Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Barratt Developments sees revenues up 40%
House builder Barratt Developments LON:BDEV has published full year results this morning. These numbers are skewed by the COVID shut down in the last quarter of the comparative, but will still give investors confidence. Revenues are up 40%, gross margins have expanded 300bps and net cash is well up on the position from both one and two years ago. One cause for concern however could be what’s been seen since the start of the new FY, with reservations down 11.7% on the 2019 figure.
#2. Jet2 bookings for next summer comparable with 2018
Airline and tour operator Jet2 Holidays LON:JET2 has published a statement ahead of its AGM today. The company notes that despite continued uncertainty over travel rules, they have generated a positive financial contribution from flying thanks to an agile response to market demands. Looking ahead, bookings for next summer are at the same point as was seen in September 2018, whilst with some £1.52 billion in cash available, there’s confidence that the turbulence has been navigated.
#3. WizzAir passenger figures up 50%
Keeping with airlines, Eastern European low—cost carrier WizzAir Holdings LON:WIZZ has published its August traffic figures. Compared with a year ago, capacity is up by 27%, passenger figures have risen by 50%, with a consequent improvement in load factor to 83.6%. Investors will be rightly concerned about profitability here too, but in the short term again this shows that the global aviation market is creeping back – for now.
