BUSINESS LIVE: Equinor given green light for Rosebank oil and gas field

Paddy Power owner Flutter has bought an initial 51 per cent stake in Serbia’s second-largest sports betting and gaming operator MaxBet for €141m (£123m) in a bid to expand in the Balkans. .

Flutter said the deal, which also allows it to acquire the remaining 49 percent stake in 2029 on similar terms, aligns with its strategy of targeting fast-growing regulated markets where it can combine local expertise with its global technology and pricing.

The world’s largest online betting company said the €700 million Serbian betting market is attractive due to its relatively low online penetration of around 35 percent and expected online compound annual growth until 2025 of approximately 15 percent.

MaxBet, which generated fully regulated pro forma revenues of €145 million in the year to June, 44 percent of it online, also has a minor presence in Bosnia, Montenegro and North Macedonia.

“We believe MaxBet is an excellent opportunity to replicate the success we have achieved in markets such as Georgia, India and Italy,” Flutter CEO Peter Jackson said in a statement.

The fund managers behind Lindsell Train split almost £36m in dividends last year, despite disappointing returns for investors.

Nick Train and his wife received around £18m from the investment trust during the year to the end of January, as did his business partner Michael Lindsell and his wife, according to accounts filed with Companies House.

That was the bulk of a total dividend fund of £49m, although it was down from £53m the previous year.

Holiday group Saga expects annual revenue to rise by double digits and underlying profits to beat market estimates after a rise in bookings for its ocean cruises amid resilient travel demand.

The company, which also sells insurance to people over 50, separately told investors this morning that finance chief James Quin would step down after almost five years.

FTSE 250-listed Hiscox has agreed to sell its motor insurance business in Singapore and Thailand.

The insurer will sell DirectAsia to Ignite Thailand Holdings following a strategic review.

The company expects the deal to be completed by the end of 2023.

The Government has given the green light to Oslo-listed Equinor to develop the Rosebank oil and gas field in the North Sea in partnership with London-listed Ithica Energy.

Equinor has a majority stake in Rosebank, which is one of the largest undeveloped oil and gas fields on the British continental shelf, and expects to produce 300 million barrels of oil over its lifetime.

“Today we have approved the Rosebank Field Development Plan, which allows the owners to continue with their project,” the North Sea Transition Authority said in a statement.

Environmental campaigners had called on the Government to halt the development, arguing it contravenes Britain’s plan for a net zero economy.

Gilad Myerson, chief executive of Ithaca Energy, said: “We are delighted to announce the decision to move forward with the development of Rosebank together with Equinor.

‘Rosebank stands as the UK’s largest undeveloped field and, with the receipt of development consent from the NSTA, we are now prepared to embark on a journey that will not only provide critically important domestic energy, but will also generate a substantial economic impact.

“The Rosebank project will create thousands of jobs and contribute significantly to meeting the UK’s energy needs for many years to come.”

The pound hit a six-month low against the dollar last night as it headed for its worst month since last September’s mini-budget crisis amid fears of a recession.

Sterling fell about half a cent to a low of $1.2157 as pressure mounted on the currency following last week’s decision by the Bank of England to leave interest rates unchanged.

And while many observers believe rates in the UK have peaked, it is thought there could be further hikes in the US, boosting the dollar.