Wetherspoons reports improved trading, Phoenix posts strong set of results
By Josh White
Date: Friday 22 Mar 2024
(Sharecast News) - London open
The FTSE 100 is expected to open three points lower on Friday, having closed up 1.88% on Thursday at 7,882.55.
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UK pub chain Wetherspoons said trading continue to improve from the impact of the Covid pandemic, with like-for-like sales up 5.8% in the seven weeks to March 17 after a sharp jump in first-half pre-tax profit. Earnings for the 26 weeks to January 28 rose to £36m from £4.6m a year earlier. Revenue surged 8% to £991m.
Phoenix Group reported a strong set of results for 2023 on Friday, with £2.024bn in total cash generation, exceeding targets and achieving £1.514bn in incremental new business long-term cash generation. The FTSE 100 company recorded a resilient balance sheet with a £3.9bn Solvency II surplus, plans to repay at least £500m of debt by 2026, and targets for £1.4bn in operating cash generation in 2026. It said it also aimed to drive strong growth in IFRS adjusted operating profit, targeting £900m in 2026.
Newspaper round-up
Two major UK high street banks have been accused of continuing to finance fossil fuel expansion in the North Sea despite signing a pledge to align their activities with the net zero climate goal. HSBC and NatWest have provided tens of millions in finance to Ithaca Energy, a British oil and gas company that is playing a key role in plans to exploit the controversial Rosebank oilfield north-west of the Shetland Islands. Another high street bank, Lloyds, also provided finance but has since sold down the debt. - Guardian
The British technology firm Autonomy struck millions of dollars' worth of "handshake deals" through which it paid customers to buy its software, the jury in the fraud trial of its founder, Mike Lynch, has heard. Lynch, who co-founded and led Autonomy, has pleaded not guilty to 16 counts of wire fraud, securities fraud and conspiracy. He stands accused of orchestrating a huge fraud before Hewlett-Packard's blockbuster takeover of the company in 2011. - Guardian
The billionaire Issa brothers have ripped out electric car charging points across Asda stores in a blow to customers who want to plug in their vehicles while they shop. New figures from the RAC reveal that Asda has slashed the number of electric vehicle chargers at its supermarkets by more than two thirds to just 46 devices over the past year. It had 165 devices at the start of 2023. - Telegraph
Three has reported its first annual loss since 2010, on the eve of a preliminary decision from the competition watchdog on its £18 billion merger with Vodafone. The mobile company cited the cost of implementing the 5G network, increased running expenses, larger site numbers and inflation for the loss before deductions of £117 million, compared with a profit of £147 million in 2022. - The Times
The owner of Scottish Power will invest £12 billion and create 1,000 jobs by expanding its wind and solar farms and upgrading the cables needed to transport power around the country, in the latest spending plans that are seen as crucial to decarbonising Britain's electricity network. Under the four-year investment plan, Iberdrola will spend more in Britain than in Spain, Germany, France and Australia combined, and will be second only to the United States. - The Times
US close
US equities finished in positive territory on Thursday, riding on the back of encouraging statements from the Federal Reserve.
Wall Street indices surged to new heights as investor confidence remained robust.
The Dow Jones Industrial Average climbed 0.68% to 39,781.37, while the S&P 500 advanced 0.32% to close at 5,241.53, and the Nasdaq Composite added 0.2% to settle at 16,401.84.
In currency markets, the dollar was last up 0.01% on the dollar to trade at 79.01p, while it slipped 0.01% against both the euro and the yen to last change hands at 92.07 euro cents and JPY 151.61.
In economic news, the S&P Global composite purchasing managers' index (PMI) dipped slightly to 52.2 in March from 52.5 in February.
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