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FTSE 100 rises but Paddy Power Betfair shares fall FTSE 100 rises but Paddy Power Betfair shares fall
(about 3 hours later)
Shares in Paddy Power Betfair fell 3.6% in early trade despite the bookmaker reporting rising revenues and underlying profits. Shares in Paddy Power Betfair fell more than 5% despite the bookmaker reporting rising revenues and underlying profits.
Revenues rose 18% to £1.55bn last year, with underlying operating profit jumping 44% to £330m.Revenues rose 18% to £1.55bn last year, with underlying operating profit jumping 44% to £330m.
The FTSE 100 was up 10.92 points at 7,361.04 in early trade, helped by rising shares in mining companies. But after the costs of last year's merger between Paddy Power and Betfair were taken into account the company reported a loss of £5.7m.
Worldpay shares fell 3.8% after the payment processing company reported its full-year results. Analysts at Liberum said the company's performance in the final quarter of 2016 had been "disappointing".
The company said underlying earnings rose 15.1% to £467.6m. "It seems likely that operational challenges will continue around the performance of cross-sell to sports customers and the investment required to stimulate growth," Liberum said in a research note.
In the FTSE 250, shares in Aggreko sank 12% after the temporary power provider said it expected profits to fall this year. Despite Paddy Power's fall, the wider market was higher, with the FTSE 100 index up 6.44 points at 7,356.56 shortly after midday.
On the currency markets, the pound fell 0.2% against the US dollar to $1.2215 and was also 0.2% lower against the euro at 1.1543 euros. "Markets remain becalmed for yet another day, hampered by a lack of data and a general wariness ahead of the ECB [European Central Bank] on Thursday, NFPs [US employment figures] on Friday and a Fed meeting next week," said Chris Beauchamp, chief market analyst at IG.
Shares in Direct Line fell 2.9% after the insurer reported a fall in full-year profits due to changes in the way that compensation payments are to be calculated.
Pre-tax profits fell 30% to £353m, with changes to the payment formula cutting profits by £217m.
In the FTSE 250, shares in Aggreko sank 11% after the temporary power provider said it expected profits to fall this year.
On the currency markets, the pound fell 0.4% against the US dollar to $1.2188 and was also 0.4% lower against the euro at 1.1526 euros.