FTSE 100 lower as first quarter RBS profits halve on cornavirus hit

Headlines from the Proactive UK newsroom.

The FTSE 100 was lower again on a downbeat update from RBS. UK manufacturing figures also revealed factories had their worst month in three decades.

‘s () profits almost halved in the first quarter of the year as it took impairment losses of £802mln, including £628mln for possible coronavirus bad debts. Profit before tax was £519mln, down 66% on the preceding quarter.

Ryanair has started a restructuring programme that will see 3,000 jobs go, salary cuts of up to 20% and the temporary closures of aircraft bases. The airline expects to operate less than 1% of its usual flying programme in the quarter to June.

Apple Inc’s () earnings fell less than expected in the past quarter as a surge in digital services offset weak iPhone sales. Turnover rose 1% as demand for things such as Apple News rocketed, but there is no guidance going forward.

Fellow tech titan Amazon, meanwhile, stunned investors as its announced US$4bn of spending or the equivalent of a quarter’s profits on coronavirus safety measures for staff and customers. Amazon’s sales soared 26% over the past quarter.

Genedrive () has completed the last significant manufacturing milestone in the co-development of its coronavirus diagnostics kit. The overall project plan currently remains on track and the company is targeting European regulation in approximately 3 weeks.

MaxCyte () has raised £25mln ahead of a NASDAQ listing. It’s the start of a “new and exciting growth chapter” said the cell-based medicine specialist.

Read More: FTSE 100 lower as first quarter RBS profits halve on cornavirus hit

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