easyJet boss Johan Lundgren says Brexit will be smooth for airline. The chief executive of easyJet (EZJ) on Tuesday pledged there “won’t be any disruption” at his budget airline once Britain leaves the EU, as he gave an update on its Brexit preparations. Johan Lundgren discussed plans alongside revealing that pre-tax profits soared 41% to £578 million in the year to September 30. He told the Standard: “We are prepared for any [Brexit] scenario and are confident that our flights will operate as normal after March 2019.” His FTSE 100 firm expects to increase European ownership of the airline from 47% to over 50% before Britain exits the bloc, which will allow it to comply with ownership rules and continue to operate within the EU.
Catering firm Compass draws up contingency plan for Brexit. Compass Group (CPG), the world’s biggest catering firm, on Tuesday cheered a sales jump and said a contingency plan to cope with any border chaos next year is being worked up. The FTSE 100 firm which provides meals at offices and stadiums, said it has identified “a potential impact on our food supply chain and labour force” from Brexit. Chief executive Dominic Blakemore said his firm is looking at sourcing some new non EU suppliers, as well as increasing inventory levels by a “sensible” amount. The boss said his firm remains “excited” about future global growth opportunities
Buyers circle Ei’s £350m pubs portfolio on the market. The boss of EI Group (EIG) on Tuesday said he has been “encouraged” by the number of investors eyeing a purchase of the pubs giant’s £350 million commercial property arm. Simon Townsend first confirmed in September that Rothschild had been hired to look at auctioning off 376 watering holes it owns the freehold of but does not operate. He today said: “A sale would allow us to concentrate on our core estate. I have been reassured by the level of interest we have received.”
KCOM Group (KCOM) – The telecoms firm today posted a profit warning and reduced dividend for the current financial year, sending its shares down 34p, to 58.5p. Weak sales mean that the company is expecting earnings for the financial year to be 5% below current market expectations.
Zambeef Products (ZAM) produces cereal crops, beef, chickens, pigs, milk and stock feed, among other products, and also has operations in West Africa. Today the company said in a trading statement its earnings per share will be approximately 163% higher than for the year ended 30 September 2017. It also said it had achieved profit after tax of ZMW24.5 million compared to ZMW5.5 million in 2017.
Plus500 Ltd (DI) (PLUS) said its full-year results would be ahead of market expectations, as strong third-quarter trading spilled over into the final quarter. “We believe we are in a good position for 2019 and continue to focus on acquiring high-value customers,” Chief Executive Officer Asaf Elimelech said in a statement. Like its peers IG Group and CMC Markets, the company has been under scrutiny as regulators tighten rules on products that allow anyone with a bank card to make highly-leveraged bets on financial markets through their apps and online platforms. However, a European Union ban on selling “binary options” to retail customers will be extended for three months from Jan. 2, the bloc’s securities markets watchdog said earlier this month. Despite tight regulation, the Israel-based company recently delivered upbeat third-quarter results as it benefited from the rise in volatility, cryptocurrency derivatives and other financial markets.
Bonmarche Holdings (BON) the over-fifties fashion brand today insisted it will not close any shops despite fewer people buying its wares in store. Company finance chief Stephen Alldridge said: “Do we have plans to close any? No, because they are profitable.” But it will keep a close eye on its 300-store portfolio. Revenues were flat at £98 million for the first half of the year to September 29, while underlying pre-tax profit edged down from £4.2 million to £3.3 million. Same-store sales fell 4%, but online orders grew 28.9%. Chief executive Helen Connolly said that if sales during Black Friday through to Christmas go well, the underlying profits for the year should be £5.5 million. The chain warned on profits in September due to warm weather hitting spending.
