Andrew Sparrow‘s rolling coverage of all the day’s political developments as they happen, including the private members’ ballot and Google giving evidence about tax avoidance to the public accounts committee
BT reports a rise in full-year profits, a day after setting out its challenge to BSkyB’s dominance of the UK’s sports pay-TV market.
More here: BT reports rise in annual profits
Shares of Tesla rose above $60, one day before the electric car maker is due to report its first-ever quarterly profit.
Originally posted here: Tesla zooms to new high, then pulls back
NEW YORK, NY–(Marketwired – May 8, 2013) – Infinity Augmented Reality, Inc. (“Infinity Augmented Reality” or “Infinity AR”) (
Betting group says full year revenues and earnings beat expectations while cost savings rise
Online gaming group Betfair has issued an upbeat trading statement in an attempt to fend off an unwanted £920m bid from private equity group CVC Capital Partners.
Its shares added 16.5p to 861.5p. This is still below the 880p on offer from CVC, although some nonetheless believe the price will have to be raised to win the day.
Betfair said full year estimated earnings were likely to come in at around £73m, at the top end of its previous forecasts. Revenues had reached around £387m while it had £138m of cash on the balance sheet. It reported record new UK customers, and cut 500 staff as part of a restructuring.
Cost savings have been raised from £20m to £30m. But there was no mention of any cash return to investors, which some had been expecting.
Chief executive Breon Corcoran said the company’s new management team had successfully completed the shake-up ahead of schedule, and its new sportsbook was doing well in combination with its existing exchange business. Having bought Blue Square it is planning further targeted acquisitions. In a buy note Simon French at Panmure Gordon said:
The key thrust on strategy is that early indications are that the exchange and sportsbook products are more complimentary than originally envisaged and that “Exchange plus Sportsbook” can deliver a sustainable competitive advantage.
Nick Batram at Peel Hunt kept his hold recommendation but also welcomed the update:
As an initial defence, beating expectations and raising cost savings shouldn’t really surprise anyone, but it is nonetheless a good start for Betfair’s management.
Dock workers in Hong Kong end a 40-day strike affecting one of the world’s busiest ports.
Read this article: Hong Kong dock workers end strike
STILLWATER, MN–(Marketwired – May 7, 2013) – In a tribute to moms everywhere, specialty gift retailer Buyer at Large is mailing its first ever print catalog just in time for Mother’s Day. The catalog is being sent to select recipients and is full of unique and meaningful gifts for women. In addition to the catalog, Buyer at Large has also created a mother’s day gift guide to help shoppers choose the perfect gift for mom.
Go here to see the original: BuyeratLarge.com: Specialty Retailer Mails New Catalog & Pays Tribute to Moms Everywhere