Full year results are out from Haleon this morning, with the consumer healthcare company noting an increased operating profit and operating margin, although sales have been flat. However with a more optimistic view being proposed for sales in 2024, markets have welcomed the news. Just over an hour into the day and Haleon’s stock is towards the top of the FTSE-100, up around 8%.
Another blue chip with full year earnings out today was Howden Joinery, the building trade supplier. Profits were hit by the predictable downturn in the building market, but again it’s the optimism over what happens in the year ahead that has been driving sentiment in early trade. With aggressive expansion plans both in terms of its UK network and overseas, along with a commitment to return surplus capital to shareholders, investors have been happy to take the glass half full view of today’s numbers with the stock sitting 8% higher in early trade.
International Consolidated Airlines Group
Full year earnings from IAG, the owners of British Airways and Iberia, have been published this morning. Underlying profits of €3.5 billion were recorded, almost three times the figure posted a year ago and well above pre-pandemic peaks. However there’s still no dividend and the market offered only a muted response to the news. Load factors improved to 85.3% whilst by the end of last year, capacity was essentially back at pre-pandemic levels. With further growth planned and passenger demand remaining strong, the fact that shares are only 1% higher as we move towards mid-morning suggests a reluctance to get too excited here.
Headlines we expect on Friday
Pearson Full year results
This time last year Sales £3,841m, operating profit £271m, dividend 21.5p
Rightmove Full year results
This time last year Revenues £332.6m, operating profit £241.3m, total dividend 8.5p
