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EasyJet Shares Rebound From Sharp Early Losses; Results Meet Hopes

11/30/2021 | 04:05am EST

EasyJet Faces Short-Term Turbulence, But Will Soon Soar

0843 GMT - EasyJet's fiscal 2021 results met expectations despite having faced what was hopefully the worst of the coronavirus pandemic, and while the balance of risks to fiscal 2022 estimates is on the downside, longer-term confidence remains, Liberum says. The budget airline says it is too soon to tell what disruption the Omicron variant brings, but easyJet has the balance-sheet strength to deal with it, the brokerage says. EasyJet's summer 2022 bookings are ahead of 2019 levels, though modest in absolute terms, Liberum says. "We believe there is clear evidence of pent-up demand, with bookings surging whenever a relaxation of travel restrictions is announced," the brokerage says, retaining its buy rating on the stock and price target of 680.0 pence. Shares are down 0.3% at 501.2 pence. (joseph.hoppe@wsj.com)

 
Companies News: 

WPP Acquires Cloud Commerce Group for Undisclosed Sum

WPP PLC said Tuesday that it has acquired U.K.-based e-commerce technology platform Cloud Commerce Group for an undisclosed sum.

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Marston's FY 2021 Loss Narrowed on Lower Exceptional Costs

Marston's PLC on Tuesday reported a narrowed loss for the year ended Oct. 2, reflecting lower net exceptional costs, and said that current performance is encouraging.

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Pennon 1H Pretax Profit Rose

Pennon Group PLC on Tuesday reported improved earnings for the first half of the fiscal year, helped by the acquisition of Bristol Water in June.

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Topps Tiles Swung to FY 2021 Pretax Profit; Resumes Dividend

Topps Tiles PLC reported Tuesday a swing to pretax profit for fiscal 2021 boosted by higher revenue and reinstated its dividend payout.

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MGC Pharmaceuticals to Raise GBP5.5 Mln Via Share Placing

MGC Pharmaceuticals Ltd. said Tuesday that it received support to raise 5.5 million pounds ($7.3 million) via a share placing, and that it will put the money toward its Covid-19 treatment CimetrA, a new Malta production facility and for general working capital purposes.

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Countryside Swung to FY 2021 Pretax Profit, Revenue Rose

Countryside Properties PLC said Tuesday it swung to a pretax profit for fiscal 2021 on the back of an increase in homes sold and selling prices.

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Micro Focus International Targets 1%-2% Medium-Term Rev Growth

Micro Focus International PLC said Tuesday that it is targeting medium-term revenue growth of 1%-2% and the cutting of $400 million to $500 million in costs by the end of fiscal 2023.

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DP Eurasia Ten-Month Sales Rose 52%

DP Eurasia NV said Tuesday that its sales grew 52% in the first ten months of the year, reflecting strong demand in Turkey.

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EasyJet FY 2021 Pretax Loss Narrowed, Revenue Fell Due to Covid-19

EasyJet PLC said Tuesday that its fiscal 2021 pretax loss narrowed, beating market expectations on the back of reduced costs and that it expects to recover further in the new year, though revenue fell.

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Future FY 2021 Pretax Profit, Revenue Rose

Future PLC said Tuesday that profit for fiscal 2021 rose as revenue increased, and raised its guidance for fiscal 2022.

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Town Centre Securities Posts Narrowed FY 2021 Pretax Loss

Town Centre Securities PLC said Tuesday that its pretax loss narrowed in fiscal 2021, as it benefited from revaluations of its portfolio, though revenue fell.

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Sosandar 1H Pretax Loss Narrowed; Performance Ahead of FY Expectations

Sosandar PLC on Tuesday reported a narrowed pretax loss for the first half of fiscal 2022, backed by higher revenue as coronavirus-related restrictions eased, and said it is currently operating ahead of market expectations.

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Hochschild to Acquire Brazil-Focused Miner Amarillo Gold

Hochschild Mining PLC said Tuesday that it has agreed to acquire TSX-listed Amarillo Gold Corp. for a transaction value of 164.5 million Canadian dollars (US$129.1 million).

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One Media iP Group Sees FY 2021 Revenue, Ebitda Increase

One Media iP Group PLC said Tuesday that it expects to report increased revenue and earnings before interest, taxes, depreciation and amortization for fiscal 2021.

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Greencore Group Swung to FY 2021 Pretax Profit as Revenue Rose

Greencore Group PLC said Tuesday that it swung to a pretax profit for fiscal 2021 as revenue rose after the food-to-go and convenience categories posted growth.

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VP PLC Reports 1H Profit, Sees FY 2022 Performance in Line

VP PLC on Tuesday reported improved earnings for the first half of the fiscal year, and forecast a full-year performance in line with internal expectations.

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John Menzies Sees 2021 in Line With Views; Warns on Labor Shortages

John Menzies PLC said Tuesday that the board expects 2021 performance to be at least in line with market expectations, but noted that labor availability, particularly in North America, remains challenging.

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GB Group 1H Pretax Profit Fell; 2H Seen in Line With Views

GB Group PLC said Tuesday that pretax profit fell for the first half of fiscal 2022 after booking higher costs, and that the board was confident of meeting its financial expectations for the remainder of the fiscal year.

 
Market Talk: 

EasyJet Shares Rebound After Downbeat Moderna Vaccine Comments

0839 GMT - EasyJet shares rebound in morning trade after falling on the back of downbeat comments from Moderna CEO Stephane Bancel about a quick turnaround for vaccine modifications to deal with the Omicron coronavirus variant, CMC Markets says. The budget airline's early-2021 hopes that the vaccines would herald some return to normality has been dashed, the U.K. financial-services firm says. EasyJet's full-year results included expected losses, but also noted that for the upcoming first quarter of fiscal 2022 it has seen a softening of demand, likely related to recent events around Delta and latterly Omicron--although second-half bookings still look resilient, CMC says. Shares are up 1.6% at 510.6 pence, having initiall fallen 4.1% in early trade. (joseph.hoppe@wsj.com)

UK's New Travel Restrictions Are Likely to Weigh on Air Travel Demand

0649 GMT - The U.K. announced Saturday that all travelers arriving in the country will have to self isolate until they take a mandatory Covid-19 test on their second day, a new restriction on travel that could impact airlines' operations across Europe this winter, Citi says. "The short-haul Europe appeared to be heading towards pre-pandemic levels of capacity, such a time of indefinite restriction by the U.K. is likely to de-rail winter schedules for a number of airlines," the bank says. Other countries might implement similar travel measures on the back of the new Omicron variant, which could lead to airlines having to cut capacity, Citi says. (olivia.bugault@wsj.com)

Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com

(END) Dow Jones Newswires

11-30-21 0404ET

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