A trading update from the airline and tour operator Jet2 this morning may have confirmed that full year profits are set to land higher than consensus forecasts but mounting cost headwinds, falling load factors and a tendency for holidaymakers to be committing closer to departure has made for a turbulent morning for the stock. The late delivery of aircraft is also proving to be a cause for concern and is set to increase costs in the months ahead. The Jet2 share price was down by almost 10% in early trade.
The FTSE-100 listed commodities giant Glencore published full year results this morning with falling coal prices pushing profits to a four year low despite a 6% increase in revenues. That’s attributed to a normalisation in energy prices so the decline had been expected and management predict that improvements will be seen in the year ahead, but this has still seen investors taking money off the table. The Glencore share price was down around 5% shortly after the open.
AIM-listed FinTech Beeks has a trading update out this morning covering the first half of the year. Performance has been in line with management expectations, with revenues set to rise 22% and pre-tax profits up by 31%. The cash position is stable, but investors have been quick to book profits from the gains seen late in yesterday’s session. The Beeks share price was down almost 10% before 9am and barely unchanged from the start of the week.
Most read news on Investegate this morning
Final Results - - BAE Systems (BA.)
Trading Update - - Jet2 (JET2)
Conclusion of Sale Process and Asset Wind-Down - - Zytronic (ZYT)
