LIVEBUSINESS LIVE: Equinor Receives Green Light for Rosebank Oil and Gas Field
By Live Commentary | Updated: 08:25 BST, 27 September 2023
The FTSE 100 is down 0.1% in early trading. Today, we have reports and trading updates from various companies including Ithaca Energy, Saga, Hiscox, Shepherd Neame, Chapel Down Group, Rolls-Royce, Flutter, and Pendragon. Read the Wednesday 27 September Business Live blog below.
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Flutter Acquires Majority Stake in Serbian Betting Group
Paddy Power owner Flutter has acquired a 51% stake in Serbia’s second-largest sports betting and gaming operator, MaxBet, for €141 million (£123 million). The deal aims to expand Flutter’s presence in the Balkans. The agreement also grants Flutter the option to acquire the remaining 49% stake in 2029 under similar terms. Flutter’s strategy aligns with targeting fast-growing, regulated markets, where it can combine local expertise with its global pricing and technology. With an attractive Serbian betting market valued at €700 million and an expected online compound annual growth rate of 15% until 2025, Flutter sees significant potential. MaxBet generated €145 million in fully regulated revenue, with 44% coming from online sources. They also have a smaller presence in Bosnia, Montenegro, and North Macedonia. Flutter CEO Peter Jackson stated, “We believe MaxBet is an excellent opportunity to replicate the success we have achieved in markets like Georgia, India, and Italy.”
Lindsell Train Fund Managers Receive £36 Million in Dividends
Despite disappointing investor returns, Lindsell Train fund managers received dividends totaling nearly £36 million last year. Nick Train and his wife, as well as his business partner Michael Lindsell and his wife, received approximately £18 million each from the investment trust for the year ending January. The total dividend for the year amounted to £49 million, slightly lower than the previous year’s total of £53 million.
Saga Expects Increased Profit Amid Surge in Bookings for Ocean Cruises
Holiday group Saga anticipates double-digit annual revenue growth and expects underlying profit to surpass market estimates. The surge in bookings for ocean cruises reflects resilient travel demand. Separately, Saga announced that their finance chief, James Quin, will be stepping down from his role after nearly five years.
Hiscox Agrees to Sell DirectAsia
FTSE 250-listed insurer Hiscox has agreed to sell its motor insurance business in Singapore and Thailand. The company will sell DirectAsia to Ignite Thailand Holdings following a strategic review. The deal is expected to be completed by the end of 2023.
Equinor Receives Approval for Rosebank Oil and Gas Field
The UK Government has given Norwegian company Equinor the go-ahead to develop the Rosebank oil and gas field in the North Sea. Equinor holds a majority stake in Rosebank, one of the largest undeveloped oil and gas fields on the British continental shelf. The field is expected to produce 300 million barrels of oil in its lifetime. Environmental campaigners have called for a halt in development, citing concerns about contravening Britain’s plan for a net-zero economy. Gilad Myerson, executive chairman of Ithaca Energy, stated, “We are delighted to announce the decision to move forward with the Rosebank development alongside Equinor. Rosebank stands as the largest undeveloped field in the UK, and with the receipt of development consent from the NSTA, we are now poised to embark on a journey that will not only provide critically important domestic energy but also ignite substantial economic impact. The Rosebank project will create thousands of jobs and contribute significantly to securing the UK’s energy needs for many years to come.”
Pound Faces Worst Month Since Mini-Budget Crisis
The pound has hit a six-month low against the dollar, heading for its worst month since the mini-Budget crisis of last September. Concerns about a recession are putting pressure on the currency, with sterling dropping to as low as $1.2157. While interest rates in the UK are expected to remain on hold, there may be further hikes in the US, strengthening the dollar.
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