Three key news stories unfolding as the UK stock market opens. Check out our companies reporting diary for upcoming results from FTSE 350 and selected international stocks.
1. Revenues take off at IAG as profits treble
Q1 numbers are out from International Consolidated Airlines LON:IAG, the company behind names like Iberia and British Airways. Revenues were 9.6% higher, operating profits almost trebled and despite ongoing macroeconomic concerns, the outlook for the full year remains unchanged. Q2 bookings are currently at 80% and H2 at 29%, broadly in line with last year’s figures. The group also announced a new aircraft order to support both fleet renewal and expansion plans.
2. Belluscura launches strategic review in funding bid
Belluscura LON:BELL, a company that came into the spotlight during the COVID pandemic, provided a trading update this morning. Management note that subject to no further regulatory change, the import tariff to the US on its oxygen concentrators will remain at 0%, whilst the company also continues to see demand for its portable oxygen solutions. However a strategic review has been launched in a bid to secure funding to boost further growth and accelerate the path to profitability. Doing this without overly diluting existing holders will be key.
3. Increasingly active property market cheers Rightmove
Rightmove LON:RMV also published a trading update, noting that the estate agency platform remains confident over the outlook and full year guidance is unchanged, with revenue growth of 8%-10% still expected. Membership growth continues and strategic growth areas also continue to perform on track against targets. Looking at wider market conditions, new buyer demand is up 5%, sales agreed are up 7% and new property listings grew 9% against the comparative. Since the start of last month, new sales listings have grown to a 10 year high, 13% up from the figure a year ago.
