Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Bumper H1 performance for Mitie
Mitie Group LON:MTO has interims out today, noting a good H1 performance with revenues up 11%, operating profits 24% higher and an expectation that full year operating profits will be at least £190m. Shareholders will benefit from a 43% increase in the interim dividend and management add that the group is on track to have met or exceeded all previous mid-term financial targets for the financial year.
#2. FirstGroup passenger numbers continue to rise
FirstGroup LON:FGP has interims out today with operating profits up by 50%, facilitating a 66% uplift in dividends. Passenger numbers continue to see modest growth and despite ongoing industrial action, the company sees no change to the full year outlook as set out in last month’s trading update. With the government subsidised fare cap on buses set to be maintained until at least the end of 2024, this should provide further valuable support at a time when customers remain highly price sensitive.
#3. Solid interims from Jet2 despite costly summer disruption
Interim results to 30th September are also out from Jet2 LON:JET2 noting a 24% uptick in revenue whilst operating profits advanced by 19%. That’s despite air traffic. Control disruptions and wildfires lopping a reported £14m off the profitability of the company. Shareholders will benefit from a 33% uptick in dividends. The company does note a recent slowing of winter bookings, but remains confident that full year numbers will meet previously declared expectations.
