After a weak start, the FTSE 100 is up 3.9 points to 7,738.78 following strong trading on Wall Street overnight. The government’s confirmation of a reduction in the fixed odds betting terminals stake limit has impacted the listed bookies. William Hill (WMH) is down 3.7% to 306p, 888 Holdings (888) is off 2.8% to 307.6p and GVC (GVC) down 3.2% to 886p.
Letter and parcels delivery company Royal Mail (RMG) loses 4.2% to 572.7p as it expects addressed letter volume declines of 4% to 6% per annum over the medium term. It expects the decline to be at the higher end of the range for 2018-2019 due to the introduction of GDPR.
Estate agent Foxtons (FOXT) sheds 6.8% to 65.6p on saying conditions in the London property market ‘remain very challenging’. The company’s sales volumes are lower than the previous year it says in today's statement.
Information services company Experian (EXPN) is up 2.9% to £17.58 as its 2018 results show an increase in revenue while earnings before interest and tax improved 7.7% to $1.29bn. The revenue growth was driven by a growth in its business to business division.
Baby and children’s goods retailer Mothecare (MTC) jumps 12.7% to 24p on announcing a major restructuring and a refinancing plan which will provide funding of up to £113.5m. It is hoped these measures will help the company to return to a ‘more stable footing and drive it towards a viable and sustainable future’.
House builder Countryside Properties (CSP) is up 1.1% to 374p as its half year results show a 15% uptick in completions to 1,655. The company’s revenue gains 7% to £468m on a year-on-year basis with adjusted operating profit improving 14% to £80.6m in the same time frame.
Another property company, British Land (BLND) ticks up 2.1% to 695.6p as despite a small dip in underlying profits for its full year, its net asset value per share is 5.7% to 967p. The company is also pushing into the build to rent market aimed at professional investors as opposed to individual landlords, a sector that has grown in recent years.
Private equity house 3i (III) backs up 2.4% to 950.6p as its profits for the year ending 31 Mach 2018 declined to £1.43bn from £1.61bn the prior year. Gross investment return decreased to £1.55bn from £1.76bn in the previous year.