Ocado (OCDO.L)
Online retail giant Ocado said on Thursday it had narrowed its losses last year, sending its shares higher. Its pre-tax loss in 2023 was £394 million ($498 million), compared to a loss of £500 million in 2022.
Meanwhile, sales rose by around 10% to £2.8bn, boosted by the company's Technology Solutions division, which sells robotic grocery warehouse kits around the world.
Adjusted profit before interest and fees amounted to £51.6m, an increase of £125.7m from a loss of £74.1m in 2022.
Ocado Retail, the group's food venture with Marks & Spencer (MKS.L), has rebounded to underlying profits, with sales up 7%.
Group revenue increased by 9.9% over the year to £2.8bn.
Last summer, M&S chairman Archie Norman told shareholders he was “not satisfied” with the joint venture's performance and said there was “work to do” to improve the business.
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On Thursday, Ocado chief executive Tim Steiner said: “I'm pleased to report good progress across the group in 2023. “We are helping set standards and transforming the way people shop for food.” Excellence in grocery e-commerce around the world.
“Ocado Retail, our joint venture with M&S in the UK, has once again demonstrated the appeal of our online model with great success in increasing customer numbers, gaining online grocery market share and rebuilding profitability. ”
International Consolidated Airlines Group (IAG.L)
British Airways owner IAG has given an upbeat outlook for the year ahead on the back of sustained travel demand.
While operating profit more than doubled last year to 3.5 billion euros ($3.8 billion) from 1.22 billion euros in 2022, debt, which is a concern for investors and weighs on stock prices, is expected to rise in 2022. This fell to 9.2 billion euros in 2019. 10.4 billion euros.
“In 2023, IAG will more than double operating margins and profits compared to 2022, generate superior free cash flow, strengthen its balance sheet position and expand production capacity in most of its core markets due to COVID-19. We have returned to levels close to pre-virus levels,” CEO Luis Gallego said in a statement.
“Our airlines operate in the world's largest and most attractive markets, and we are committed to transforming their businesses, improving the customer experience, and helping them achieve sustainable growth and world-class profit margins. We will continue to invest in our brand.”
Gallego said the Middle East conflict primarily affected business demand in the final quarter of 2023 and the first quarter of 2024, but it is expected to recover.
The group, which also owns Iberia, Vueling and Aer Lingus, said it would continue to invest specifically in BA as part of its growth strategy and aim to improve its website and customer service.
The group's airlines are 92% booked in the first quarter of this year and 62% booked in the first half of the year.
It also announced a new order for six Boeing 787-10 aircraft to be delivered to British Airways in 2025 and 2026, and one new Airbus A350-900 for Iberia.
London Stock Exchange Group (LSEG.L)
London Stock Exchange Group has set full-year profits for 2023 at the high end of its guidance and confirmed plans to buy £1bn of shares directly from Blackstone and Thomson Reuters this year.
The reported total, excluding recoveries, was £8 billion, an increase of 7.8% on 2022 and at the upper end of the 6-8% range expected. This also slightly exceeded the analyst consensus provided by LSEG.
Earnings per share totaled 323.9p, up 1.9% year-on-year and slightly below the analyst consensus of 328.2p.
LSEG CEO David Schwimmer said in a statement: “Despite an uncertain environment, we continued our track record of broad-based growth and achieved all of the goals we set when acquiring Refinitiv.” Ta. “We look forward to further progress in 2024,” he added.
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As of this writing, the stock price on the London market had fallen by 0.6% following the results.
RBC Capital Markets analyst Ben Bathurst said the company is showing “a healthy picture of continued earnings development.”
Drax Group (DRX.L)
Drax Group, the UK's biggest renewable power supplier, on Thursday reported a 66% rise in annual profits thanks to strong renewable generation.
The stock price rose more than 10% on the news.
The company also proposed a final dividend of 13.9p per share, a 10% increase on last year, bringing total underlying profit per share to 142p, up from 21.3p at this time last year.
Full-year adjusted core profit was £1.21bn (previous year: £731m). We now expect capital investment to fall from £519m in 2023 to around £410m to £450m this year.
Will Gardiner, CEO of Drax Group, said: “Drax delivered a strong performance in 2023, with us remaining the UK’s single largest renewable electricity supplier by output.
“We play a critical role in supporting energy security by providing dispatchable renewable electricity to millions of homes and businesses, especially during periods of peak demand when wind and solar generation is low. I started a business.”
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