MARKET REPORT: Flutter rises on strong sales as it prepares to list in the US

Shares in Flutter soared after the owner of Betfair and Paddy Power reported higher sales and said it was on track to list in New York this month.

The gambling giant’s revenues rose by almost a quarter last year, sending its shares up 15.3 per cent (or 2025p) to 15,225p.

Sales rose 15 percent to £2.7 billion in the final three months of 2023, while sales for the full financial year rose 24 percent to £9.5 billion – even as its US operations were hit by huge payouts on American football games.

Flutter said it remains on track to start trading shares in New York this month, while maintaining its primary listing in London.

CEO Peter Jackson said: “This is a pivotal moment as we make Flutter more accessible to US investors and gain access to deeper capital markets.”

Ladbrokes and Coral owner Entain rose 6.1 per cent, or 54.8p, ​​to 949.6p. But William Hill owner 888 only managed an increase of 1.3 percent, or 1.05 cents, to 80.8 cents.

The FTSE 100 rose 0.2 percent, or 12.80 points, to 7,459.09 and the FTSE 250 rose 0.4 percent, or 83.67 points, to 18,948.04.

Harbor Energy, Britain’s biggest North Sea producer, was hit back after a decline in revenues and production in 2023.

It expects production to fall again this year due to planned closures in addition to the possible sale of its operations in Vietnam. Shares fell 8.8 percent, or 27.8p, to 289p.

Mike Ashley’s retail empire tightened its grip on Boohoo.

The latest stock exchange filing showed that Frasers Group, the fashion company’s largest shareholder, which owns brands such as Sports Direct and Jack Wills, increased its stake from 17.22 percent to 21.49 percent. Frasers fell 0.1 percent, or 1 cent, to 792 cents, while Boohoo rose 0.03 percent, or 0.01 cents, to 34 cents.

Stock Watch – Ceres Power

Ceres Power soared after the clean energy company signed a long-term deal with a Taiwanese electronics manufacturer.

The Horsham group will share and license its hydrogen technology to Delta, which plans to start making fuel cells to power its products by the end of 2026.

Ceres expects to be paid around £43 million and should pocket half this year.

Shares rose 37.7 percent, or 56.9p, to 208p.

But have fallen sharply from a peak of 1588p in January 2021.

An AIM-listed smart meter installer working with British Gas is on the verge of being swallowed up by a Wall Street private equity firm.

Smart Metering Systems (SMS) told investors last month to back a £1.3 billion bid from KKR, which was a 40 percent premium on its pre-bid share price, but was attacked by SMS’ top shareholder and founders, Alan Foy and Steve Timoney. .

Today, KKR said the takeover bid, which requires approval from more than 50 percent of shareholders, was final. Shares rose 5.6 percent, or 50p, to 950p.

Iron ore miner Ferrexpo will pay an interim dividend to investors and hand out a salary increase and bonus to its employees in Ukraine after better-than-expected 2023 results. Shares rose 16.9 percent, or 12.25p, to 84.65p.

Construction trader Travis Perkins cut an unspecified number of jobs late last year and further cuts are on the way due to the construction slowdown. It rose 5.6 percent, or 41.6p, to 781.4p.

Struggling music company Hipgnosis Songs Fund hopes to lure potential buyers by paying them a lump sum. It has proposed handing out up to £20m to any bidder who takes an approach that can be recommended to shareholders. Shares rose 1 percent, or 0.7p, to 71p.

Sage’s turnover rose 10 per cent to £573m in the three months to the end of December as it made money from offering technology and AI to small and medium-sized businesses. It rose 0.4 percent, or 5p, to 1160.5p.

Government contractor Capita – up 2.8 per cent, or 0.52 cents, to 19.32 cents – has sold off all the businesses it no longer considers essential.

The group, which collects the BBC license fee, pocketed £62m for transferring its 75 per cent stake in Fera to a fund managed by private equity firm Bridgepoint.

At AJ Bell, the number of customers and assets under management increased. Boss Michael Summersgill said last year’s challenges were starting to subside. Shares rose 5.6 percent, or 16.6p, to 313.8p.