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Home » UK Shares » Three Quick Facts » Three Quick Facts: Ryanair, Mitchells & Butlers and Intu Properties

Three things you need to know in the financial markets this morning from investment writer, Tony Cross.


Full year results from Ryanair [LON:RYA] for the period to March 31 have been released today. Whilst COVID-19 will have taken a toll on the business at the very end of the trading period, this hasn’t hampered the trajectory. Passenger numbers were up 4% year on year, revenues rose 10% and gross cash nudged up 19% to EUR3.8 billion. Given the uncertainty associated with the pandemic, the airline is unable to provide any guidance for the year ahead, but states that losses in Q1 are expected to be EUR200m and passenger numbers for the year will be around 50% lower. However that strong war chest should provide some reassurance that the airline can ride out this storm.

Mitchells & Butlers

There’s a very short update from bar operator Mitchells & Butlers [LON:MAB] out this morning, advising the market that a waiver granted against a possible technical breach of covenant has been extended to June 8. Whilst this will be welcome news, given the narrative emerging from the government that at best only a very limited reopening of venues like theirs might be seen at some point in July, investors could be left baulking at the uncertainty here.

Intu Properties

Intu [LON:INTU], the owners of shopping centres in the UK and Spain, have been struggling for some time. They have published an update on lender discussions this morning. It highlights that with centres remaining largely closed until at least next month and with limited visibility over what any recovery will look like, the resulting impact on rent collections and asset valuations are likely to result in covenant breaches. However given the depressed property market, the usual remedy of selling assets is unlikely to be fruitful. The company is looking for a series of ‘standstill’ agreements with lenders to cover it through to December 2021. There’s no guarantee this will be granted, but given the depressed market, counterparties may be left with little choice.

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This article is not investment advice. Investors should do their own research or consult a professional advisor.

Tony Cross

Tony Cross

Tony Cross is a market commentator with over 15 years of experience, producing compelling, insightful copy for journalists and investors alike. Focusing on macroeconomics, UK blue chip equities and inter market analysis, Cross's commentary is well regarded for its clarity and ability to cut through the waffle. He has been quoted in publications as diverse as The Financial Times, The Times, The Guardian and The Sun. He has also been a regular guest on both Share Radio and TipTV.

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