Gambling company Flutter said its additional listing in the United States will bring “strategic and capital markets benefits,” setting it up for its next stage of growth. It begs the question: what can they access in the States that they can’t get in London? It appears the FCA has been wondering the same. Late last night it proposed “significant changes” to the UK’s listing rules that includes getting rid of the premium listing segment, for one single category.
(Bloomberg) — Gambling company Flutter said its additional listing in the United States will bring “strategic and capital markets benefits,” setting it up for its next stage of growth. It begs the question: what can they access in the States that they can’t get in London? It appears the FCA has been wondering the same. Late last night it proposed “significant changes” to the UK’s listing rules that includes getting rid of the premium listing segment, for one single category.
Here’s the key business news from London this morning:
In The City
Flutter Entertainment Plc: The gambling firm’s US revenue beat estimates, increasing more increasing more than 100% year on year, after attracting new customers and offering in-play betting on basketball.
- Their US operations are “firmly” on track for profitability this year
Lloyds Banking Group Plc: The lender’s first-quarter pretax profits beat expectations during what CEO Charlie Nunn said was a “solid financial performance.”
- The bank maintained its guidance for the rest of the year, even as expectations rise for further rate increases from the Bank of England that could boost its margins on deposits
Aston Martin Lagonda Global Holdings Plc: The luxury car company’s revenue grew 27% in the first quarter, driven by higher volumes and prices in its core portfolio, and higher deliveries of its Valkyrie supercar.
- The company, which has previously struggled with supply chain issues, says there are still pockets of disruptions as well as inflationary pressures
In Westminster
Labour has enjoyed a commanding lead over Tories for much of the past year. Local elections to be held across England tomorrow will show whether the party has what it takes to get back into power.
Meanwhile, the government said it’s considering next steps over the controversial exit of a former top civil servant, Sue Gray, who is due to become Labour’s chief of staff.
In Case You Missed It
Britain’s markets watchdog is proposing “significant changes to the listing rulebook” in a bid to make London more attractive as a financial centre as moribund capital markets stoke fears about the city’s ability to compete with New York and Asian hubs. The Financial Conduct Authority wants to replace its premium and standard listing categories with a single offering to attract more companies.
Finally, Britons brave enough to buy a home in the midst of the housing downturn have 66% more properties to choose from compared with a year ago.
Looking Ahead
Tomorrow will see results from companies including clothing and homeware brand Next Plc, retail investing platform Hargreaves Lansdown Plc and energy major Shell Plc.
London-based Shell may deliver another strong result after flagging a gas-trading performance similar to the fourth quarter in its April trading update, Bloomberg Intelligence says. Still, yesterday’s decision by BP Plc to slow the pace of its share buybacks may also be a prelude for Shell.
For a more considered take on the UK’s economic and financial news, sign up to Money Distilled with John Stepek.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.