22pc wiped off gambling firm after profit warning

GAMBLING software firm Playtech lost nearly a quarter of its value yesterday after warning profits for the full year will fall below expectations.

Shares plummeted after it admitted yearly profits might be 5pc below forecasts due to problems with a key bingo contract and a slowdown in parts of asia.

analysts had pinned Playtech’s income to come in at £226.9m but the company, which provides software for betting and online casino and poker games, said its Sun bingo remains ‘ challenging’ due to a number of factors, including the relaunch of the site. in asia, it had hoped activity would return to normal levels in a relatively short time after a slowdown due to a shift in market conditions, but now doesn’t expect any significant improvement this year.

The announcement sent shares down 22.2pc, or 218.5p, to 768p.

Sportswear retailer Footasylum sprinted up in its first day of trading. The firm raised £ 171.3m through a placing price of 164.5p per share – but jumped as high as 209.5p in early trading yesterday.

Footasylum was set up by JD Sports founder David makin in 2005, before co- JD Sports founder John Wardle joined as chief executive in 2008. it now has 61 stores and sells a mix of own labels such as Glorious Gangsta, and brands such as nike and Calvin Klein.

its aim debut makes chief executive Clare nesbitt, the daughter of makin, the youngest boss of a FTSE-listed company, at 30.

Footasylum finished the day at 191p per share, up 14pc, giving it a value of £200m.

also debuting on london’s junior market yesterday was Sosandar – a women’s online fashion firm. The company, set up by two exlook magazine chiefs, ali Hall and Julie lavington, raised £ 5.3m through a placing, valuing it at around £16.1m.

The pair now have a 5pc stake each. Their venture was bought by Orogen, previously a gold exploration company operating as a cash shell on london’s junior market, for £6.3m last month.

Hall and lavington are now cochief executives of the business, which posted sales of £847,000 in the 11 months to July 17.

Shares rose 24.1pc, to 18.75p, from its initial price of 15.1p.

The bank of England’s decision to raise interest rates to 0.5pc from its previous low of 0.25pc lifted the FTSE 100 up 0.9pc or 67.36 points to 7555.32, while the

FTSE 250 finished up 0.3pc, or 57.24 points, at 20385.48.

Howden Joinery soared to the top of the FTSE 350 after an 8.2pc jump in sales from mid- June to the end of October.

The firm, britain’s largest manufacturer and supplier of fitted kitchens, appliances and joinery products, said the figures were driven by a growth in orders and the weaker than expected trading in the second half of 2016.

Howden’s peak trading period is October as customers turn to indoor work due to the colder weather, and aim to install kitchens before Christmas. it expects to make more than 10pc of its sales in the final period of the year. The announcement buoyed investors, lifting shares up 10.1pc, or 41.7p, to 454.1p.

booming demand for sugary alternatives helped boost profits for Tate & Lyle.

The firm, which makes corn syrup and sweeteners for soft drinks, reported a 26pc surge in half-year profits, to £161m. Shares rose 1.7pc, or 11p, to 675.5p.

Office provider IWG reported a 3.3pc rise in sales thanks to strong growth in Europe, the middle East and asia.

Sales across the group, formerly called Regus, rose to £585.7m for the three months to the end of September. Shares increased 0.3pc, or 0.6p, to 218p.