City news: Flybe, Taylor Wimpey, Arm Holdings, motoring
SHARES in Flybe fell 3¼p to 38¾p as it warned of turbulence from terror threats and economic uncertainty.
Flybe reported a solid start to the year as passenger numbers rose 9.2 per cent in the first quarter
The regional airline reported a solid start to the year as passenger numbers rose 9.2 per cent in the first quarter to 2.3 million and revenue grew 5 per cent to £155.8 million.
But revenue growth has slowed to 1 per cent since then.
Chief executive Saad Hammad said: “The outlook is very uncertain. Consumer uncertainty about Brexit and repeated terrorist incidents could have a materially adverse impact on Flybe.”
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Wimpey stays upbeat
Taylor Wimpey said it was business as usual in the month after the Brexit vote as cheap loans drive keen interest from homebuyers.
The blue chip builder said customer interest remains “high”, with good levels of visitors to its developments and website.
Pre-tax profit rose 12.1 per cent to £266.6 million as it built 6,019 homes in the first half, up 3 per cent on last year, with properties selling for an average £238,000, up 5.8 per cent.
Taylor Wimpey said it was business as usual in the month after the Brexit vote
Shares gained 9¾p to 154½p.
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Arm chipper on sales
Chip designer Arm Holdings racked up a 17 per cent rise in quarterly sales before it agreed to a £24.3 billion takeover by Japan’s Softbank.
Arm’s revenues hit £267.6 million in the three months to June 30 as more customers chose its technology for products, while pre-tax profit was up 1 per cent to £95.9 million.
Chief executive Simon Segars said: “Our royalty revenue growth continues to outperform the wider semiconductor industry as we gain market share.”
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Car men’s EU plea
Motor bosses have urged the Government to preserve access to EU trade deals and skilled labour to keep Britain’s car-making industry in the fast lane.
UK production hit a 16-year high in the first half as 897,157 cars rolled off production lines – up 13 per cent on last year.
Society of Motor Manufacturers and Traders figures showed the best June performance, up 10.4 per cent to 158,641, since 1998.
Over 77 per cent of cars are exported. It said this was down to investments based on tariff-free access to the single market.