Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Profits jump at easyJet
easyJet [LON:EZY] has this morning published its Q3 trading update noting profits for the period of £236m, up £33m year on year in a move that’s very much a reversal of the disappointing numbers posted by peer Ryanair at the start of the week. easyJet Holidays continues to perform well and the note adds that Q4 bookings are now 69% sold, 1% higher than the position at this time last year. The performance is also notable given the fact Easter weekend fell in the previous quarter.
#2. Mitie doubles scale of share buy back
Mitie Group LON:MTO published a quarterly trading update on Tuesday and has this morning updated the market on share buy back plans. The program got underway in mid-April and management have today announced that the scale of the deal will be doubled to £100m, reflecting the strong performance seen in FY24 and good momentum in Q1.
#3. Wet weather hampers sales at Marston’s
There’s a trading update out from the pub group Marston’s LON:MARS covering the first 42 weeks of the year. Like for like sales are up 5.2% year on year and although unseasonably wet weather has acted as something of a brake on performance in recent weeks,
Euro 2024 has offered a degree of respite. Management add that food sales have been particularly encouraging following an overhaul of menus and full year expectations remain on track.
