Proactive Investors -
- Blue-chip index 8 points lower at 7,683
- Frasers shutters Matches
- Bitcoin seen above $67,100
The morning so far
FTSE 100-listed information services provider and events company impressed with its annual results today, with statutory profit before tax shooting up from £168.8 million in 2022 to £492.2 million in 2023.
On the back of solid cash flows, the group announced a full-year dividend that was 84% higher year on year, with an additional £550 million dedicated to share buybacks.
Shares duly rallied 1.7% from yesterday’s close.
British retailers presented some mixed company news.
Currys PLC (LON:CURY) confirmed the sale of its business in Greece and Cyprus for around £156 million to Public Power Corporation, Greece’s largest electric power company.
PPC will purchase Dixons South East Europe, the holding company for the Greek and Cypriot retail business, which trades under the name Kotsovolos.
Sports Direct (LON:FRAS) owner Frasers Group PLC, meanwhile, announced that its subsidiary Matches Fashion has been put into administration mere months after Mike Ashley’s retail business bought the luxury online retailer in December for £52 million.
“Since Frasers Group acquired MATCHES, the business has consistently missed its business plan targets and, notwithstanding support from the group, has continued to make material losses,” Frasers said in a statement.
Both Frasers and Currys shares were sent lower on the news.
DS Smith was a top mover this morning, adding 6.4% after larger rival Mondi (LON:MNDI) confirmed a £5.14 billion bid for the packaging company.
"The combination is an exciting opportunity to create a pan-European industry leader in paper-based sustainable packaging solutions," the companies said in a joint statement.
The FTSE 100 index was trading 8 points lower at 7,683 at last count.
Bitcoin seen above $67,100
Benchmark cryptocurrency bitcoin (BTC) added 0.4% against the US dollar in morning trades, bringing the BTC/USD pair to $67,100 at the time of writing.
It’s still below the $69,000 all-time high penned on Tuesday, but bitcoin bulls appear focused on reclaiming this price point after briefly touching it.
Bitcoin has ripped 59% higher year to date thanks to considerable cash inflows entering the bitcoin exchange-traded fund market.
Back to the London markets, the FTSE 100 is currently trading 14 points lower at 7,677.
Currys finalises sale of Greek and Cypriot business
Currys PLC has confirmed the sale of its business in Greece and Cyprus for around £156 million, the electronics retailer said on Friday.
Public Power Corporation, Greece’s largest electric power company, will purchase Dixons South East Europe, the holding company for the Greek and Cypriot retail business, which trades under the name Kotsovolos.
The deal is expected to be completed by April and will see the London-listed retailer receive net cash proceeds of £156 million (€179 million) once additional costs have been accounted for.
Currys’ shares were last seen 0.8% lower at 65p.