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FTSE 100 rises but Paddy Power Betfair shares fall FTSE 100 dragged lower as Paddy Power Betfair shares fall
(about 5 hours later)
Shares in Paddy Power Betfair fell more than 5% 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.
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.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.
Analysts at Liberum said the company's performance in the final quarter of 2016 had been "disappointing".Analysts at Liberum said the company's performance in the final quarter of 2016 had been "disappointing".
"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."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.
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. Overall, the FTSE 100 closed lower, having traded higher for much of the sessions, losing 10.75 points, or 0.15% at 7,339.37.
"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."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.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.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.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. On the currency markets, the pound fell 0.29% against the US dollar to $1.2203 and was also 0.27% lower against the euro at 1.1535 euros.