IAG, Natwest, Computacenter: Morning Roundup

London stocks are down in early trading following disappointing U.S. results. The slightly underwhelming results from Amazon and Apple may signal a weakening economy. The FTSE 100 is trading 1.07% lower on Friday.

IAG

  • IAG came out with its 3rd quarter results on Friday, with the company achieving a significant step up in profitability for all its airlines.
  • Total revenue fully recovered, reaching €7.3 billion, up 0.9% from 2019.
  • The group posted a profit after tax and exceptional items of €853 million for Q3, up from a loss of €574 million in the prior year.
  • IAG expects Q4 operating profit to be approximately €1.1 billion, although net debt is expected to increase by year-end, linked to seasonal booking patterns and capital expenditure.

NatWest

  • NatWest reported its Q3 interim statement on Friday.
  • The bank posted an attributable profit of £187 million and a return on tangible equity of 2.9%.
  • In 2023, the group expects to achieve a return on tangible equity in the range of 14% and 16%.
  • The company believes income will be higher supported by higher interest rates, and 2022 income is expected to be around £12.8 billion.
  • NatWest shares fell 9%.

Computacenter

  • In Computacenter’s Q3 trading update, the group believes 2022 will be a year of modest adjusted profit before tax growth.
  • The group saw strong performance in Technology Sourcing despite substantial headwinds.
  • Furthermore, its inventory remains higher than the prior year due to supply chain challenges.
  • The company expects another year of growth in 2023, with continued investment to secure long term success.

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