The FTSE 100 continues to rise and break record highs this week as it follows gains from the US. UK unemployment data came in at 3.7%, roughly what analysts had expected. However, investors will brace for a heavy week of inflation data from the US today, and the UK on Wednesday which may further emphasise the state of the economy.
As for corporate news, TUI reported its Q1 results, whilst Plus500 announced its full year results for the year ended 31 December.
TUI reported its Q1 results on Tuesday, which saw underlying EBIT of €-153m. The group stated its booking momentum for both its winter and summer seasons were encouraging and the business recorded strong improvement across all segments.
- 3.3m customers departed in the quarter, an increase of 1m versus the prior year, with an average load factor of 85%.
- Group revenue was €3.8bn, up €2.4bn from Q1 2022.
- The group re-confirm expectations to increase underlying EBIT significantly for the financial year supported by an encouraging booking momentum.
- TUI shares up 4% on Tuesday morning.
Plus500 announced its final results for the year ended 31 December 2022. The group stated it was another excellent performance, driving growth and reinforcing its financial position. David Zruia, CEO added “”Plus500 continues to outperform, delivering an excellent set of results in 2022, well ahead of market expectations at the beginning of the year.”
- Revenue was $832.6m, up 16% from $718.7m in FY21.
- EBITDA gained 17% to $453.8m.
- As a result, the board continues to expect Plus500 performance to be in line with current market expectations.
- Plus500 shares gained 2% so far this morning.