FTSE CLOSE: Woodford payouts delayed; Ryanair profits could top €1bn; Superdry sales slump; finance bosses get more positive about Brexit
Investors in Neil Woodford’s flagship fund face an extra 10-day wait for their first payout as administrators try to help them cash out.
The LF Equity Income Fund, formerly the LF Woodford Equity Income Fund, will be wound up from next Saturday.
But administrator Link Fund Solutions said its promise to start paying out to anxious investors from January 20 has been put back until January 30 due to requirements from regulators.
The delay will also allow investors to benefit from being exposed to the market for as long as possible before the fund’s assets are sold.
Ryanair expects profits to be higher this year after the airline experienced a strong Christmas period. The Irish firm estimates that post-tax profits for the financial year will range from £806million to £891million.
Julian Dunkerton’s Superdry company did not have a good Christmas though, with revenues at the Cheltenham clothing retailer dropping 16 per cent in the 10 weeks to January 4.
Deloitte has released a survey of chief financial officers’ which finds that Brexit is no longer their chief concern. ‘The fog of uncertainty that has lingered over the UK since the 2016 EU referendum is lifting,’ said Ian Stewart, Deloitte’s chief economist.