Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. easyJet Record H2 performance at easyJet despite summer disruption
easyJet LON:EZJ has issued full year results today noting record H2 profits despite challenging external factors. The airline expects momentum to continue into FY24 with revenue per seat rising whilst costs remain flat.
With £41m net cash and liquidity of £4.7 billion the company is well positioned to ride out any short term turbulence but with research noting that three quarters of Britons plan to spend more on their holidays versus last year, management are justifiably confident over the mid-term outlook.
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#2. Marlowe: rising borrowing costs & taxes hit bottom line
Business critical software provider Marlowe LON:MRL has published interims to 30th September today. Revenues are up 13% and operating profits added 9% although rising interest rates and tax liabilities have taken a toll on the bottom line. Management note a good start to the second half of the year and expect to see mid-single digit organic growth ahead.
#3. Pets at Home interims show vet care a key growth driver
Pets at Home LON:PETS have issued interims for the 28 weeks to 12th October. This headlines with news of a resilient performance and maintains full year guidance. Consumer revenue grew at 8.6%, above guidance of 7%, active VIP membership continues to expand but the real stretch came in vet care where higher average transaction volumes and increased capacity saw income up by almost 20%. Dividends are maintained at 4.5p and management are comfortable with analyst consensus for FY PBT.
