Energy giant E.on has blamed the energy price cap for sending UK retail earnings crashing 78 per cent, as it also lost more customers.

The German-owned Big Six provider revealed underlying earnings at its UK household supply arm plunged to €12 million (£11 million) in the three months to June 30.

It reported an overall 12% drop in half-year underlying earnings to €1.72 billion (£1.58 billion).

It said it saw a fall in customer numbers in the first half, having earlier reported a drop of around 200,000 in the three months to March, from 6.6 million at the end of 2018.

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The second quarter performance left overall first half underlying UK retail earnings 65% lower at €71 million (£65 million) in the first half of 2019, and E.on warned the price cap will leave annual earnings in the wider division "significantly below" the previous year.

E.on said the market was "particularly challenging" in the UK after the introduction of the price cap for default and standard variable tariffs in January.

The group said earnings at its customer solutions division, including its retail operations, nearly halved to €240 million (£221 million) in the six months to June 30 from €477 million (£439 million) a year earlier as this year's introduction of the default price cap took its toll.

Marc Spieker, chief financial officer at E.on, said: "The market in Great Britain is currently particularly challenging.

"But here we have already responded to the demanding environment with attractive new products and clear cost management."

Paddy Power owner Flutter blamed stricter regulations as it reported a dip in profits for the first half of the year, but reiterated its guidance for annual results.

The betting firm unveiled a 24% slide in pre-tax profits to £81 million for the six months to June 30, while underlying earnings fell 10% to £196 million.

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Flutter said a £47 million increase in taxes and duties had afffected its bottom line. Without this additional cost, underlying earnings would have grown by 15%.

The group posted an 18% uplift in revenue to £1.02 billion for the period.

The group's online, Australian and US divisions all showed revenue growth in the period, but its retail arm declined due to the UK Government's restrictions on betting machine stakes as well as a doubling of tax on sports betting in Ireland.

Flutter said it expected to ultimately grow market share.

Disney has revealed its net income fell 39% in the latest quarter, missing Wall Street expectations.

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The US media giant posted third-quarter net income of $1.76 billion (£1.45 billion), down from $2.92 billion (£2.4 billion) a year ago, with the runaway success of box office hit Avengers: Endgame failing to offset the cost of its investment in its ESPN Plus and Disney Plus streaming services.

Excluding one-time items, net income totalled $1.35 per share.

Analysts surveyed by FactSet expected net income of $1.72 per share.

Shares fell by 3% in aftermarket trading. Revenue rose 33% to $20.2 billion (£16.6 billion), short of the $21.4 billion (£17.59 billion) analysts expected.