EasyJet FY profit to beat expectations, CMC Markets net operating income in line
By Michele Maatouk
Date: Wednesday 25 Jan 2023
(Sharecast News) - London pre-open
The FTSE 100 was called to open five points higher at 7,762.
Stocks to watch
Budget airline easyJet said it expected to beat full-year profit expectations as it narrowed losses in the first quarter and forward bookings into the summer surged.
The carrier said pre-tax losses for the three months to December 31 came in at £133m against a loss of £213m when Covid travel restrictions were in force.
"Whilst we remain mindful of the uncertain macroeconomic outlook across the globe, based on current high levels of demand and strong bookings, easyJet anticipates beating the current market profit expectations for 2023," the company said in a trading statement.
CMC Markets said net operating income was tracking in line with market expectations for the year ending 31 March 2023 and that it remains on course to deliver its strategic objectives.
Chief executive Lord Cruddas said: "2023 is set to be an exciting year for CMC as we continue our growth strategy. Our core initiatives of product expansion, new trading analytics, new pricing functions and enhanced onboarding initiatives remain on track across both our investing and trading platforms.
"Expansion of CMC Invest continues, with UK marketing spend accelerating over coming months coinciding with delivery of a steady stream of new products and functionality. I look forward to updating the market further at our full year results later this year."
Newspaper round-up
An Australian-based startup, Recharge Industries, has made a nonbinding offer for the collapsed UK battery company Britishvolt that could revive plans to construct a large plant in northern England. The bid was lodged in the UK late on Tuesday, shortly after a cash crunch at Britishvolt sent the company into administration. The collapse has severely dented the country's attempts to modernise its automotive industry and supply the next generation of UK-built electric vehicles. - Guardian
Rupert Murdoch has scrapped a proposal to combine Fox Corp with News Corp, in a deal that would have reunited the media empire he split nearly a decade ago. In 2013, shareholders approved a plan to divide the media giant's assets, which include the Times, the Wall Street Journal and the Australian, from its entertainment division in the wake of the UK's phone hacking scandal. Murdoch said at the time that the separation would "unlock the true value of both companies and their distinct assets". - Guardian
Britain was exporting power to Ireland even as British households were asked to cut their usage on Monday night, export flows show. Traders sent electricity via undersea cables to Northern Ireland and the Republic while thousands of British households avoided activities such as running the washing machine to save electricity in Britain. - Telegraph
Businesses came under increasing financial stress in the final months of last year as people reined in spending in response to rising household bills. The number of companies in critical financial distress jumped by 36 per cent in the final quarter, according to a report by Begbies Traynor, the insolvency specialist. - The Times
US close
Wall Street stocks put on a mixed performance on Tuesday as traders digested an onslaught of earnings from some of the nation's biggest firms.
At the close, the Dow Jones Industrial Average was up 0.31% at 33,733.96, while the S&P 500 slipped 0.07% to 4,016.95 and the Nasdaq Composite saw out the session 0.27% weaker at 11,334.27.
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