Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Bumper profits for Ryanair
Ryanair [LON:0YRA] has this morning posted Q3 numbers, highlighting that over the first nine months of the year, profits had risen 39% to EUR2.19 billion. The uptick in Q3 was perhaps less impressive given the 25% increase in fuel charges and 1% decrease in load factor.
Full year passenger numbers are expected to continue growing, but the timing of Easter and other headwinds means that the full year profit guidance has been revised down towards the lower end of previously stated expectations.
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#2. Hostel operator Safestay sees more room for growth
Safestay LON:SSTY the premium hostel operator, has this morning issued a trading update noting that full year performance is set to be comfortably in line with market expectations. Sales are around 15% up on FY22 and occupancy is set to be up by 840bps, with average bed rates unchanged. Forward bookings are twice as high as they were a year ago and the company motes that there’s still space for further growth with the large school groups market still in recovery mode post-pandemic.
#3. Loungers opens milestone venue
And there’s a note from Loungers LON:LGRS the café/bar/restaurant group, who this morning have advised that their 250th site has been opened. Focusing on often the smaller provincial towns, the company believes there’s scope for as many as 600 of its outlets across the country. Management also note the significant positive impact that is being delivered to communities with each new opening, with fit out costs of around £1m and 30 new jobs created per site.
