(Bloomberg) -- Here’s the key business news from London-listed companies this morning.
Ryanair Holdings Plc: The Irish airline tentatively said it would return to profit this year, while also citing Covid-19 and Russia’s war in Ukraine as possible threats to growth.
- The carrier said it is “cautiously optimistic” that peak-season fares will be somewhat ahead of 2019 levels, although it still had to use price cuts to stimulate the market this quarter
Made.com: The furniture brand cut its full year profit guidance amid more challenging trading than it expected at the start of this year.
- Supply chain disruption will take £5 million off the company’s adjusted earnings before interest, taxes, depreciation, and amortization this year, which it now expects to be between a loss of £35 million and £15 million, compared to a profit expectation in March
Greggs Plc: The bakery chain says sales in office and larger cities locations are lagging the rest of its estate.
- The company, known for its cheap pasties and sausage rolls, said its cost pressures are increasing while customer incomes are also under pressure
RWS Holdings Plc: Baring Private Equity Asia Fund VIII said does not intend to make an offer for the patent translation company, after previously exploring a possible takeover.
Outside The City
The UK is fast becoming the epicenter of the global stagflation crisis, and it’s about to get even worse, according to a clear majority of market participants in the latest MLIV Pulse survey. More than two thirds of 191 respondents see the currency tumbling to $1.15, a 6% decline from current levels to lows unseen even in the post-Brexit chaos. Meanwhile a similar proportion expect 10-year gilt yields to climb to 3%.
The UK plans to increase the frequency it adjusts its energy price cap to every three months instead of every six, meaning customers can take advantage of falling wholesale prices more frequently — although it would also mean higher prices would hit consumers quicker.
In Case You Missed It
Over the weekend a new investor in Vodafone Group Plc was revealed. Emirates Telecommunications Group Company PJSC bought a 9.8% stake in the company for $4.4 billion. The UAE-based provider said it doesn’t plan to make an offer for Vodafone and that it supports its strategy.
Vodafone will report full year results tomorrow amid reports that it is in talks to merge its British operations with Three UK. The telecommunications giant had expressed interest in acquiring its smaller rival late last year, Bloomberg reported in January.
Also on Tuesday, economic data on the UK labor market will be released, ahead of crucial inflation figures later in the week.
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