Aveva moves to full year loss despite ‘solid’ revenue growth, Wizz Air cuts annual losses

London pre-opening

The FTSE 100 was set to open 15.7 points higher before the bell on Wednesday after closing the previous session down 0.12% at 7,598.93.

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Information Technology Consulting Aveva released “strong” full-year results on Wednesday, with full-year recurring revenue up 10.2% to £768.7m and group statutory revenue up 44.5% year-on-year to 1.18 billion pounds.

However, Aveva still recorded a pre-tax operating loss of £6.5m for the full year, mainly due to the amortization of £226.1m of intangible assets – a marked difference. compared to the pre-tax profit of £36.6 million recorded in FY21.

low cost airline Wizz Air cut annual losses to near breakeven as the travel industry rebounded from the Covid-19 pandemic.

The FTSE 250-listed company announced a basic loss of 19.0 million euros on Wednesday, a marked improvement on the loss of 182.8 million euros announced a year earlier. Expected capacity growth for the first two quarters of the current fiscal year is over 30% and 40%, respectively.

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Chinese fashion giant shein It might be the organization that least expects to win plaudits at an international fashion sustainability conference, but that’s what happened at the World Fashion Summit in this week in Copenhagen. The industry’s biggest forum for sustainable progress has seen the super-fast fashion brand praised for donating $15.0m (£12.0m) over three years to charity working at Kantamanto in Accra, the largest second-hand clothing market in the world. – Guardian

More than two in five recent buyers who buy now, pay later relied on credit cards or other forms of borrowing to pay off what they owed, the charity Advice to citizens said. He said the figures showed buyers were “piling borrowing on borrowing” and stressed the urgent need to regulate BNPL. – Guardian

Marks & Spencer will pay its first female chief executive a salary of £750,000 to work a four-day week, nearly £140,000 more than her male counterpart who will work full-time. Katie Bickerstaffe was announced as co-CEO of the main street stalwart alongside Stuart Machin in March. – Telegraph

The cost of living crisis will be tougher than the pandemic, according to the boss of Richer sounds said after his accounts showed he had returned some of the government support he received during the Covid outbreak. Richer Sounds, the majority employee-owned electronics and music retailer, said it repaid £448,000 in government support last year after its pre-tax profit rose 52% from 6, £48m to £9.89m. He said he did better than expected, with sales rising from £211.0million to £213.7million, after mobilizing his “laptop army” of staff to take orders online and over the phone while stores are closed. – The temperature

Windfall tax on energy companies will hurt investor confidence in Britain, says Centric, one of the largest companies in the sector. The Treasury is to introduce a 25% tax on the profits of North Sea oil and gas companies to raise up to £5.0billion, needed to help pay for the support it is giving to eight million households to help them cope with the soaring cost of living. Oil and gas companies have reported huge profits thanks to the sharp rise in prices exacerbated by the embargo on Russian imports. – The temperature

Close in the United States

U.S. stocks ended on a positive note Tuesday as investors shrugged off concerns about soaring inflation and economic growth, as well as retailer Target’s cut in quarterly margin forecasts.

At the close, the Dow Jones Industrial Average was up 0.8% at 33,180.14, while the S&P 500 added 0.95% at 4,160.68 and the Nasdaq Composite saw the session 0.94 % firmer at 12,175.23.

Reporting by Iain Gilbert on Sharecast.com