim Space Investment Trust PLCHalf Year Results
Ted Baker PLCTrading Statement
Unite Group PLCFull Year Results
Thursday 24 February 
Anglo American PLCFull Year Results
ASA International Group PLCFull Year Results
BAE Systems PLCFull Year Results
Centrica PLCFull Year Results
Conduit Holdings LtdFull Year Results
Derwent London PLCFull Year Results
Drax Group PLCFull Year Results
Genus PLCHalf Year Results
Hays PLCHalf Year Results
Hikma Pharmaceuticals PLCFull Year Results
Howden Joinery Group PLCFull Year Results
Inchcape PLCFull Year Results
Lloyds Banking Group PLCFull Year Results
Macfarlane Group PLCFull Year Results
Morgan Sindall Group PLCFull Year Results
Rathbone Group PLCFull Year Results
Ricardo PLCHalf Year Results
Rolls-Royce Holdings PLCFull Year Results
Serco Group PLCFull Year Results
Spectris PLCFull Year Results
St James's Place PLCFull Year Results
Tremor International LtdFull Year Results
WPP PLCFull Year Results
Friday 25 February 
Evraz PLCFull Year Results
IMI PLCFull Year Results
International Consolidated Airlines Group SAFull Year Results
Jupiter Fund Management PLCFull Year Results
Pearson PLCFull Year Results
Rightmove PLCFull Year Results
Monday 28 February 
Associated British Foods PLCTrading Statement
BATM Advanced Communications LtdFull Year Results
Bunzl PLCFull Year Results
CentralNic Group PLCFull Year Results
GlobalData PLCFull Year Results
Greencoat Renewables PLCFull Year Results
Grit Real Estate Income Group LtdHalf Year Results
Kitwave Group PLCFull Year Results
Kosmos Energy LtdQ4 Results
Made Tech Group PLCHalf Year Results
RHI Magnesita NVFull Year Results
Tuesday 1 March 
abrdn PLCFull Year Results
Croda International PLCFull Year Results
Flutter Entertainment PLCFull Year Results
Hotel Chocolat Group PLCHalf Year Results
Intertek Group PLCFull Year Results
Man Group PLCFull Year Results
PCI-PAL PLCHalf Year Results
Quartix Technologies PLCFull Year Results
Reach PLCFull Year Results
Revolution Bars Group PLCHalf Year Results
Rotork PLCFull Year Results
Travis Perkins PLCFull Year Results
Uniphar PLCFull Year Results
Vitec Group PLCFull Year Results
XP Power LtdFull Year Results
  
Copyright 2022 Alliance News Limited. All Rights Reserved.

Read more
21 Feb 2022 09:41

LONDON BROKER RATINGS: Peel Hunt puts Morses Club rating under review

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning:

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.