FTSE 100: Markets rally as Johnson prepares to leave

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Ladbrokes and Coral owner suffers as online betting plummets

Entain, the owner of bookmakers Ladbrokes and Coral, said today punters have cut their online bets as inflation eats away at their purchasing power.

The company said it now expects flat net revenue from its online operations for the year, after previously forecasting mid- to high-single digit growth. Its shares fell 5.4% to 1031p in morning trading, making it the biggest bearer on London’s FTSE 100 stock index.

There was a better performance at its betting stores, where retail beat expectations, helping volumes in the second quarter to exceed pre-Covid levels, driven by games and free betting terminals. service.

Jette Nygaard-Andersen, chief executive of Entain, said “the macro outlook is uncertain” but “the underlying performance of our business remains strong.”

Entain’s online brands include Foxy Bingo, Gala and Ninja Casino. It has a 50/50 joint venture with MGM Resorts International to run BetMGM.

The company also said it expected its acquisition of Dutch company BetCity to be completed in the second half, which would help it “provide a strategic growth opportunity” in a “newly regulated market”.

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Watches of Switzerland shares rise after record profits

Watches of Switzerland today unveiled record profits after what its CEO called a “great year”.

Pre-tax profit nearly doubled to £126m, on group sales of £1.2bn, up 40% at constant exchange rates. UK revenue increased 36% to £810m, while US sales reached £428m, up 48%.

The company’s performance in the UK was helped by strong demand at its Boutique Rolex outlets, including one in Westfield in Shepherd’s Bush.

Tudor-branded watches, promoted by David Beckham, above, were also key sales drivers.

Watches of Switzerland opened 18 new showrooms during the year and renovated 17 and said it had “big plans” for its European business.

The shares rose 1.1% to 797p this morning.

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Cut rates to save High Street, says Currys boss

The new Chancellor should make cutting commercial tariffs for retailers a top priority, the Currys boss said today.

Alex Baldock said the high street has been paying too much for too long. “Retail cannot continue to pay 10% in corporate taxes when we represent 5% of the economy,” he said.

Baldock, a Conservative supporter and donor, said his message to Chancellor Nadhim Zahawi was: “What we need from government right now is some consistency. Consumers need aid during the cost of living crisis.

Profits for the electricity group quadrupled to £126m for the year to April, reflecting the fact that most stores were closed the year before. Sales were flat at £10.1 billion.

Currys said he would “cushion” the blow to consumers from inflation by freezing prices where he can, but said he needed government help. A reduction in VAT could also help.

Baldock, a former banker who took over from Currys in 2018, says customers are increasingly relying on credit to buy goods, but said he would be sure to be “responsible”, in partnership with “very sober” lenders.

He added: “We owe this performance to our thousands of capable and committed colleagues, who have built a stronger Currys. They loved seeing customers returning to our stores in droves and helping them with face-to-face expert advice and the full range of our services that ensure customers stay loyal to us. Stores, in tandem with online, offer our customers the best of both omnichannel worlds which they clearly prefer. »

Shares of Currys rose 4p to 70p but nearly halved last year.

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ZOO Digital Shares Up 7% After Sales Jump 78%

Shares of subtitle and film dubbing specialist Zoo Digital soared 7% after posting record results fueled by the expansion of global streaming services.

Zoo Digital saw sales jump 78% to $70.4m (£58.8m), while operating profit tripled to $3.1m.

The company partners with streaming services like Netflix and Disney+ to provide captioning and dubbing services using a global network of independent voice actors.

The company said it has seen an increase in demand for its dubbing services as streaming platforms increase their content production as subscriber numbers increase.

Zoo Digital CEO Stuart Green told The Standard: “What the pandemic has done is hasten this change – stuck at home, we wanted to watch new programming. More content is being produced now than at any time in the past.

“We’ve had an incredible year of profitable growth – we’re capturing market share by expanding and leveraging this fantastic opportunity.”

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FTSE 100 down 300 points since PM’s tenure

At first glance, the city might have looked like they were cheering the demise of Boris Johnson.

As he prepared for his resignation speech, the FTSE 100 rallied 80 points to 7188. Miners and banks led the charge, with Anglo American up 105p at 2735p, with Standard Chartered up 22p at 600p.

Beneath the surface, things were less cheerful. And over the prime minister’s three-year reign, the leading index has fallen by around 300 points overall, commentators note.

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IPO proceeds plunge 94% amid geopolitical tensions and inflationary pressures

Proceeds from UK IPOs fell 94% in the first half of 2022 as companies avoided public listings amid geopolitical tensions and inflationary pressures.

Only six companies listed on UK stock exchanges in the second quarter of 2022, with just one company joining the AIM market with a raise of £6m.

The meager selections for the UK IPO market contrast sharply with a bumper year in 2021, in which the London Stock Exchange became the world’s largest center for IPOs outside of the US and China. , with companies raising a total of £3.8bn in the second quarter. only.

The UK IPO market fared less well than the global market as a whole, which saw revenue fall by 58% over the same period.

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