Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Wizz Air fuel costs overshadow passenger growth
Full year results from Wizz Air LON:WIZZ are out today, covering the 12 months to 31st March and with the company continuing to see the impact of post-pandemic travel. Passenger numbers were up by almost 90% and revenues by 134%, although the operating loss nudged higher with fuel costs being a significant constraint. Management are focused on a return to net profit in FY24, but are confident that this can be achieved through strategic improvements including a comprehensive fuel hedging program.
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#2. Mitie profits beat expectations, dividend upped
Mitie Group LON:MTO also has full year numbers out, again covering the 12 months to 31st March. Revenues hit a record high and contract renewal rates stand at 90%. Operating profits were down a couple of percent from last year’s level but still came in ahead of the top end of expectations. A final dividend of 2.2p per share is being proposed, up from the 1.4p paid a year ago.
#3. Crest Nicholson sales slowdown pushes completions, profits lower
Housebuilder Crest Nicholson LON:CRST has interims for the six months to 30th April out today. Revenues have fallen by more than 20% as a result of economic uncertainty – and presumably rising mortgage prices. However from a social perspective, there has been a marked increase in affordable housing completions. The economic headwinds have however hit profits with the pre-tax figure falling from £52m to £21m. The interim dividend is being maintained at 5.5p and expected full year profits remain in line with forecasts.
