Dixons Carphone saw both profits and sales plunge in the first half of the year, caused by a “tougher” mobile phone market hitting its mobile phone division. Group profit before tax dropped to £61 million from £154 million the same time last year, with like-for-like sales down 2 percent to £3 billion. Profit in the UK and Ireland plunged 73 per cent to £34 million. The company’s electrical business showed the most improvement over the period, with like-for-like sales up 7 percent and witnessing a growth in both revenues and market share. However the mobile division suffered during the period, with Seb James, chief executive, saying: “As we said in August, the UK postpay mobile phone market is tougher, with a combination of higher handset costs and relatively incremental technology growth continuing to cause customers to hold on to their handsets for longer. “We recognise that the performance of the mobile division needs addressing, and are taking action to adapt our model in order to cement our place in a changing world.” Despite the weak figures share in the company rose on Wednesday, currently trading up 6.39 percent at 178.10 (1201GMT).

Parity Group (LON:PTY) shares jumped nearly 13 percent on Wednesday morning, after confirming that operating profit for the full year would be ahead of expectations. The group are now expecting full-year underlying operating profit to show double digit growth over the 2016 financial year, marking the fourth consecutive reporting period of comparative operating profit improvement. Cash generation has seen the Group reduce net debt by £5.2 million over the 18 months, from £7.5 million as at 31 December 2015 to £2.3 million as at 30 June 2017. Alan Rommel, CEO, commented: “Through the year we have taken steps to align our core divisions more effectively with an increased focus on both technology consultancy and digital transformation recruitment services. “This strategic focus is driving a rebalancing of the business and we are delighted that our higher margin Consultancy Services is performing ahead of Board expectations in the second half.” “We see significant opportunities for the Group and, with the benefit of an improving balance sheet, we plan to continue to invest during 2018 to accelerate growth in target markets for our Consultancy Services division in order to further enhance profitability, cash generation and shareholder value”, he concluded. Parity Group specialises in providing recruitment and business and technology solutions to clients across the public and private sectors. Its share price is currently up 12.76 percent to 8.88 (1115GMT).

Equipment rental firm Ashtead (LON:AHT) saw shares rise over 4 percent on Tuesday morning, after seeing consistent improvement in performance over the six months to October. Group rental revenue rose 20 percent over the period, with first half underlying pre-tax profit hitting £537 million. The group spent £708 million on capital expenditure, up from £683 million last year, and saw earnings per share rise to 34.2 pence. The group’s performance was helped by an increase in rentals from the clean-up efforts following hurricanes Harvey, Irma and Maria, as well as benefitting from the impact of weaker sterling. Looking forward, Ashtead’s CEO Geoff Drabble said the group expects “a number of years of good earnings growth and significant free cash flow generation.” “We continue to enjoy support from good end markets, a strong balance sheet and impressive operational execution. “Our strong performance, together with the successful execution of our 2021 plan, allows the Board to continue to look to the medium term with confidence.” Shares in Ashtead are currently trading up 4.01 percent at 2,100.00 (0959GMT).

Ladbrokes & GVC today announced GVC had made an approach for Ladbrokes in a move that would create one of the UK’s largest gambling companies. GVC have offered 160.9p per share with a possible additional 42.8p if certain terms are met. In the offer terms, Ladbrokes Coral shareholders would be receive 32.7p in cash and 0.141 ordinary GVC shares for each Ladbrokes Coral share and potentially further value of up to 42.8p structured as a contingent value right (CVR). The additional CVR payment is conditional on the outcome of government review of fixed odds betting machines. Shares in Labrokes Coral soared over 20% on the news in early trade on Thursday. Shares in Ladbrokes Coral have suffered in recent years as the government gears up to limit the maximum bet size on fixed odds betting machines, a significant element of Ladbrokes revenue. The merger would may the new group one of the UK’s largest online Bingo operators with brands such as Gala Casino & Gala Bingo, Bwin, Foxy Bingo and Partypoker.  

UK shopping centre owner Hammerson (LON:HMSO) made a £3.4 billion bid for smaller rival Intu (LON:INTU), a move already agreed by over half of Intu’s shareholders. Hammerson, who owns several major UK shopping centres including the Bullring in Birmingham and London’s Brent Cross, made an offer of 253.9p per share for Intu, a 28 per cent premium on the group’s closing price on December 5. Intu owns the Lakeside shopping centre in Essex and Manchester’s Trafford Centre and if the deal goes through, it will create the UK’s biggest property company, worth £21 billion. Intu shares rose over 20 percent in early trading on Wednesday, with Hammerson shares down 3.5 percent. Hammerson’s chief executive, David Atkins, said: “This marks an exciting milestone in the history of Hammerson. Bringing together the high-quality portfolios of both companies establishes Hammerson as a larger, leading European retail Reit, enhances shareholder returns and supports opportunities for long-term growth.” Analysts had mixed reactions towards the deal, with Christopher Fremantle, from Morgan Stanley, saying: “We see Hammerson’s agreed bid for intu as an opportunistic move that combines a strong Hammerson management platform with intu’s large assets but sub-optimal corporate wrapper. Doubts on structural headwinds will remain, but the deal has a number of benefits in our view.” Shares in Intu are currently trading down 14.97 percent at 228.90 (1531GMT).