Business news in brief
Ladbrokes owner raises profit guidance
Entain, the gambling giant behind Ladbrokes and Coral, has raised its profit forecasts after a boost from the men’s football World Cup. The firm said it had witnessed “record” customer numbers over the final quarter of 2022 as a result. The group hailed the “successful” World Cup tournament but highlighted that this was slightly offset by disruption to sports fixtures from cold weather and heavy winds.
Total net gaming revenues increased by 11 per cent in the quarter to 31 December, compared with a year earlier. Entain
said earnings before interest and tax for 2022 were “ahead of expectations” and are now due to be within a range of between £985m and £995m for the year. The company had previously predicted earnings between £925m and £975m. PA
Virgin Money beefs up support for borrowers
High street lender Virgin Money said it has bolstered its call centre teams and temporarily paused some restructuring efforts amid a surge in customer inquiries due to soaring interest rates and cost pressures. The group said it had boosted customer cost of living support, including upping its call centre teams, due to a flood of inquiries after recent interest rate hikes and following the mini-Budget market turmoil last autumn. But the group expects its restructuring programme to restart in the second half of its financial year. It set aside a further £66m for possible bad debts as the economic outlook darkens and it expects borrowers’ arrears to pick up, but said these were stable so far.
David Duffy, chief executive of Virgin Money, said: “Arrears remain broadly stable but we’ve increased the support available to those who need it and remain prudently provisioned for an uncertain economic outlook.” PA
Vodafone ‘can do better’ after revenue slowdown
Vodafone’s interim boss said a slowdown in revenue growth “shows we can do better” as the group revealed it is rolling out more price hikes and ploughing ahead with a cost-cutting drive. The mobile phone giant reported a 1.8 per cent rise in service revenues in its third quarter, down from growth of 2.5 per cent in the previous three months as more difficult trading in Germany, Italy and Spain offset a robust performance in the UK.
Vodafone said it was “broadening price actions across Europe” as it hikes tariffs in the face of soaring costs, with eight markets now operating inflation-linked pricing models. It said it also has plans underway to drive around half of the £880m cost-saving target it unveiled late last year. The group said at the time this
could lead to job losses as it also aims to radically simplify the group and accelerate the digitalisation of its operations. PA
Over-50s account for half of romance fraud
People aged 51 to 65 accounted for nearly half of the amount of money reported lost to romance fraud in 2022, according to TSB. Scammers will create fake profiles on dating websites and social media and spend time building trust with people looking for a relationship before asking for cash. In terms of the number of romance fraud cases reported to TSB, 18 to 35-year-olds made up around 26 per cent of cases, 36 to 50-year-olds also accounted for 26 per cent, 51 to 65-year-olds made up 25 per cent of cases and people aged 65-plus accounted for 22 per cent. However, the bank found that 51 to 65-year-olds collectively spent by far the most money on their “relationships”, meaning this age group accounted for 46 per cent of financial losses to romance scams.
Paul Davis, director of fraud prevention at TSB said: “The best way of beating romance scammers is by talking to friends and family about the relationships you’re in – if you’re ever asked to send money then it’s time to stop.” PA
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