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BUSINESS LIVE: Entain faces £585m HMRC charge

By Live Commentary

Published: 07:54 BST, 10 August 2023 | Updated: 08:14 BST, 10 August 2023

The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Entain, Deliveroo, Persimmon, Derwent London, Savills, Hostelworld, Watches of Switzerland and Capita. Read the Thursday 10 August Business Live blog below.

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Deliveroo ups profit guidance despite falling sales

Deliveroo has upgraded its full-year earnings guidance despite total orders number falling 6 per cent in the first half.

The company expects to post adjusted earnings before interest, tax, depreciation and amortisation of £60million to £80million for the year, up from its previous £20million to £50million forecast.

Nat Rothschild partners up with Tesla to become US electric car charging partner

The industrial manufacturer headed by Nat Rothschild, the prominent financier, has been picked as Tesla’s electric car charging partner in the US.

Volex, which employs 8,000 people in 22 countries, will supply connectors to Tesla’s electric vehicle (EV) charging points as they are rolled out in the US.

Entain faces £585m HMRC charge

Gambling giant Entain has taken a £585million provision on the back of a HMRC investigation, with the Ladbrokes owner hoping to ‘draw a line’ under tax issues associated with the sale of its Turking business in 2017.

Barry Gibson, chairman, said:

‘We are pleased to be making good progress towards drawing a line under this historical issue, which relates to a business that was sold by a former management team of the Group nearly six years ago.

‘We have been working closely with the CPS throughout this process, and they have recognised our extensive co-operation. Following a complete overhaul of our business model, strategy and culture in the last few years, the Entain of today bears no resemblance to the GVC of yesterday.’

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