Omicron cuts 1.3 million trips to Heathrow: the rush to London

(Bloomberg) — Here’s the top trade news from London-listed companies this morning:

British American Tobacco Plc: The maker of Lucky Strike will buy back up to £2bn of shares, after saying it cut losses by making alternatives to cigarettes for the first time.

  • The company expects £5bn in revenue from its ‘New Categories’ business by 2025, which includes alternatives to tobacco combustion

Heathrow: The airport said more than 1.3 million people canceled or did not book their travel due to omicron variant restrictions in December and January.

  • The London hub, which is usually one of the busiest airports in the world, expects to be half as busy this year as it was before the pandemic, banking on a summer holiday season booming to compensate for a slow start.

Victrex Plc: The specialist plastics processor has warned that its margins could be squeezed by rising energy and raw material costs, particularly in the second half.

Outside of the city

Home Secretary Priti Patel is in the hunt for a new Metropolitan Police Commissioner after Cressida Dick resigned saying she no longer had the confidence of London Mayor Sadiq Khan.

Further, the United States reaffirmed its intention to impose “swift and severe costs” on Russia if it takes aggressive action against Ukraine. Moscow has repeatedly denied plans to attack Ukraine, but Western countries say Russia has established a military presence near the border.

In case you missed it

Britain’s economy grew 7.5% last year, the fastest growth since World War II. This is after suffering a milder than expected impact from the omicron variant in December.

Vodafone Group Plc announced yesterday that it had rejected an €11.25 billion offer from Iliad SA and Apax Partners LLP for its Italian subsidiary.

Look forward

Glencore Plc will report in London on Tuesday, while Reckitt Benckiser Group Plc will release its annual results next Thursday. This is after Bloomberg announced that they were considering selling their infant nutrition business. Banks Standard Chartered Plc and NatWest Group Plc also announce their results at the end of next week.

©2022 Bloomberg LP

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