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Moneysupermarket shares hit as revenues dip | Moneysupermarket shares hit as revenues dip |
(about 3 hours later) | |
Shares in Moneysupermarket fell more than 6% after the comparison website warned that revenues so far this year were running below last year's levels. | |
The FTSE 250 company said this was due to customers switching less between savings and current accounts because of low interest rates. | The FTSE 250 company said this was due to customers switching less between savings and current accounts because of low interest rates. |
The news overshadowed the 16% rise in annual profits to £73.5m that the company reported for 2016. | The news overshadowed the 16% rise in annual profits to £73.5m that the company reported for 2016. |
Another big faller in the FTSE 250 was transport group Go-Ahead. | Another big faller in the FTSE 250 was transport group Go-Ahead. |
Its shares dived nearly 13% after the company warned of lower-than-expected full-year profits, partly due to the disruption caused by strikes on Southern rail services. | |
Go-Ahead owns a 65% stake in Govia Thameslink Railway (GTR), which runs the Southern rail contract. | Go-Ahead owns a 65% stake in Govia Thameslink Railway (GTR), which runs the Southern rail contract. |
Half-year profits at Go-Ahead fell 11.7% to £67m, and the company said its results had been "significantly impacted by a reduction in rail profitability due to losses from our GTR franchise, as a result of ongoing industrial action on Southern". | Half-year profits at Go-Ahead fell 11.7% to £67m, and the company said its results had been "significantly impacted by a reduction in rail profitability due to losses from our GTR franchise, as a result of ongoing industrial action on Southern". |
The benchmark FTSE 100 index spent most of the morning searching for direction and by midday it was down just 0.25 points at 7,252.75. | |
The biggest riser in the FTSE 100 was engineering group GKN, which rose 5.7% after it reported a 12% increase in profit last year to £678m. | |
On the currency markets, the pound dipped 0.1% against the US dollar to $1.2434, and was also 0.1% lower against the euro at 1.1738 euros. |