Here are three things you need to know in the financial markets this morning from investment writer, Tony Cross.
#1. Wizz Air sees traffic figures up sharply as travel resumes
Wizz Air LON:WIZZ has published Q1 results this morning covering the three months to June 30th. Traffic figures are up sharply from the same period a year ago as travel resumes – although Wizz were admittedly very quick to get planes back in the air following the immediate COVID shut down of 2020. Across the quarter as a whole, the airline carried 33% of usual passenger numbers although by June that level had exceeded 60%. Revenues were EUR199m whilst costs came in at EUR307.7m, but with the sector clearly gaining altitude and almost EUR1.5bn worth of free cash, the airline seems on a sound enough footing.
#2. Barclays H1 profits three times higher than analyst forecasts
H1 numbers from Barclays LON:BARC this morning showed profits coming in around three times higher than had been forecast by analysts, with the number further bolstered by the release of some $700m which had been set aside as bad debts likely to arise off the back of the COVID pandemic. A 2p dividend and £500m share buyback has been declared.
#3. ITV advertising sales looking robust over the coming months
Half year numbers from ITV LON:ITV this morning (published in an incredibly small font size) cover the period to June 30th. Revenues are up by 27% and debt has been reduced by 40% but it’s not all good news as the ending of lockdown has hit viewer figures – despite England’s success in the Euros and the restart of Love Island. ITV Hub continues to perform well but the company notes H2 will be up against some tough comparatives. Early indications are however that forward advertising sales are looking robust over the coming months.
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