Sector Articles
BAA’s ownership of seven UK airports ‘may not be serving well the interests of either airlines or passengers’, according to the Competition Commission.
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There's been plenty of news flow to intrigue transport sector followers this month. FTSE 100 airports operator BAA encouraged some with September traffic figures, showing passenger numbers up 5.4 per cent compared with the previous year. Its seven UK airports handled 13.1 million passengers during the month, and during the first half of the financial year passenger numbers were 7.5 per cent higher at 77.5 million. Analysts also appreciated upbeat news on North Atlantic traffic, despite hurricane-related disruption in the Caribbean and southern United States.
Ray Webster, chief executive of easyJet, unveiled some decent passenger statistics for September, with the number of 'earned seats' flown soaring 25 per cent higher to 2.35 million. Webster said September was a 'solid' month, typified by a one per cent up-tick in the load factor, and reiterated that profits for the year to September would exceed £60 million, a 16 per cent improvement on 2003.
However, the shares hit turbulence as investors focused on industry woes – frighteningly high fuel costs, cost cuts and cut-throat competition – leaving the shares trading at 124p, down from a 380p 52-week peak.
Elsewhere, air charter broker Air Partner (see Company Profile, page 10) pleased with strong figures for the year to 31 July, lifting profits almost 30 per cent to £3.71 million and earnings per share by 31 per cent. But troubled Minorplanet, the vehicle fleet telematics play, issued another profits warning following poor September sales. Valued at almost £100 million a year ago, today the company is worth just £7.5 million.
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It's been a strife-torn time for the transport sector, marked by train operator uproar at Network Rail proposals (submitted to the Government) to seize control of trains, and the debacle at Eurotunnel. The debt-laden Channel trains punt looks to be heading into the hands of creditors.
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As smaller retail stocks continue to outperform their larger peers, a raft of directors here have been selling down their stakes. This contrasts starkly with activity amongst struggling ventures, where some bosses have had to dig deep
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On 18 September the Small Cap Index surrendered 40.4 points to finish at just 1,901.35, its lowest level since October 1998 – and a fall from 2,266.14 a year previously. The Small Cap plunge mirrored the FTSE's 4 per cent fall on the day to just 3,865.4 – its lowest level since the end of July – as buyers and sellers digested yet more grim news from across the pond.
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Evidence is emerging that the London market is beginning to pick up pace. The media slump seems to have been arrested, manufacturing is due an upturn, the economy is looking ever rosier and the Chancellor's upcoming spending boom could be a boon for many sectors.
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A turbulent month saw the FTSE 100 edge up from 4832.3 to 5067.3, a creditable performance considering that bio-terrorism and air strikes have probably been foremost in investors' minds. London's SmallCap Index sparked up from 2159.99 to 2306.01 in line with the blue-chip benchmark, but profit warnings played a major role once again in October, with positive news announcements few and far between.
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A recent spurt of positive activity amongst the Small Caps, particularly in the 'old economy sector', illustrated that opportunities for investors still abound outside the spotlight of the FTSE 350.
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