Jet2 sees increased profits as Brits seek sunspots
Budget travel company Jet2 has raised its profit forecast for 2023 for the third time, citing the eagerness of British holidaymakers to escape the rainy weather. Brits are flocking to popular destinations in the Mediterranean, Canary Islands, and European leisure cities. The company has also seen a rise in bookings for its higher-margin package deals. Jet2 estimated profits for the current financial year to be between £370 million and £385 million, but after a successful summer, it has increased the forecast to £480 million to £520 million. Winter bookings have climbed 17% year on year.
Airbus reports 4% rise in profits
French planemaker Airbus has announced a 4% increase in profits for 2023, reaching £4.96 billion. The company has seen a surge in orders from airlines as travel demand rebounds after the pandemic. However, Airbus also revealed rising costs at its troubled Space business, which will result in a £171 million loss. Despite challenges in the supply chain and geopolitical conflicts, Airbus expects to deliver around 800 aircraft in 2024, up from 735 in the previous year. Jet2 relies on Airbus for its fleet, with 26 of its planes supplied by the company.
Close Brothers shares plummet after dividend is ditched
Shares in finance firm Close Brothers dropped nearly a quarter after the company announced the suspension of its dividend due to an ongoing investigation by the Financial Conduct Authority (FCA). The FCA is examining whether commission payments for car loans were too high. Close Brothers warned of "significant uncertainty" regarding the outcome of the probe. The company hopes to reinstate dividends in 2025 once the FCA review is complete. Close Brothers, a part of the City since 1878, is potentially facing substantial compensation payouts.
Property developer MJ Gleeson sees profits fall
Property developer MJ Gleeson experienced a more than 50% decline in profits in the first half of the financial year ending December 2023. The company's profits dropped from £16.1 million in 2022 to £7.2 million this year due to a slump in the market. The property slowdown forced the company to offer discounts on some developments. MJ Gleeson sold 769 homes during the period, down from 894 in the previous year. However, CEO Graham Prothero remains optimistic, noting encouraging signs of a recovery in reservation rates.
Relx reports rise in profits and announces share buyback program
British data business Relx has reported a 9% increase in profits to £2.3 billion and unveiled a £1 billion share buyback program. The company saw an 8% rise in revenues to £9.2 billion. Relx predicts that artificial intelligence and other technologies will continue to drive profits in the coming years. In addition to its data business, Relx also runs the MCM Comic Con event through its exhibition arm. The company has been the top-performing FTSE 100 firm over the past 40 years.
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