Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Ryanair expects the full year to come in between break even and a modest loss
Ryanair [LON:RYA] has published its Q1 numbers this morning, with the discount airline noting a deterioration from the corresponding period a year ago. Losses came in at EUR273m vs EUR185m, despite a marked upturn in passenger numbers, although the company notes that Q2 booking figures continue to recover well. Visibility is difficult here as passengers are booking at short notice and this too is keeping fares low. At present the company expects the full year to come in between break even and a modest loss, dependent on vaccine roll out and the absence of new variants.
#2. Cranswick full year outlook remains in line with board expectations
Food processors Cranswick LON:CWK also have Q1 numbers out today. Sales were up 9.6% off the back of a 7.7% increase in volumes, thanks to strong retail sales. Far East sales also remain ahead of the comparative whilst rising pig prices are further bolstering revenues. Investment continues into the business to further increase capacity and the full year outlook remains in line with board expectations.
#3. Octopus Renewables Infrastructure Trust to buy portfolio of solar developments
Rounding off with a note from Octopus Renewables Infrastructure Trust LON:ORIT, which today has announced it is buying a portfolio of solar developments around Dublin from Statkraft. The deal – which is worth up to £125m – is part funded by loans from a consortium of banks but arguably shows investor demand for green energy projects. It’s worth noting that the sites aren’t yet online – that’s not due to happen until the second half of next year.
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