This article is an on-site version of our City Bulletin newsletter. Sign in here to have the newsletter sent straight to your inbox every weekday
Figures from Heathrow show this morning how sad 2021 was for the aviation industry (if there was any doubt).
The UK’s flagship airport welcomed fewer passengers last year than in the first year of the pandemic, an overall decline of 12.3 per cent. At least 600,000 Heathrow passengers canceled their travel plans in December because of Omicron, the airport said, blaming “rapidly imposed government travel restrictions”.
Predictably, the airport wants the government to remove all tests for fully vaccinated passengers “and adopt a playbook for any future variants of concern that are more predictable, restrict additional measures only to passengers of high-risk destinations and instead allow quarantine at home. in a hotel ”.
There was “significant doubt” about the speed of recovery in the industry, Heathrow said. “The aviation industry will only fully recover when [travel restrictions] “Everyone has been lifted and there is no risk that they will be reinstated at short notice, a situation that will probably be years away,” said John Holland-Kaye, chief executive.
Tell me what you think. Email us at email@example.com
At the other end of the UK business spectrum is recruiter Robert Walters, which was the beneficiary of a “tough competition for talent” as well as higher wages. It said profits for the year would be above expectations after a record performance in December. Fees for the quarter rose 33 percent – and as much as 48 percent in Asia-Pacific. The boom may last a long time.
The Financial Conduct Authority will review competition issues in wholesale data markets, launch two market studies and gather further information to explore access to wholesale data. One market study will look at whether complex contracts for benchmarks and indices stop converting, while the other will examine high costs for credit rating data. The first study will begin this summer; the second will start before the end of the year.
Cyber Security Group Donkerspoor upgraded its earnings guidance for the year, following a better-than-expected start to its financial year. Darktrace said there was a ‘significant improvement’ in annualized recurring revenue (ARR) and net retention rates in the six months to December. The company said it now expects annual revenue growth of 42-44 percent rather than 37-39 percent, and adjusted ebitda margin of 3-6 percent rather than 2-5 percent.
Games workshop reported a slight decrease in pre-tax profits, a decrease of £ 3.4 million to £ 88.2 million, due to foreign exchange shifts, shipping costs and higher staff payments. But the previous year was a record for the hobby.
And finally online retailer Very Christmas sales rose 22 percent from two years ago – though 2.6 percent lower than the previous year, when restrictions drove customers online.
Insurer updates are also available today Phoenix Group, wealth manager Rathbones and student housing group United.
Beyond the square mile
Airbus retained its crown as the world’s largest aircraft manufacturer and beat Boeing for the third year in a row, Sylvia Pfeifer reported. Airbus delivered 611 revenue-generating aircraft in 2021; by the end of November, Boeing had delivered 302. But it looks like Boeing will win the race for orders and secure 829 gross sales (excluding cancellations) to Airbus’ 771.
Google makes one last attempt to change the EU’s incoming laws on Big Tech, reports Javier Espinoza from Brussels. A spate of ads, emails and targeted posts on social media targeting politicians and officials has been booming over the past few weeks, with an increase in direct recruitment by Google and various trade associations funding the search engine. Javier has more details here.
Private equity group KKR appointed a former senior manager to asset manager BlackRock as its new chief operating officer. Ryan Stork served as BlackRock’s Deputy Chief Operating Officer between 2019 and 2021. He joins KKR at a salary of $ 300 000, but the real attraction is the 400 000 limited shares, worth $ 27.7 million at KKR’s latest share price, but worth $ 56 million if KKR’s share price is a share reaches $ 140. for more than 20 consecutive days by April 2027. William Langley the lake.
Lex write about the turmoil Kazakhstan, and how the violent crackdown puts a spotlight on the City’s lucrative role in the mineral-rich Central Asian nation. “Violence in Kazakhstan highlights the difficult balancing act required of the City of London as a foreign business hub,” Lex writes. “Moral relativism is easier when life is superficially peaceful in the authoritarian nations whose monetary elite you advise.”
Thanks for reading. If you have friends or colleagues who might enjoy this newsletter, please send it to them. Sign in here