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. Full year numbers from Wizz Air show impact of fleet groundings
Low-cost airline Wizz Air LON:WIZZ published full year results this morning and whilst passenger numbers reached a fresh record high, fleet groundings impacted profitability which fell by more than 40% against the comparative. Load factors also increased, earnings per share came in meaningfully ahead of forecasts and as the fleet issues now abate, management see the company as being in a strong position going forward.
2. Mitie suspends buyback to fund acquisition, FY revenues up 13%
A flurry of announcements from Mitie LON:MTO this morning as the company issued full year results whilst also announcing the acquisition of Marlowe for £366m in a cash and shares deal. Underlying revenues were up 13%, there’s a record order book in place providing sound momentum for the business in the new trading year and expectations are for margins to exceed 5% by FY27.
3. Unite sells £212m of assets in strategic shift
Property group Unite Students LON:UTG announced this morning that the company had disposed of nine assets for £212m. This is to better align the property portfolio with the markets where it believes the strongest growth prospects are, with the disposals priced 1% below book value. The disposal has no impact on full year earnings forecasts.
