Friday, 3 Feb 2023

EasyJet Q1 Loss Before Tax Narrows On Strong Revenues; Expects To Beat FY23 Market View

Germany's Jungheinrich To Acquire U.S.-based Storage Solutions For $375 Mln

Jungheinrich AG, a German manufacturer of advanced materials handling equipment, announced Wednesday that it has signed a deal to buy Indiana-based Storage Solutions group for approximately $375 million.

The acquisition is expected to be earnings per share, free cash flow per share and adjusted EBIT margin accretive from the day of completion.

The binding share purchase agreement has been signed with Merit Capital Partners, MFG Partners and the management of Storage Solutions, a provider of racking and warehouse automation solutions in the U.S.

Along with the purchase price, the total consideration consists of a flexible, performance-based component in the mid to high single digit percentage range of the purchase price which can be achieved by the retained Storage Solutions management over three years following completion of the deal.

Jungheinrich said its executive board and supervisory board have approved the transaction, which is expected to complete in the second quarter of 2023, subject to customary closing conditions.

The acquisition will be financed with available cash and debt with limited leverage impact.

Ukrainian Interior Minister, 17 Others Killed In Helicopter Crash Near Kyiv

At least 18 people were killed and many others injured in a helicopter crash in a suburb of Ukrainian capital Kyiv on Wednesday.

Ukraine’s Interior Minister Denys Monastyrsky, First Deputy Minister Yevgeny Yenin and State Secretary Yuriy Lubkovich are among the dead.

They were on board the helicopter, which hit a kindergarten as it crashed down in Brovary, east of Kyiv, reports say. The casualties include three children in the kindergarten.

The head of Kyiv’s regional military administration, Oleksiy Kuleba said 29 people, including 15 children, were injured in the accident.

Monastyrsky had been en route to a war hot spot, accompanied by top colleagues in the interior affairs ministry.

Monastyrsky, 42, was one of the Ukrainian lawmakers who presented the most number of legislative initiatives in the parliament. He became the Interior Minister in July 2021.

The crashed chopper was reportedly a Eurocopter EC225 “Super Puma,” owned by Ukraine’s state emergency service.

According to reports, there is no indication that the crash was caused by enemy attack.

European Council President Charles Michel said Denys Monastyrsky was a great friend of the European Union. “We share our deepest condolences with the families of the victims, President @ZelenskyyUa, PM @Denys_Shmyhal and the people of #Ukraine,” he wrote on Twitter.

Quilter Plc Net Inflows, AUmA Fall In Q4

Quilter Plc (QLT.L), a British wealth management firm, on Wednesday registered a decline in inflows, and Assets under Management and Administration or AuMA, for the fourth-quarter and fiscal 2022, amidst seasonal slowdown.

For the three-month period, the company recorded a net inflows of 159 million pounds, lesser than 950 million pounds, reported for the same period last year.

For the full-year, net inflows stood at 1.787 billion pounds as against previous year’s 3.967 billion pounds.

For the fourth quarter and full-year, AuMA was at 99.6 billion pounds, versus 111.8 billion pounds of previous quarter and fiscal.

Steven Levin, CEO of Quilter, said: “Although net flows for 2022 were below the level we want to achieve, we finished the year on a solid note despite the usual seasonal slowdown towards the end of the quarter. Net flows have been impacted by heightened adviser consolidation across the market. We continued to grow the base of IFAs using our market-leading platform in the quarter and expect incremental flows from this source to build over time…”

The company is scheduled to release its 2022 financial year results on March 8.

Wetherspoon 25-week LFL Sales Up 13.1%; Cautiously Optimistic About FY Prospects

J D Wetherspoon plc (JDW.L) reported that, in the 25 weeks to 22 January 2023, like-for-like sales were 13.1% higher than a year ago. The Group noted that its like-for-like sales were 0.7% lower than the same period immediately before the pandemic – the 25 weeks to 26 January 2020.

For the last 12 weeks, like-for-like sales were 17.8% higher than the same period a year ago and were 2.0% lower than the pre-pandemic period.

The Group’s free cash flow is estimated to be substantially in excess of profits, as a result of a cash inflow of approximately 170 million pounds from the October 2022 sale of interest rate swaps.

Wetherspoon chairman Tim Martin said: “We are cautiously optimistic about the company’s prospects for the financial year.”

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EasyJet Q1 Loss Before Tax Narrows On Strong Revenues; Expects To Beat FY23 Market View

British low-cost airline easyJet plc (ESYJY.PK,EZJ.L) reported Wednesday that its first-quarter loss before tax was 122 million pounds, narrower than last year’s loss of 195 million pounds.

Headline loss before tax was 133 million pounds, narrower than last year’s loss of 213 million pounds.

In its trading update for the quarter ended December 31, the company said Group headline EBITDAR was 42 million pounds, compared to a loss of 42 million pounds a year ago.

Group revenue climbed 83 percent to 1.47 billion pounds from last year’s 805 million pounds. Passenger revenue climbed 78 percent, Airline ancillary revenue grew 77 percent, and Holidays revenue surged 232 percent.

Moving into the second quarter, easyJet expects RPS growth year on year to continue the trend experienced in the first quarter.

For the first half, the company projects loss before tax to be significantly better than last year.

EasyJet said, “Whilst we remain mindful of the uncertain macroeconomic outlook across the globe, based on current high levels of demand and strong bookings, easyJet anticipates beating the current market profit expectations for FY23.”

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