Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Nordic headwinds, competition, weigh on Currys performance
Electrical retailer Currys LON:CURY has published results for the full year to 29th April. The headline observation is that a strengthening performance in the UK and Ireland is being offset by weakness in the Nordics. However the metrics are notable here, with adjusted pre-tax profit down by almost 40% to £119m – admittedly that’s still at the top end of guidance – and group revenue off by 6%. Economic uncertainty continues to blight the outlook with high inflation and tough competition also weighing.
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#2. Youngs sales up 8.3% for quarter
Brewers Youngs LON:YNGA have issued an AGM trading statement this morning, noting that in the first 13 weeks of the year, revenue was up 8.3% on the comparative. Management sees a key driver of growth as being the investment in improving and growing the premium estate and the benefits of key acquisitions made last year are now being seen in the numbers.
#3. Jet2 sales well ahead of pre-COVID levels, outlook turbulent
Tour operator and airline Jet2 LON:JET2 has published full year results today for the 12 months to 31st March. That makes for the first annual reporting period since COVID and the numbers are impressive. Revenues are up 40% from 2020 levels, whilst the operating profit is up 34% from three years ago. Shareholders are being rewarded with a final dividend of 8p per share. As for the outlook however, capacity for the summer is 7.5% up on last year and average load factors are 0.8% down. However there’s a higher level of high margin package holiday customers, but management are mindful of the economic headwinds wrapped into the ongoing cost of living crisis.
