FTSE 100 lower as Paddy Power falls again

Traders in LondonImage copyright
AFP

Paddy Power Betfair shares fell 3% as the bookmaker said it had seen “adverse sports results” in recent months.

The firm said it had also been affected by the lack of a major football tournament in June, whereas last year Euro 2016 had been taking place.

The fall in Paddy Power’s shares followed a near 5% drop on Monday when the company announced its chief executive was to stand down.

The FTSE 100 index was down 12.84 points at 7,519.10 in early trade.

Another faller was Intercontinental Hotels Group, which fell nearly 3% after it reported a slowdown in revenue growth.

The hotel company – which owns brands such as Crowne Plaza, Holiday Inn and InterContinental – said its key measure of revenue per available room grew by 1.5% in the second quarter of the year, down from a rate of 2.7% in the first quarter.

Shares in Standard Life were down 1.9% as it revealed its flagship GARS (Global Absolute Return Strategies) range of funds had seen net outflows of £5.6bn in the first half of the year.

However, the company reported a 6% rise in operating profits to £362m and said its merger with Aberdeen Asset Management was on track to be completed on 14 August.

In the FTSE 250, Pets at Home shares jumped 8.5% after it reported a 5% rise in first-quarter revenues, helped by strong demand for its veterinary and pet grooming services.

But shares in office provider IWG sank 11% after it reported a 4% drop in half-year pre-tax profits to £80.8m.

On the currency markets, the pound rose 0.2% against the dollar to $1.3047, but was unchanged against the euro at 1.1043 euros.

FTSE 100 lower as Paddy Power falls again

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