(Bloomberg) — Here’s the key business news from London-listed companies this morning:
Deliveroo Plc: The food delivery group’s customers ordered less than expected at the start of this year, a setback for the company as it aims to sustain momentum from the pandemic.
EasyJet Plc: The low-cost airline posted an upbeat trading update, reporting bookings for this summer over the last six weeks ahead of 2019 levels, and said it expects to “emerge as one of the winners in the recovery.”
- Still, the airline expects to post a headline loss before tax in the range of £535 million and £565 million for the first half of the year
Asos Plc: The fast fashion company warned that higher inflation squeezing customers’ disposable income and disruption from Russia’s war in Ukraine has put its full year guidance at risk.
- That’s as it reports easing supply chain constraints and better stock levels
Outside The City
U.K. retail sales were just 3.1% higher than in March last year, when the country was still under coronavirus restrictions, the British Retail Consortium and consultancy KPMG said. The figures suggest the cost of living crisis is already being felt on the high street.
A Conservative Party MP has been found guilty of committing assault on a boy in 2008, in a conviction that’ll likely trigger a by-election in a seat formerly held by Labour.
Read the latest coverage of the war in Ukraine here.
In Case You Missed It
Economic Secretary to the Treasury John Glen joined Bloomberg TV’s Caroline Hyde to talk about the inflationary situation in the country following the war in Ukraine and how crypto might help hedge inflation. Glen also reacted to the tax scandal surrounding Rishi Sunak.
In other news, London-based biotech firm Engitix Ltd. and Japanese drugmaker Takeda Pharmaceutical Co. have agreed to extend their partnership in a deal that could be valued at as much as $300 million.
Looking Ahead
Tesco Plc is set to publish full year results tomorrow, the first of the major supermarkets to report this season. Any commentary on the impact of inflation will be in focus. We’ll also get inflation data for March, which is expected to show prices rising at a faster rate, further squeezing the cost of living.
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