Three things you need to know in the financial markets this morning from investment writer, Tony Cross.
Casual dining operator Tasty Plc [LON:TAST] has published results for the year to December 27th this morning. Government enforced trading restrictions have understandably taken a toll on sales throughout the pandemic, so it’s perhaps commendable that revenues have fallen by less than 50%. The company is now planning a phased reopening starting next month and running through to July. There is however little in the way of guidance, only a note that in the coming months, there will be a better understanding of how the market is likely to look in a post-pandemic world.
Saga [LON:SAGA] has published its full year numbers for the 12 months to January 31st and it’s been a game of two halves for the over 50’s service provider. Insurance has performed well, with some notable growth in underwriting, but the travel market understandably struggled, posting a £78.5m operating loss, down from a £19.8m profit in the previous year. There’s no dividend to shareholders but in terms of outlook the company intends to restart travel operations by the summer and envisages a return to pre-pandemic levels of cruise passengers in the mid-term.
There’s an update out from Ryanair [LON:RYA] this morning, noting that for the full year to March 31st, it is revising its expected loss figure. This is now tipped to come in between -EUR800m and -EUR850m, a modest improvement from the previous guidance of -EUR850m to -EUR950m. Perhaps more critically, given the fact that there is still a lot of uncertainty regarding the restarting of aviation, the company notes it still has EUR3.15bn on the balance sheet and well over 80% of the airline’s aircraft are unencumbered. Looking further ahead, the airline believes FY22 will be close to break even, a view which is apparently less optimistic than some have suggested.
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