The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Aldi UK, Aviva and Entain. Read the Monday 25 September Business Live blog below.
> If you are using our app or a third-party site click here to read Business Live
Entain outlook weakens
Ladbrokes owner Entain expects third-quarter online net gaming revenue to be down by ‘high single digit percent’ on a pro-forma basis, citing regulatory headwinds and slower-than-expected growth in Australia and Italy.
Entain, which also owns Coral betting shops, added it expects group online gaming revenue for the full year to be down ‘low single digit percent’ on a pro-forma basis.
The company had earlier forecast annual growth in the mid-teens for online gaming revenue, including the acquisitions of STS Holdings and Angstrom Sports, which is expected to close in the second half of 2023.
‘We continue to see good underlying growth in our online business and are reiterating our EBITDA guidance for the year despite softer than expected revenue growth in Q3 and the ongoing roll-out of industry-leading safer gambling measures,’ CEO Jette Nygaard-Andersen said in a statement.
Builders warn of 50,000 fall in new homes
Aviva to buy AIG Life for £460m
Aviva has agreed to acquire the UK protection business of AIG for £460million.
Aviva said on Monday it would buy the unit – known as AIG Life UK – from Corebridge Financial, a New York-listed subsidiary of AIG.
Amanda Blanc, CEO of Aviva, said the deal would strengthen the FTSE 100 company’s position in an attractive market and help position it for ‘capital-light growth’.
The transaction will add 1.3 million individual protection customers and 1.4 million group protection members, Aviva said, with the deal expected to close in the first half of 2024, subject to regulatory approvals.
The deal would represent around a 5 percentage point cut to Aviva’s group solvency II cover ratio, the company said.
Marks & Spencer to sell Adidas and Sweaty Betty online
Marks & Spencer has teamed up with Adidas and Sweaty Betty as it extends its ‘brands’ strategy.
More than 150 products across the two sportswear brands will launch on M&S’ dedicated Sports Edit platform in early October.
M&S is hoping to drive online growth by selling third party brands, with upcoming additions including Columbia, Regatta and Sorel.
Cost-of-living crisis drives record Aldi UK sales
Aldi UK delivered record sales of £15.5billion last year, reflecting growth of 17.1 per cent, as the German discounter benefited from the ongoing cost-of-living crisis.
The business said it would invest £1.4billion in the two-year period to the end of 2024.
Giles Hurley, chief executive of Aldi UK and Ireland, said:
‘Although inflation is easing, households are still under real pressure from higher living costs. As a result, Britain is shopping very differently to how it did 18 months ago – fewer trips, more own label products, and switching supermarkets in search of better value.
‘What we’re seeing is a new generation of savvy shoppers who’ve turned their back on traditional, full-price supermarkets in favour of transparent, low prices, which is what we’re famous for. That’s why we’re still welcoming more and more customers through our doors – people who come to us for our low prices but stay for the award-winning quality of our exclusive brands.
‘Shoppers know they’ll always get more for their money at Aldi. That’s a promise we’ve kept for more than 30 years.’
Share or comment on this article:
Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence.
