EasyJet shares up but FTSE 100 dips

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Shares in EasyJet rose more than 4% in early trade as the airline give an upbeat outlook despite reporting a fall in full-year profits.

Pre-tax profits fell 17% to £408m after what it called a “difficult year”.

However, it said revenues in the current quarter – the first of the new financial year – had been “encouraging” as it benefitted from rival airlines’ troubles.

Monarch, Air Berlin and Alitalia have all gone into administration this year.

EasyJet was the biggest riser in the FTSE 100, although the share index was down 5.94 points at 7,383.52.

Shares in Compass Group fell 3.6%, despite the world’s biggest catering firm reporting a 5.6% rise in full-year operating profits to £1.7bn.

In the FTSE 250, shares in temporary power provider Aggreko sank more than 10% as its third quarter trading update disappointed investors.

Problems relating to pricing in Argentina led to revenues at the firm’s power solutions utility division – which operates mobile power plants – dropping 15%.

On the currency markets, the pound edged up 0.05% against the dollar to $1.3241 and was little changed against the euro at €1.1279.

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