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Three Quick Facts: Jet2, Reckitt Benckiser, Lloyds Bank


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

#1. Jet2 FY trading update confirms profit target

Leisure travel group Jet2 [LON:JET2] has this morning issued a trading update for the full year to 31st March. Profit guidance has been narrowed to the middle of the previous stated range, whilst bookings for the forthcoming summer season are also seen as being strong. The company notes it has the necessary staff and equipment in place to deliver this summer’s peak schedule but adds that with over 40% of the summer season and the majority of the winter book still to sell, it’s too early to provide guidance for FY25.

#2. Steady as she goes for Reckitt in Q1 update

Reckitt Benckiser [LON:RKT] issued a Q1 update with the numbers being sufficient for management to declare that the company remains on track to deliver against full year targets, with mid-single digit growth expected across health and hygiene portfolios. Foreign currency headwinds have taken a toll on performance, whilst adjusted profits are set to grow ahead of net revenues.

#3. Falling interest margins start to bite at Lloyds

There’s a Q1 interim management statement out from Lloyds Banking Group [LON:LLOY] covering the period to 31st March. Statutory profit after tax is £1.2bn against £1.6bn a year ago. The Return on Tangible Equity has slipped to 13.3% from 19.1% and net interest margins are, as expected, being squeezed, too. Full year forecasts have been reaffirmed, but the interesting point here is arguably the direction of travel for interest income – and that’s before the Bank of England start to deliver on those rate cuts.

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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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