Jul 29, 2020

City Bulletin: Trading profits cushion Covid-19 blow to Barclays

Barclays still made a pre-tax profit: £359m in the second quarter, down from £913m in the first quarter and £1.5bn in the second quarter of last year. Barclays said it expected performance in Barclays UK and its consumer division to "Gradually recover", but warned headwinds were likely to persist into next year. Heathrow airport reported a £1.1bn pre-tax loss for the first half of the year, with passenger numbers down 96 per cent in the second quarter. The comparatively cheery retailer said it reckons it will turn a full-year pre-tax profit of £195m. FTSE 100 housebuilder Taylor Wimpey's revenues fell by half during the first six months of the year, dragging it to a £40m loss - a fall in profits of more than £300m from last year. Finally Aston Martin chalked up a £228m pre-tax loss for the first half, though unlike other Covid-hit groups, it also made a loss last year.

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