Three key news stories unfolding as the UK stock market opens. Check out our companies reporting diary for upcoming results from FTSE 350 and selected international stocks.
1. Customer wins in September fail to knock outlook for Entain
Sports betting and gambling group Entain LON:ENT has issued a Q3 trading update this morning, noting net gaming revenue up 6%, with the BetMGM division running ahead of expectations. Full year guidance has been reiterated despite what it terms “customer friendly sports outcomes in September” and management note the continued improvements in underlying momentum.
2. Is PageGroup now seeing the bottom of the market?
Recruitment specialists PageGroup LON:PAGE also have their Q3 numbers out today with subdued levels of market activity still being reported although in some geographies, performance does appear to be bottoming out.
The US actually saw a 0.4% uptick in reported revenues – the 4th consecutive quarter of growth – but closer to home the 14.3% slide in UK income will rattle investors and economists alike. Gross profits were down 6.7% and full year forecasts remain on track.
3. Strong start to FY for Rank, but budget risks remain
Gambling group Rank LON:RNK rounds out our trifecta of quarterly updates this morning with their Q1 update showing net gaming revenues up 9%. Management note this as being a strong start to the year, with confidence that full year like-for-like operating profits will come in as expected.
Speculation over possible tax changes in next month’s budget is hanging over the business, although as the Chief Exec notes the company did pay £188m in taxes to central and local government last year, leaving it with a post-tax profit of just £45m.
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This article does not constitute investment advice. Do your own research or consult a professional advisor.
