THE DAILY BRIEFING
BOOKIE LOSSES Betting giant Gala Coral plunged into the red in the first half following mixed football and horse racing results.
The company posted half-year losses of £49.8m having made a profit of £103.4m in the same period last year. The business is merging with rival Ladbrokes in a £2.2bn deal.
ILL HEALTH The boss of plastics group Fenner has stepped down with immediate effect due to ill health.
Nick Hobson, 56, who has been with the company for over 20 years and became chief executive in 2011, is leaving to receive treatment. Chairman Mark Abrahams will take over as chief executive until a permanent replacement is found.
Shares fell 1.7pc to 143.75p.
EURO WOES The European Central Bank has started buying corporate bonds to breathe life into the moribund eurozone economy.
But it has now expanded the quantitative easing programme to include corporate bonds as well as government bonds and mortgage debt.
REVENUES DIP Footwear retailer Shoe Zone said revenues fell 4pc to £74.6m after it closed 23 stores.
In the six months to April 2 the high street chain saw profits slip £0.1m to £1.9m. It also opened 53 new stores. Shares fell 2.4pc, or 5p to 200p.
IN FASHION Online retailer Boohoo climbed on news that revenues had grown 41pc year-on-year in the three months to the end of May.
The fashion website now has 4.2m active customers and said it expected sales growth for the year of 25-30pc. Shares rose 1.8pc, or 1p to 57.8p.
PIZZA DEAL Takeaway delivery firm Domino’s Pizza has paid £24m for a ‘significant’ stake in its franchise businesses in Iceland, Norway and Sweden. London-listed Domino’s now has a 49pc stake in the Icelandic business and 45pc of the Swedish and Norwegian franchises.
NEW CHAIR Electrical retailer AO World has drafted in a new chairman as its losses more than doubled. It reported a pre-tax loss of £6.7m for the year to the end of March, up from £2.9m. Revenue rose 25pc to £599m, driven by a strong performance in its UK division.
The group appointed Geoff Cooper to replace its current chairman Richard Rose who is stepping down after eight years. Shares fell 5.5pc or 9.1p to 158p.
MORTGAGE VICTORY Landlords who took West Bromwich Building Society to court for unexpectedly hiking the rates on tracker mortgages have won a court battle. More than 400 landlords fought a 2013 rise in rates in the High Court, and lost in January, but the Court of Appeal has overturned the judgement. West Brom faces a £27.5m bill for reimbursing interest.