Gambling company Entain (ENT), which owns Ladbrokes and Coral, said it faces a “substantial financial penalty” as it co-operates with HMRC and the Crown Prosecution Service over an investigation into historic misconduct at its former Turkish online betting and gaming business. HMRC widened its inquiry from looking at issues with third-party supplier payments at the Turkish business, which Entain sold in 2017, to “potential corporate offending by an entity (or entities)” within the company. The shares were down by over 2 per cent in early trading. CA
Read more: Should you take a stake in the gambling sector?
Travel focus reinvigorates WH Smith
WH Smith (SMWH) has announced a “modest improvement” to its full-year expectations following a strong return to business travel and tourism across the world. The bookseller has focused on opening new shops in airports and train stations following years of stagnation in its high street retail business.
Total revenue in the group’s travel division was up 31 per cent year on year across the 13 weeks to 27 May. The division’s pipeline of stores won and yet to open is over 130. However, things still aren’t looking so bright on the high street for WH Smith – where revenue was up only 2 per cent year on year. JJ
Read more: WH Smith recovery kicks in and The Companies and Market Show: WH Smith, investment trusts and beating the market
£6bn IPO for soda company (not that kind)
WE Soda sells soda ash, which is used in glass manufacturing. Carbonated beverages may go in the glasses made with WE Soda’s products, but in any case the company has announced a plan to list in London. This will be a share sale for the Ciner Group, a Turkish conglomerate, rather than an equity raise. The company, which had $1.1bn (£890mn) in sales last year, would have between 10 and 15 per cent free float, under the plan.
WE Soda’s production is in Turkey, while it also owns a stake in a processing plant in the US. The cash raised will go to repaying “certain intercompany loans made by WE Soda to affiliates within the Ciner Group”. According to the most recent Companies House filing, covering 2021, the company then had net debt of $1.8bn.
Chief executive Alasdair Warren said the company’s “combination of unique operating capability, sustainable products and operations, scale and market leadership gives us "locked-in" structural and competitive advantages”. Alongside the Ciner sales, the company will raise up to €8mn (£6.9mn) by selling directly to retail investors as part of the float. AH
Sirius dividend could rise by a third
Sirius Real Estate (SRE) has revealed that total dividends for the year to 31 March could rise by as much as 31.4 per cent. The European small business workspace landlord said the number is likely to be between 5.556 and 5.794 cents per share, up from 4.410 cents per share for the year to 31 March 2022. “This expected increase is predominantly due to an increase in funds from operations for the financial year ended 31 March 2023,” the company said. ML
