Betting firm’s shares hit all-time high as sales leap
SHARES in sports betting and gaming group GVC Holdings hit an all-time high after it reported a 12pc increase in revenue.
The highest riser on the FTSE 350 for the day, the firm behind brands such as Foxy Bingo, said revenue in the six months to June 30 was £327.5m. Pre-tax profit more than doubled from a year ago to £44m. Mobile sports betting grew 55pc while casino and games saw a 98pc increase.
However, GVC said its finance director Richard Cooper will step down in February and be replaced by Paul Miles who will join the firm from payday loan lender Wonga.
Shares finished 6.6pc, or 47.5p, higher at 769p.
Airlines continued in a tailspin amid terror fears. BA owner International Airlines Group was the greatest faller on the Footsie for the day, down 3.6pc, or 14.8p, to 401p while EasyJet dropped 2.7pc, or 29p, to 1041p.
Burberry topped the list for the day. The fashion retailer’s first ever ready-to-wear collection sent shares up 3.6pc, or 48p, to 1379p on a day when rival French Connection was panned. The FTSE 100 closed up 0.25pc, or 17.2 points, at 6830.79. Independent gas and electricity supplier Yu Group sparked interest after it reported revenue was up almost fourfold to £5.2m in the six months to June 30.
The firm, which supplies UK companies, said in its maiden results that gas revenues were £1.5m and electricity £3.6m in the first half of the year.
It made a loss before tax of £284,000, having factored in the costs of its March IPO. But Yu Group said its contracted revenue for the entire year currently stands at £15.1m. Shareholders are set for an interim dividend of 0.75p a share. Shares surged 8.6pc, or 20p, to 252.5p.
Pharma firm PuriCore advanced as it revealed plans to offload its supermarket retail business.
PuriCore will sell its supermarket division, which supplies retailers with products to enhance the freshness of fruit, vegetable and flower displays, to Chemstar Corp for £10.3m.
It will use the proceeds to focus on its drug development and fund studies and clinical trials. The firm is aiming to develop novel, prescription treatments for inflammatory and rare diseases. It also has a wound care product.
Puricore reported a loss of £1.9m in the first half of the year, and said operating expenses had climbed to £2.4m because of increased investment in research and development. Revenues in the supermarket business were up 28pc to £8.3m. Chief executive Alex Martin said while the business delivered significantly improved results, investment is still needed to grow and optimise it. The deal is expected to go through in October. Shares soared 22.9pc, or 4.75p, to 25.5p.
PureCircle is trying to tap into the trend for healthier alternatives to sugar with its high purity steviabased ingredients. Stevia is a sweet substance extracted from a plant of the same name. While PureCircle said it had seen strong sales growth and expanded its margins in the year to June 30, sales in the second half of the year were slower than anticipated due to delays as well as actions by US Customs and Border Protection. Liberum cut its target price for the stock by 100p to 500p. But the firm said the prospect of a sugar tax could provide a boost for stevia products.
Sales were up 9pc in the year to £106.3m while profit after tax more than tripled to £11.2m, from £3.1m a year before. Shares slipped 6.1pc, or 20p, to 310p.
Nighthawk Energy leapt as it announced the settlement of litigation and claims which had come from agreements with Running Foxes Petroleum and its joint venture partner American Patriot Oil and Gas.
The three had been in disagreement over the Arikaree Creek oil field in Colorado.
Nighthawk said the three parties had now dropped all claims against one another and no money has been exchanged. Shares rocketed 37.5pc, or 0.33p, to 1.21p.