How high rollers forced Rank investors to cash in
A STREAM of wins from high rollers led to a profit warning and disappointing revenue figures from the owner of Grosvenor Casinos. It was also enough for investors to cash in their chips.
Its owner Rank Group, which also owns Mecca Bingo, joined Topps Tiles, online supermarket Ocado and airline Flybe in blaming the beast from the east for a dip in sales.
Mecca Bingo’s revenue was down 2pc in the 13 weeks to April 1, while Grosvenor’s earnings dipped 9pc.
As well as blaming the cold snap, Rank also said Grosvenor’s had identified ‘ operational actions’ to improve the brand’s performance.
The FTSE 250 gaming company expects full-year operating profit to be in the region of £76m-78m, down from an expected £83m.
In a trading update, it added: ‘The board is cautious about the UK consumer outlook.’ Analysts at Peel Hunt slashed the firm’s target price from 265p to 245p.
They added: ‘Today’s warning is likely to undermine confidence in the trajectory of trading.’ Shares plunged 15.7pc, or 33.5p, to 180p.
The FTSE 100 rallied on hopes that the US and China would avoid a full-scale trade war. It ended the day up an impressive 2.35pc, or 165.49 points, at 7199.50 – its highest reading since March 12.
The FTSE 250 also had a strong day, ending up 1.62pc, or 311.95 points, at 19,576.17.
Sticking with the mid-caps, cyber security firm Sophos Group finally gave shareholders something to cheer about after it revealed a recovering in its billings.
Sophos expects sales to be at the higher end of its forecasted range of 20-22pc for the year ending March 31. The company has given investors a rollercoaster ride over the past 12 months due to poor figures and a recent shunning of tech stocks.
The announcement pushed Sophos’ shares up 15.5pc, or 64.6p, to 480.6p, although they are still 28pc down on their peak.
A new deal with Formula 1 kicked shares in esports provider
Gfinity up a gear. The Aim-listed firm will manage and sort the broadcasting for a new round of racing video game events featuring Formula 1 Renault, McLaren, Red Bull and others.
Gfinity’s shares nudged up 2.8pc or 0.3p, to 11p. Virtual reality firm EVR
Holdings revealed a subsidiary is weeks away from launching a new app that will allow users to feel as though they are at music concerts.
From the comfort of their living rooms, The MelodyVR app will transport users to far-flung corners of the planet through virtual reality to see stars such as Imagine Dragons, rockers Kiss and Welsh opera singer Katherine Jenkins perform.
Aim- listed EVR said it will launch the app ‘in the coming weeks’ and is working with Facebook and Oculus, which makes virtual reality headsets.
EVR’s announcement whet the appetite of investors and its shares shot up 23.1pc, or 2.45p, to 13.05p.
A deal to buy 95pc of banking consultants Albany Beck Consulting knocked back shares in InterQuest Group.
The Aim- listed technology recruitment firm will pay for the deal by giving Albany’s shareholders nearly 13.3m shares.
InterQuest’s shares slid 5.4pc, or 1p, to 17.5p. Shares in copper and gold miner
W Resources sunk after it raised £1.5m from shareholders to speed up its projects in Portugal.
The Aim-listed miner is digging for tungsten deposits in Regua and Tarouca in northern Portugal. Its shares dropped 8.6pc, or 0.05p, to 0.54p.