BP Profits Surge, Greggs Revenue Rises and Purplebricks Falters: News Round-Up

BP

  • BP reported earnings for the second quarter with Q2 underlying replacement cost profit, used as a proxy for net profit, of $8.5 billion, compared to $2.8 billion in Q2 2021. 
  • Analysts had expected a profit of around $6.8 billion.
  • BP boosted its dividend by 10% to just over 6 cents per share.
  • BP also announced it will conduct $3.5bn of share buybacks. 

Greggs

  • Greggs posted its interim results for the 26 weeks ended July 2. 
  • Total sales came in at £694.5 million, up 27.1% and ahead of 2019 levels.
  • Pre-tax profit was £55.8 million, just above the £55.5 million reported in the same period last year.

Wizz Air

  • Wizz Air reported that it carried 4.76 million passengers in July, a 61.1% increase compared to July 2021, at a load factor of 89.7%.
  • Capacity was 5.3 million during the month.
  • Wizz Air shares are up 0.2% in early Tuesday trading.

Purplebricks

  • Purplebricks shares are down more than 4% Tuesday after it reported results for the year ended April 30 2022
  • Revenue was down 23% to £70 million (FY21: £90.9 million) due to lower instruction volumes.
  • Instructions declined 31% to 40,141 (FY21: 58,043), impacted by supply issues in the housing market, but average revenue per instruction increased by 4% to £1,568, driven by higher average fees.
  •  Loss from total operations was £42 million (FY21: profit of £6.8m), and the company said that while volumes and revenue in Q1 FY23 have improved, supply dynamics remain challenging.

Domino’s Pizza

  • Domino’s Pizza shares dipped in early Tuesday trading following the release of its half-year results for the 26 weeks ended June 26.
  • Group revenue was up 0.2% to £278.3 million, driven by increased supply chain revenue. 
  • However, underlying profit before tax declined to £50.9 million, largely driven by the timing lag in passing through higher costs to franchisees.

JD Sports

  • JD Sports announced that Régis Schultz has been appointed as the company’s new Chief Executive Office.
  • Régis, who will join from Al-Futtaim Group, will start in September, with Kath Smith undertaking a full handover during a transitionary period. Kath will then resume her former role as Senior Independent Director on the Board.

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