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EasyJet shares up but FTSE 100 dips FTSE 100 higher as EasyJet shares take off
(about 4 hours later)
Shares in EasyJet rose more than 4% in early trade as the airline give an upbeat outlook despite reporting a fall in full-year profits. Shares in EasyJet took off on Tuesday as the airline said it was benefitting from other carriers' woes.
Pre-tax profits fell 17% to £408m after what it called a "difficult year". It said revenues at the start of its new financial year had been "encouraging", helped by the demise of some rival operators.
However, it said revenues in the current quarter - the first of the new financial year - had been "encouraging" as it benefitted from rival airlines' troubles.
Monarch, Air Berlin and Alitalia have all gone into administration this year.Monarch, Air Berlin and Alitalia have all gone into administration this year.
EasyJet was the biggest riser in the FTSE 100, although the share index was down 5.94 points at 7,383.52. Its positive comments overshadowed news of a 17% fall in full-year profits to £408m, after what EasyJet called a "difficult year".
Shares in Compass Group fell 3.6%, despite the world's biggest catering firm reporting a 5.6% rise in full-year operating profits to £1.7bn. EasyJet shares rose 5.9%. leading the FTSE 100 higher, with the share index up 26.33 points at 7,415.79 by early afternoon.
In the FTSE 250, shares in temporary power provider Aggreko sank more than 10% as its third quarter trading update disappointed investors. Babcock was the biggest faller in the FTSE 100, down 3.9%, after it warned that reviews of UK defence spending could hit its revenue growth.
In the FTSE 250, shares in temporary power provider Aggreko sank 9% as its third quarter trading update disappointed investors.
Problems relating to pricing in Argentina led to revenues at the firm's power solutions utility division - which operates mobile power plants - dropping 15%.Problems relating to pricing in Argentina led to revenues at the firm's power solutions utility division - which operates mobile power plants - dropping 15%.
On the currency markets, the pound edged up 0.05% against the dollar to $1.3241 and was little changed against the euro at €1.1279. On the currency markets, the pound edged up 0.05% against the dollar to $1.3241 and was 0.2% higher against the euro at €1.1297.