Paddy Power Betfair Share News (PPB)

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Wednesday.----------FTSE 100 - WINNERS----------Glencore, up 2.9%, Antofagasta, up 2.8%, BHP Billiton, up 2.2%, Anglo American, up 2.0%, Rio Tinto, up 2.0%. The miners were higher following positive PMI data from China. The manufacturing sector in China continued to expand in April, and at a barely faster rate, the latest survey from Caixin showed with a manufacturing PMI score of 51.1. The score represents an increase from the 50.9 reading in March, and moves further above the line of 50 that separates expansion from contraction. Sage Group, up 2.9%. The accounting software provider said there are no material changes to its financial 2018 guidance, which the company provided in early April. Sage said guidance for the 2018 financial year remains at the changed 7% organic revenue growth - down from the original 8% - with organic operating profit margin unchanged at 27.5%. Sage reported 6.3% growth in organic revenue in the half-year to March 31 - slowing from 7.4% the year before - reflecting a previously flagged slowdown in recurring revenue growth to 6.4% from 11% in the first half of 2017. "A modestly positive market reaction reflects relief that the company is addressing its problems and also that guidance has not been reduced further since last month's downgrades," said AJ Bell's Russ Mould. ----------FTSE 100 - LOSERS----------Paddy Power Betfair, down 6.2%. The bookmaker announced its intention to return GBP500 million to shareholders, as it reported a drop in first quarter adjusted earnings. For the three months to March-end, the company recorded underlying Ebitda of GBP102 million, down from GBP111 million posted a year ago. Revenue fell 2% to GBP408 million from GBP416 million. First quarter adjusted operating profit fell 12% to GBP80 million. Margins fell to 24.9% from 26.6%. The company attributed the drop in adjusted earnings to a GBP3 million adverse impact from currency movements, new betting taxes and start-up losses in existing US businesses.Direct Line, down 3.9%. The insurer reported a 5% drop in first quarter gross premiums and said that it will record a GBP50 million claims charge for the so-called "Beast from the East" cold weather snap that hit the UK during the period. The group added that the cold weather snap in February and March utilised the company's full annual weather budget. For the three months to March-end, the company recorded total gross premium of GBP769.9 million, down from GBP810.3 million in the year ago period. Motor premiums rose 2.9%, while home - own brands - premium grew 0.4% in the period. The Home - partnerships - division recorded a 52% drop in first quarter premiums to GBP47.3 million.----------FTSE 250 - WINNERS----------Inmarsat, up 10%. The satellite communications provider reported a large jump in profit for the first three months of the year, and reiterated "all elements" of its future guidance. Inmarsat said revenue for the first quarter of 2018 rose 4.8% to USD345.4 million from USD329.5 million. Pretax profit jumped to USD56.0 million from USD1.3 million last year, partly due to drop in net financing costs to USD3.4 million from USD84.5 million a year ago. Inmarsat said it remains confident on its growth outlook, and reiterated "all elements of our future guidance", including the expectation that revenue in 2018 - excluding Ligado - will be between USD1.30 billion and USD1.50 billion.Thomas Cook, up 5.5%. Credit Suisse raised the travel agent to Outperform from Neutral. Howden Joinery, 4.2%. The kitchens and joinery products firm said revenue increased by 15% in the 16 weeks to April 21, helped by a weak comparative period. Revenue also benefited from an extra week of trading in 2018 compared to 2017. On a same depot basis, revenue was up 13% on a year before. Excluding the first two weeks of the year, Howden Joinery's UK revenue increased by 10% in 2018 overall and 8.6% on a same depot basis compared to the year before. Looking forward, Howden said it remains on track with its plans for the year but notes "tougher comparatives" from the prior year moving forward. It also "remains watchful" of market conditions. ----------FTSE 250 - LOSERS----------IWG, down 2.9%. The office space provider reported marginal growth in first quarter revenue due to currency headwinds and said trading for the rest of the year continues to improve amid improved sales activity towards the end of the period. The group, formerly known as Regus, recorded a 0.6% rise in reported revenue for the three months to March-end. Underlying cash generation for the three months stood at GBP9.5 million, a reduction of GBP23.7 million on the corresponding period in the prior year. The company had a net debt of GBP347.2 million at period end, up from GBP296.4 million at end of 2017. On a constant currency basis, IWG's group revenue rose 6.7% to GBP583.9 million from GBP580.7 million in the corresponding period last year. The constant currency improvement was attributed to double-digit growth in Europe, Middle East and Africa division and high single-digit growth in the Americas and Asia Pacific. The UK division remained broadly flat during the period.----------OTHER MAIN MARKET AND AIM - WINNERS----------Ryanair, up 1.6%. The Irish carrier reported growth in April passengers numbers, as load factor remained flat. The airline reported 9% growth in passengers numbers for the month to 12.3 million from 11.3 million in April 2017. Load factor remained flat year-on-year at 96%. For the rolling twelve months ended April, passenger numbers rose 8% to 131.4 million.----------