BUSINESS LIVE: CMA holds up $8.6bn Avast deal; Fever-Tree sales jump

BUSINESS CLOSE: CMA puts brakes on $8.6bn Avast deal; Fever-Tree sales jump despite supply chain woes; volatility fuels IG Group revenues

The FTSE 100 closed up 115.98 points at 7291.68 and the pound was at $1.31 against the dollar.

Britain’s competition regulator has launched an in-depth probe into US cybersecurity firm NortonLifeLock’s $8.6billion purchase of London-listed Avast, amid concerns the deal could harm competition.

The Competition and Markets Authority said on Wednesday the deal could lead to British customers getting a worse deal when looking for cyber security software.

British soft drink maker Fever-Tree saw revenues jump by 23 per cent year-on-year to £311.1million in 201, with gross profits rising 12 per cent to £130.9million.

The growth was reflected across all markets, according to the group, despite ‘unprecedented global supply chain disruption’, which led to a 20.2 per cent hit to adjusted earnings margin.

Online trading platform IG Group now expects full-year revenue to ‘moderately exceed’ market expectations on strong trading volumes, as the Ukraine crisis fuels market volatility.

The London-listed firm posted third-quarter net trading revenue of £257million compared with £226.7million a year earlier when a retail frenzy in stock markets had driven up trade.

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Fever-Tree toasts strong growth despite supply chain disruption