EasyJet Faces Short-Term Turbulence, But Will Soon Soar
0843 GMT - EasyJet's fiscal 2021 results met expectations
despite having faced what was hopefully the worst of the
coronavirus pandemic, and while the balance of risks to fiscal 2022
estimates is on the downside, longer-term confidence remains,
Liberum says. The budget airline says it is too soon to tell what
disruption the Omicron variant brings, but easyJet has the
balance-sheet strength to deal with it, the brokerage says.
EasyJet's summer 2022 bookings are ahead of 2019 levels, though
modest in absolute terms, Liberum says. "We believe there is clear
evidence of pent-up demand, with bookings surging whenever a
relaxation of travel restrictions is announced," the brokerage
says, retaining its buy rating on the stock and price target of
680.0 pence. Shares are down 0.3% at 501.2 pence.
(joseph.hoppe@wsj.com)
Companies News:
WPP Acquires Cloud Commerce Group for Undisclosed Sum
WPP PLC said Tuesday that it has acquired U.K.-based e-commerce
technology platform Cloud Commerce Group for an undisclosed
sum.
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Marston's FY 2021 Loss Narrowed on Lower Exceptional Costs
Marston's PLC on Tuesday reported a narrowed loss for the year
ended Oct. 2, reflecting lower net exceptional costs, and said that
current performance is encouraging.
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Pennon 1H Pretax Profit Rose
Pennon Group PLC on Tuesday reported improved earnings for the
first half of the fiscal year, helped by the acquisition of Bristol
Water in June.
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Topps Tiles Swung to FY 2021 Pretax Profit; Resumes Dividend
Topps Tiles PLC reported Tuesday a swing to pretax profit for
fiscal 2021 boosted by higher revenue and reinstated its dividend
payout.
---
MGC Pharmaceuticals to Raise GBP5.5 Mln Via Share Placing
MGC Pharmaceuticals Ltd. said Tuesday that it received support
to raise 5.5 million pounds ($7.3 million) via a share placing, and
that it will put the money toward its Covid-19 treatment CimetrA, a
new Malta production facility and for general working capital
purposes.
---
Countryside Swung to FY 2021 Pretax Profit, Revenue Rose
Countryside Properties PLC said Tuesday it swung to a pretax
profit for fiscal 2021 on the back of an increase in homes sold and
selling prices.
---
Micro Focus International Targets 1%-2% Medium-Term Rev
Growth
Micro Focus International PLC said Tuesday that it is targeting
medium-term revenue growth of 1%-2% and the cutting of $400 million
to $500 million in costs by the end of fiscal 2023.
---
DP Eurasia Ten-Month Sales Rose 52%
DP Eurasia NV said Tuesday that its sales grew 52% in the first
ten months of the year, reflecting strong demand in Turkey.
---
EasyJet FY 2021 Pretax Loss Narrowed, Revenue Fell Due to
Covid-19
EasyJet PLC said Tuesday that its fiscal 2021 pretax loss
narrowed, beating market expectations on the back of reduced costs
and that it expects to recover further in the new year, though
revenue fell.
---
Future FY 2021 Pretax Profit, Revenue Rose
Future PLC said Tuesday that profit for fiscal 2021 rose as
revenue increased, and raised its guidance for fiscal 2022.
---
Town Centre Securities Posts Narrowed FY 2021 Pretax Loss
Town Centre Securities PLC said Tuesday that its pretax loss
narrowed in fiscal 2021, as it benefited from revaluations of its
portfolio, though revenue fell.
---
Sosandar 1H Pretax Loss Narrowed; Performance Ahead of FY
Expectations
Sosandar PLC on Tuesday reported a narrowed pretax loss for the
first half of fiscal 2022, backed by higher revenue as
coronavirus-related restrictions eased, and said it is currently
operating ahead of market expectations.
---
Hochschild to Acquire Brazil-Focused Miner Amarillo Gold
Hochschild Mining PLC said Tuesday that it has agreed to acquire
TSX-listed Amarillo Gold Corp. for a transaction value of 164.5
million Canadian dollars (US$129.1 million).
---
One Media iP Group Sees FY 2021 Revenue, Ebitda Increase
One Media iP Group PLC said Tuesday that it expects to report
increased revenue and earnings before interest, taxes, depreciation
and amortization for fiscal 2021.
---
Greencore Group Swung to FY 2021 Pretax Profit as Revenue
Rose
Greencore Group PLC said Tuesday that it swung to a pretax
profit for fiscal 2021 as revenue rose after the food-to-go and
convenience categories posted growth.
---
VP PLC Reports 1H Profit, Sees FY 2022 Performance in Line
VP PLC on Tuesday reported improved earnings for the first half
of the fiscal year, and forecast a full-year performance in line
with internal expectations.
---
John Menzies Sees 2021 in Line With Views; Warns on Labor
Shortages
John Menzies PLC said Tuesday that the board expects 2021
performance to be at least in line with market expectations, but
noted that labor availability, particularly in North America,
remains challenging.
---
GB Group 1H Pretax Profit Fell; 2H Seen in Line With Views
GB Group PLC said Tuesday that pretax profit fell for the first
half of fiscal 2022 after booking higher costs, and that the board
was confident of meeting its financial expectations for the
remainder of the fiscal year.
Market Talk:
EasyJet Shares Rebound After Downbeat Moderna Vaccine
Comments
0839 GMT - EasyJet shares rebound in morning trade after falling
on the back of downbeat comments from Moderna CEO Stephane Bancel
about a quick turnaround for vaccine modifications to deal with the
Omicron coronavirus variant, CMC Markets says. The budget airline's
early-2021 hopes that the vaccines would herald some return to
normality has been dashed, the U.K. financial-services firm says.
EasyJet's full-year results included expected losses, but also
noted that for the upcoming first quarter of fiscal 2022 it has
seen a softening of demand, likely related to recent events around
Delta and latterly Omicron--although second-half bookings still
look resilient, CMC says. Shares are up 1.6% at 510.6 pence, having
initiall fallen 4.1% in early trade. (joseph.hoppe@wsj.com)
UK's New Travel Restrictions Are Likely to Weigh on Air Travel
Demand
0649 GMT - The U.K. announced Saturday that all travelers
arriving in the country will have to self isolate until they take a
mandatory Covid-19 test on their second day, a new restriction on
travel that could impact airlines' operations across Europe this
winter, Citi says. "The short-haul Europe appeared to be heading
towards pre-pandemic levels of capacity, such a time of indefinite
restriction by the U.K. is likely to de-rail winter schedules for a
number of airlines," the bank says. Other countries might implement
similar travel measures on the back of the new Omicron variant,
which could lead to airlines having to cut capacity, Citi says.
(olivia.bugault@wsj.com)
Contact: London NewsPlus, Dow Jones Newswires; Dow Jones
Newswires; paul.larkins@wsj.com
(END) Dow Jones Newswires
November 30, 2021 04:04 ET (09:04 GMT)
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