Updates from IAG and Bovis Homes

The FTSE 100 gave away more than 44 points yesterday with the index slipping to 6,697. Schroders, Europe's largest listed investment operator, was the biggest dropper, down 4.38% on valuation worry to 2491p with Mondi down 4.21% to 1025p.

The Dow Jones saw a 0.97% drop - a -152.90 point tumble - to 15,593.
We kick off with strong profits for BA and Iberia owner, International Consolidated Airlines Group. Profits soar to £575m in the third quarter compared to £224m last year. Iberia made a €74m profits contribution with BA piling in with €477m. Revenues for the nine month period climbed 3.9% to €14,113m.

Passenger numbers in October climbed almost 9%. Third quarter passenger unit revenues climbed 6.7% and non-fuel unit costs slipped 4.3%. Fuel costs for the nine month period were down 3.4% to €4,475m (2012: €4,633m).

BA's performance, says IAG boss Willie Walsh, "continues to benefit from a strong London and transatlantic market as well as a €100 million revenue bounce-back from the Olympic effect last year."

Next, strong profit growth for Bovis Homes, seemingly aided by the Government's Help to Buy scheme. Net private reservations achieved in the 44 weeks to 1 November 2013 were 2,390, 45% ahead of the 1,650 achieved in the same period in 2012 the company claims.

Gross profit margin for 2013 are expected to lift to at least 23%, benefiting from the higher proportion of legal completions on post-downturn sites says Bovis. With better overhead efficiency, the operating margin for 2013 is expected to approach 15%.

"Our strong trading performance," says Bovis boss David Ritchie, "has continued through the third quarter and we are confident of achieving our targeted result for the year as whole. Our forward order book is in its best position for many years."

Lastly, broker Tullett Prebon and a 9% Q3 revenues dip. Market conditions continued to be challenging it says with overall level of activity in the markets remaining subdued reflecting more onerous regulatory environment for customers and uncertainty over the impact of new OTC market regulations.

Year to date (January to October) revenues of £692m were 5% lower than reported for the same period last year (6% lower at constant exchange rates). £3.5m of costs have been racked up in relation to legal action between Tullett Prebon and BGC relating to the raid on the business by BGC in the second half of 2009.

"The Company," adds Tullett, "has opened offices in Mexico and in South Africa, extending its physical presence into markets that had previously been served from New York and London respectively."