The FTSE 100 is up 0.2 percent in early trading. Companies with reports and trading updates today include Just Eat, Nationwide, Virgin Money, Aston Martin, Pets at Home and Pennon. Read the Business Live blog from Wednesday, October 27 below.
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Nationwide will benefit £2.3 billion from the takeover deal with Virgin Money
Aston Martin raises £211 million from investors after profit warning
EasyJet’s profits are rising as the airline benefits from demand for package holidays
Just Eat is being delisted in London after less than five years due to red tape and costs
Just Eat Takeaway.com will delist from the London Stock Exchange as the Dutch food delivery app aims to cut costs and complexity.
The value of the group’s London-listed shares has fallen by almost 85 per cent to £77.40 each since their debut in February 2020, as declining post-Covid demand and aggressive expansion efforts have eaten away at the company’s bottom line.
Just Eat told investors this morning that it would leave London at the end of this year “to reduce the administrative burden, complexity and costs associated with the disclosure and regulatory requirements of maintaining” its listing.
Nationwide will receive £2.3 billion from the Virgin Money deal
Nationwide Building Society is expected to make a net profit of £2.3 billion from its impending takeover of Virgin Money UK, well ahead of previous expectations of up to £1.5 billion.
But the mutual fund posted a 43 per cent fall in profits for the first half of the year to £568m as falling interest rates hit margins while increasing payouts to its members.
“The standout feature of the update was the huge £2.3 billion gain on the Virgin Money UK takeover that Nationwide reported this morning,” said John Cronin, financial sector analyst at SeaPoint Insights.
‘This is much higher than expected when the deal was first announced and reflects positive fair value adjustments at the acquisition, as well as some tangible share building at Virgin Money UK.’
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