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FTSE 100 movers: Entain rallies on BetMGM update; Vodafone in the red
(Sharecast News) - London's FTSE 100 was down 0.3% at 8,559.97 in afternoon trade on Tuesday. Entain shot to the top of the index after its US betting joint venture BetMGM reported a rise in revenue and said it expects to return to profitability.
In an update for the fiscal year 2024, BetMGM said net revenue grew 7% on the previous year to $2.1bn, with growth and player engagement metrics accelerating through the year.
The company hailed record iGaming net revenue of $1.5bn, up 13%, while online sports revenue rose 4%.
The company posted an EBITDA loss of $244m, which it said was consistent with the fact it had been "a year of investment" and included a negative impact of around $50m from highly customer favourable sports results.
Nevertheless, the group said it expects to achieve positive EBITDA in 2025.
Vodafone was under the cosh, however, after it reported another revenue decline in its key German market, denting a solid overall third-quarter performance across other regions.
The telecoms firm said German sales were down 6.4% in the period, compared with a 6.2% decline in the previous three months, primarily due to the impact of a new state media law. Despite the fall Vodafone reiterated full year guidance of €11bn in core earnings.
FTSE 100 - Risers
Entain (ENT) 749.00p 7.77% Marks & Spencer Group (MKS) 342.50p 2.18% International Consolidated Airlines Group SA (CDI) (IAG) 347.70p 2.08% Scottish Mortgage Inv Trust (SMT) 1,055.00p 1.30% Glencore (GLEN) 346.50p 1.29% St James's Place (STJ) 1,051.00p 1.25% Sainsbury (J) (SBRY) 255.40p 0.95% Fresnillo (FRES) 716.00p 0.92% Smiths Group (SMIN) 2,050.00p 0.79% F&C Investment Trust (FCIT) 1,168.00p 0.69%
FTSE 100 - Fallers
Vodafone Group (VOD) 64.76p -7.51% JD Sports Fashion (JD.) 83.20p -2.07% BT Group (BT.A) 140.60p -2.06% Ashtead Group (AHT) 5,050.00p -2.02% GSK (GSK) 1,370.50p -2.00% Flutter Entertainment (DI) (FLTR) 20,910.00p -1.92% Phoenix Group Holdings (PHNX) 503.00p -1.85% Rentokil Initial (RTO) 385.90p -1.71% Smurfit Westrock (DI) (SWR) 4,202.00p -1.68% Severn Trent (SVT) 2,466.00p -1.64%
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