Direct Line has changed a key solvency capital ratio for the year ended 2023 after identifying a miscalculation within its audited Solvency II funds for that year. The home and motor insurer said its solvency capital ratio, a measure of its financial strength, had been recalculated as 188% for the end of 2023. The company had previously reported it as 197%. The solvency capital ratio is used to assess how well an insurance company can cover short-term and long-term outstanding financial obligations. Direct Line's shares, listed on the FTSE 250 index, had shed 2.3% by around 9am.
Evoke formerly 888 Holdings, announced the acquisition of New Gambling Solutions (NGS), the operator of Winner.ro, which is an online betting and gaming operator in Romania. evoke said it will inject its Romania business into Winner.ro plus pay a cash consideration of €10m in exchange for a 51% share in the enlarged Romania business. The combination will bring together 888.ro with Winner to create the fourth biggest group in the market with a combined market share of approximately 7%. The combined Romania business, NGS, will operate a multi-brand strategy, leveraging a local hero brand alongside a highly complementary, world-renowned casino brand. Evoke shares gained 1.9% in early trading.
Thor Explorations took advantage of record gold prices to boost its second-quarter results, with profits up by around 90% to US$27.5m compared to US$14.4m. Second-quarter revenues jumped to US$53.8m from US$41.3m as gold sold from production at the Segilola gold mine in Nigeria during the three months totalled 23,588 ounces at an average gold price of US$2,309 per ounces. Six monthly net profits also more than doubled to US$39.9m from US$17.4m a year earlier, while net debt was reduced to US$2.7 million. Shares in Thor Exploration had jumped 11.7% by around 9am.
Headlines we expect on post-Bank Holiday Tuesday
Faron Pharmaceuticals First half results
Last time out Operating loss of EUR 12.8m, cash balances of EUR 6.3m
