Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Ryanair
There’s an upbeat set of Q3 results out from Ryanair [LON:RYA] this morning. Passenger numbers are up 6% from a year earlier but the stand out is arguably the revenue stat, up by 21%. Bookings over the Christmas period were ahead of expectations and although this has to be set against rising fuel costs – more planes flying – and an uptick in staff costs, with pilot attrition now reported to be close to zero, investors may be finding plenty to cheer in these numbers. One point that stands out in the release is a claim that passengers can halve their CO2 emissions by using Ryanair rather than other major EU airlines.
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Just Eat
Shares in the newly combined Just Eat Takeaway group will start trading on the London Stock Exchange this morning, despite the overhang of the CMA’s investigation into the merger. The uncertainty here will likely leave investors hungry for any fresh direction over the competition regulator’s views – aggregator sites like this don’t lend themselves readily to disposals in the event of market dominance concerns.
Quarto
Slightly left field for this column, but publisher Quarto LON:QRT has issued a note covering the results of an offer of new shares. The sale has been successful, but with £1.1 million of the £13.9 million raised being earmarked as expenses, this is a salutary reminder of the costs involved in tapping the market for fresh capital. The cash raised will be used to pay down debt under the terms of an Amended Facilities Agreement.
