Three things you need to know in the financial markets this morning from investment writer, Tony Cross
Half year results from Thomas Cook are out this morning, showing a marked decline in revenues from the same period a year ago. The timing of Easter may have caused some issues here, but the headline figure is off by over £200m, or around 6.5%. Rising prices have been hitting demand, as has uncertainty surrounding the Brexit process. Unlike rival TUI, its losses for the period have widened – after the boost given to the share price surrounding the sale of its airline operations, the slate today may be rather different.
Full year numbers from Burberry this morning are in line with expectations and cost savings plans are running ahead of target, too. Comparable earnings have moved higher, once the wholesale beauty division – which has been sold recently – is stripped out, whilst profits are also motoring higher too. A modest uptick in dividends but news of a share buyback scheme is also likely to be well received by investors.
Full year results from National Grid show operating profits down by 18%, although tough comparatives as a result of changes to US tax rules do seem to be taking a toll here. The company is lauding its strategic progress in terms of efficiency savings and shareholders will receive a 3% uplift in dividends. Arguably the bigger question for companies like this however is the political risk that could be seen from a change in UK leadership.