BUSINESS LIVE: 888 profits slump on regulatory shake-up

BUSINESS LIVE: 888 profits slump on regulatory shake-up

The FTSE 100 is down 0.5 per cent in early trading. Among the companies with reports and trading updates today are 888 Holdings, Deliveroo, Inland Homes, Phoenix Group and Mitchells & Butlers. Read the Thursday 28 September Business Live blog below.

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Deliveroo plans to return up to £250million to its shareholders via a premium tender offer launching on Friday.

The food delivery group, which first outlined the plan to return the surplus capital to shareholders in August, said it plans to buy up to 217.4million existing ordinary shares for between 115p and 135p per share.

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888 profits slump on regulatory shake-up

Gambling giant 888 Holdings has lowered its annual profit expectation after sales slumped by 10 per cent in the third quarter, which the firm partially blamed in tighter regulation of the sector in the UK.

Lord Mendelsohn, executive chair, said:

‘This has been an important quarter for the business with the announcements of Per Widerström as our new CEO and Sean Wilkins as our new CFO, who I am very confident will lead the business through its next phases of growth and I look forward to Per starting as CEO in mid-October.

‘We are making significant strides to improve the quality and long-term sustainability of our revenues, but performance in Q3 has been below our expectations, and this means we now expect to end the year with EBITDA below our prior expectation.’