Electrocomponents FY revenues up 26% on LFL basis, EasyJet reports improved trading in Q2

London pre-open

The FTSE 100 was being called to open 42.3 points lower ahead of the bell on Tuesday after closing the previous session 0.67% weaker at 7,618.31.

Stocks to watch

Industrial and electronics products distributor Electrocomponents said on Tuesday that revenues had grown 26% on a like-for-like basis in the twelve months ended 31 March.

Electrocomponents saw revenues grow 36% year-on-year in the Americas, while Asia-Pacific revenues were up 27% on the prior year and revenues across Europe, the Middle East and Africa were up 22% on 2021 levels.

Low-cost carrier EasyJet reported improved trading in the second quarter after the removal of Covid travel restrictions.

EasyJet said on Tuesday that passenger numbers had soared to 11.5m for the three months ended 31 March, up from just 1.1m a year earlier. The airline also added that summer bookings were tracking ahead of those seen at the same time in pre-pandemic 2019.

Newspaper round-up

More than a quarter of a billion people around the world could be pushed into extreme poverty this year amid a surge in global food prices after Russia's invasion of Ukraine, the ongoing impact of Covid and rising global inequality, Oxfam has warned. Highlighting the knock-on impact of the war for the poorest people around the globe, the aid charity said two decades of progress were in danger of being reversed as the conflict pushes up prices on wholesale markets, disrupts harvests and impedes exports of vital commodities. - Guardian

More flights were cancelled on Monday as airlines and airports struggled to cope with the big Easter getaway, and Heathrow said it was increasing resourcing as fast as possible to deal with rising passenger numbers. British Airways cancelled at least 64 domestic or European flights to or from Heathrow. Affected UK routes included Heathrow to Aberdeen, Edinburgh, Manchester and Newcastle, while the international routes affected were services to and from Berlin, Dublin, Geneva, Paris and Stockholm. British Airways said passengers were given advanced warning of the cancellations. - Guardian

Mortgage lenders are betting on a sharp economic slowdown as a Covid public spending blitz that artificially pumped up growth finally comes to an end. Movements in the market suggest that banks and building societies are bracing for the recovery to run out of steam, forcing the Bank of England to abandon its cycle of interest rate rises. - Telegraph

A £6.3bn foreign takeover of one of Britain's biggest defence companies has moved a step closer after it won backing from Brussels. The sale of Coventry-based Meggitt has been cleared by the European Commission, which said that the company's US buyer Parker-Hannifin had satisfied its competition requirements. - Telegraph

The accounting watchdog is preparing to announce new powers to take direct control over restricting or removing licences from auditors of large companies if they carry out poor quality work. The Financial Reporting Council plans to take control of auditor registrations, which are presently delegated to four industry bodies, including the Institute of Chartered Accountants in England and Wales. - The Times

Waitrose has been left £4.0m out of pocket through its brief tie-up with an insolvent venture set up by one of Ocado's founders. A progress report by administrators at Interpath has shown that Waitrose is the second-largest trade creditor of Today Development Partners, which went bust last month while its remaining assets were sold to Ocado in a £326,000 deal. - The Times

US close

Wall Street stocks registered losses on Monday as Treasury yields continued to move higher ahead of the Q1 earnings season.

At the close, the Dow Jones Industrial Average was down 1.19% at 34,308.08, while the S&P 500 was 1.69% weaker at 4,412.53 and the Nasdaq Composite saw out the session 2.18% softer at 13,411.96.