Tag Archives: FTSE

Flutter begins ‘new era’ by completing merger with Stars Group

A new FTSE100 gambling giant was formed this morning, as Flutter Entertainment Plc confirmed the outright completion of its $11 billion merger with The Stars Group Inc (TSG).   Flutter has completed its six-month merger pursuit of TSG ‘on schedule’, securing all regulatory (Australia, UK and US) and shareholder approvals during the first half of 2020 trading.  Updating its timetable, the …

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GVC revises credit facility terms trading on a more positive outlook

Ladbrokes

GVC Holdings has moved to restructure terms on its revolving credit facility with existing lenders, allowing for greater flexibility as the FTSE firm navigates global COVID-19 business complexities. Last March, operating on a ‘worst-case scenario’ basis, whereby the global sports calendar would be suspended until August, GVC governance sanctioned access to a £550 million revolving credit facility, with a view …

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Playtech suspends Chairman search after appointing Milne as interim board lead 

Playtech Plc has confirmed the appointment of Claire Milne as Interim Company Chair, succeeding Alan Jackson who chose to end his seven-year tenure as Chairman of the FTSE250 technology group at the start of the year. Assessing market dynamics interrupted by the global COVID-19 pandemic, Playtech detailed that it has chosen to delay its executive search for a new permanent …

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William Hill leadership forgoes 2020 incentives to protect retail workforce

Ulrik Bengtsson Group Chief Executive of William Hill Plc has agreed to relinquish his executive performance rewards and entitlements for 2020, in light of ongoing COVID-19 impacts on the business and its global workforce. William Hill confirmed Bengtsson’s decision publishing the FTSE250 betting group’s ‘2020 Executive Remuneration’ report this afternoon. Countering COVID-19 disruptions across its business channels, William Hill governance states …

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Retail realities bite William Hill’s 2019 performance

FTSE250 William Hill Plc has this morning published its full-year 2019 results, recording a 2% decline in group revenues to £1.58 billion (FY2019: £1.6bn).  The bookmaker branded 2019 as a ‘transformative year’, in which it has restructured its three core trading divisions for online, retail and the US. Continued retail adjustments related to shop closures and redundancies saw William Hill …

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Short Sellers target UK betting’s regulatory exposure

City news sources report that an £80 million bet has been placed against GVC Holdings, believing that the FTSE250 betting group’s share price will significantly devalue within the coming weeks. The short position against GVC has been taken by Chicago-based hedge fund Citadel, a $32 billion fund led by renowned activist investor Ken Griffin. Citadel analysts have confidence in betting …

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Playtech points to ‘strong core’ as TradeTech struggles

Publishing its latest year-to-date trading update, the governance of Playtech Plc has disclosed that full-year adjusted EBITDA will be below market consensus, despite the firm’s ‘core business’ segments continuing to perform strongly. The FTSE250 technology group attributes its earnings slowdown to financial unit ‘TradeTech’, which expects 2019 results to be ‘well below management expectations’. Updating investors, Playtech governance informs that …

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CIRSA gains competition clearance on Sportium takeover

Spain’s Competition & Markets Authority (CNMC) will allow Grupo CIRSA to acquire bookmaker Sportium outright, permitting the Blackstone owned operator the right to purchase Ladbrokes 50% joint-venture shareholding. The CNMC had been forced to review CIRSA’s pending €70 million acquisition of Ladbrokes JV stake in Sportium, which would see CIRSA control Spain’s biggest wagering network made-up of 3,000 retail betting …

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Paddy Power Betfair extends loan capacity to £700 million

Issuing a market filing, FTSE100 betting group Paddy Power Betfair (PPB) has confirmed it has added an additional £250 million to its corporate loan facility. Updating investors, PPB governance details that it has expanded its corporate loan facility to gain ‘further strategic financial flexibility’. The firm’s latest transaction will be added to PPB’s existing £450 million five-year revolving credit facility, …

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Digital growth sees GVC post ‘excellent start’ to 2019 trading

FTSE100 gambling group GVC Holdings reports an ‘excellent start to the year’, publishing its pro-forma trading update for Q1 2019 (period ending 31-March), as the company now enters a crucial adjustment period for all UK gambling incumbents. Updating the market, GVC governance reports a strong volume of growth across all major territories, driven by the firm’s online gambling assets, as …

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