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Highlights:
IAG announces strong Q3 results, including a €350m share repurchase, but reports €96m loss due to currency impacts.
Serco loses its Australian immigration contract, with a potential £18m profit impact and additional costs from UK National Insurance changes.
Vistry Group revises full-year profit outlook downward due to worsened accounting issues but reports a 42% increase in year-to-date sales.
1. IAG Reports Strong Q3 and Announces Share Buyback
International Airlines Group (LSE:IAG) has reported an 8% increase in revenues for Q3, with operating profits rising by 15%. Additionally, revenue on an available seat per kilometre basis saw a modest 1.2% increase. The airline operator also confirmed a €350 million share buyback as part of its positive financial performance. However, operating profits were impacted by €96 million due to adverse exchange rate movements. Despite this, management remains confident that the strong performance will continue throughout the rest of the year.
2. Serco Loses Australian Immigration Contract
Outsourcing company Serco has announced the loss of its Australian immigration contract after failing to secure a rebid for managing onshore detention facilities. The contract, which had been in place for 15 years, would have contributed around £18 million in operating profit in the upcoming year. Additionally, Serco noted that recent changes to UK National Insurance Contributions will add £20 million to its costs. Despite these challenges, the company has maintained its full-year guidance but acknowledged that the financial impacts will be felt in the near future.
3. Vistry Group Revises Profit Outlook Amid Accounting Issues
Housebuilder Vistry has provided an update on its trading performance for the period from 1 July to 7 November. The company revealed that the financial impact of accounting errors in its South division is larger than initially stated, leading to a downward revision of its full-year pre-tax profit forecast to £300 million, down from £350 million. On a more positive note, Vistry reported a 42% increase in year-to-date sales, although recent months have seen a slowdown, likely due to pre-budget uncertainty. Additionally, employer National Insurance Contributions will add £5 million to the wage bill next year, and the company anticipates rising build costs in 2025.
