Compass Q3 revenues more than double, EasyJet Q4 capacity at roughly 90% of pre-Covid levels

London pre-open

The FTSE 100 was being called to open 9.7 points higher ahead of the bell on Tuesday after closing 0.41% higher on Monday at 7,306.30.

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Food services group Compass said on Tuesday that underlying revenues had more than doubled in three months ended 30 June, with all three of the company's trading regions operating above 2019 levels.

Compass said third-quarter underlying revenues were up 109%, with North American revenues up 112%, while revenues from Europe and the rest of the world were 104% and 106% stronger, respectively. It also noted that organic revenues were up 43.4%, an acceleration from the 37.9% improvement witnessed in the first half.

Budget airline EasyJet said on Tuesday that it now expects fourth-quarter capacity to be around 90% of pre-Covid pandemic levels, with the group narrowing third-quarter losses as load factors moved above 90%.

EasyJet reported a group headline pre-tax loss for the three months ended 30 June of £114.0m, down from £318.0m at the same time a year earlier.

Newspaper round-up

Millions of people will be plunged into "unmanageable" debt this winter unless the government comes up with more support for those struggling to pay their energy bills, MPs have warned. – Guardian

Amazon is to increase the price of its monthly Prime subscription service by 12.5% – or £1 – to £8.99 from September in the latest sign that delivery costs are rising. The company said the cost of an annual Prime package, which includes unlimited deliveries for online shopping, access to its video and music streaming services and its Amazon Fresh grocery deliveries, would rise by more – 20%, or £16 – to £95, although this remains a discount on the monthly option. – Guardian

The China-backed owner of Britain's biggest microchip factory has been accused of "misleading" MPs looking into the deal, amid claims they cut customers off from using the plant. In a letter sent to MPs on the Business Select Committee, seen by the Telegraph, a former director at Welsh chip plant Newport Wafer Fab hit back at claims made by Nexperia to an inquiry into the UK's semiconductor industry. – Telegraph

Rishi Sunak was the "driving force" behind plans to revive a regular UK-China trade summit while Chancellor, Whitehall insiders have revealed, as he was accused of playing "pure politics" over his tougher stance towards Beijing. Mr Sunak is said to have pushed China "very hard" to resume the economic and financial dialogues after the summits were suspended amid simmering tensions over Hong Kong, Huawei, and human rights abuses in Xinjiang. – Telegraph

Household disposable income fell by a record £44 a week in June, marking its eighth consecutive month of decline as the cost of living crisis intensifies. The average household was £175.80 worse off in June this year than they were in the same month in 2021, according to Asda's monthly income tracker, produced by the Centre for Economics and Business Research. – The Times

US close

Wall Street stocks delivered a mixed performance on Monday as July began to draw to a close.

At the close, the Dow Jones Industrial Average was up 0.28% at 31,990.04, while the S&P 500 added 0.13% to 3,966.84 and the Nasdaq Composite slipped 0.43% to 11,782.67.

Reporting by Iain Gilbert at Sharecast.com