Three things you need to know as the UK financial markets open, from Tony Cross.
#1. Revenues, passenger numbers climb for IAG in H1
International Consolidated Airlines Group LON:IAG, the owners of British Airways, Aer Lingus and other airlines released interim earnings news after the bell last night. A strong first half has been reported with a 3 cents per share dividend being declared, too. Total revenues are up against the comparative, keeping pace with the 7.5% increase in capacity, whilst the company also sees strong demand for the remainder of the year, especially in core markets.
#2. ITM Power full year EBITDA loss forecasts trimmed
There’s an FY24 guidance update out from ITM Power LON:ITM this morning, noting that in the trading update of 6th June, management forecast EBITDA losses of between £39m and £44m. Following the re-provisioning of disputes relating to legacy projects, the EBITDA loss has been revised down to between £30m and £32m.
#3. Capita cost saving plans progressing well
Half year numbers are out from Capita LON:CPI this morning. The company recently sold off its Capita One software in a move that delivered significant support for the share price, with management adding further changes are being implemented to streamline the business and deliver efficiency savings, a process which is reported as advancing well. Figures have been adjusted to remove the impact of Capita One and these show revenues down 9% but operating profits up 33%. The full year profit outlook is unchanged.
