Ryanair losses deepen | Iomart adds to board
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5pm: Ryanair bright spot in flat session
London’s FTSE 100 index closed up just 2.15 points at 7,025.43 as weakness in healthcare stocks and a stronger pound offset gains in commodity-linked shares, while Ryanair climbed on strong summer bookings.
Ryanair leapt 4% after it raised its forecast for full-year traffic on strong summer bookings (see below).
The energy sector gained 2.67%, with Royal Dutch Shell up 2.5% after the oil major announced plans to develop a new oilfield in the Gulf of Mexico.
7am: Heathrow losses
The UK is losing cargo and tourism income as European competitors seize advantage of less restrictive travel, according to Britain’s biggest airport.
Cargo volume at Heathrow remains 18% down on pre-pandemic levels, while Frankfurt and Schiphol are up by 9%.
7am: Ryanair losses widen
Ryanair has seen its losses after tax deepen in the first quarter to €273m.
That compared with a net loss of €185m a year earlier for the Dublin-based carrier that flies mainly throughout Europe.
In a statement with figures for the three months to 30 June, chief executive Michael O’Leary said: “Covid-19 continued to wreak havoc on our business during the first quarter with most Easter flights cancelled and a slower-than-expected easing of EU government travel restrictions into May and June.”
Costs more than doubled, offsetting a near trebling of revenues as traveller numbers soared to 8.1 million from just half-a-million a year earlier.
Ryanair said it was experiencing a “strong rebound of pent up travel demand into August and September”, which it expects to continue into the second half of its financial year.
7am: Iomart hire
Scottish cloud computing firm iomart Group has appointed Andrew Taylor as a non-executive director with effect from 1 August.
Mr Taylor has more than 25 years’ experience in the telecommunications industry in the UK and internationally. He is the CEO of Gamma Communications, a provider of unified communication services to the business market in Western Europe.
London was likely to take its cue from subdued Asian main markets where the mood has been hit by China’s continued clampdown on technology companies.
The Shanghai Composite was off 2.4% and Hong Kong’s Hang Seng dropped 3.2%.
It marked a quick shift in sentiment after Wall Street’s record close last week.
Despite Covid concerns in Japan the Nikkei 225 traded 1% higher.