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Three Quick Facts: easyJet, Wickes and Reach


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

#1. easyJet: disruption pushes airline to loss

A quarterly update from easyJet [LON:EZY] covering the three months to 30th June has been published today. The company has printed a headline loss of £114m, but is keen to stress that it has faced a £133m hit off the back of disruption costs and a further £36m impact from FX moves. Passenger numbers for the period sat at 87% of pre-COIVD levels and ancillary revenues per passenger continue to improve, too. The note adds that for Q4, bookings are currently in line with the numbers seen in 2019, whilst yields are 13% higher.

#2. Wickes DIY sales easing as profit forecasts revised lower

A trading update from Wickes LON:WIX paints a broadly upbeat picture, although flags a decline in DIY sales in recent weeks. Management note that the company’s unique model of blending sales to both direct customers and trades puts them in an advantageous position, but the uncertain macroeconomic backdrop is leading to a degree of caution. Adjusted pre-tax profits for the full year are now forecast to come in between £72m and £82m, down from the £85m for FY 21 but well ahead of the £49m posted in 2020.

#3. Reach: strong second half from news publisher forecast

News published Reach LON:RCH has issued its half year report today, noting that traffic and audience figures continue to outperform the wider sector, with a total of 11m registered users up from 5m in 2020. The company is working to mitigate the impact of inflation and weaker advertiser demand and believes that this, combined with management actions and the phasing of the business, will support a stronger than historical profit contribution in the second half.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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