Heathrow falls to £1.5bn loss; Next raises guidance

Global markets are a sea of red this afternoon as new lockdowns loom, economic turmoil mounts and hopes of a vaccine before Christmas fade.

Britain’s blue-chip FTSE 100 index closed down 2.55 per cent or 146.19 points to 5,582.80 this afternoon, with stock markets across Europe and the US also down.

Heathrow Airport recorded a £1.5billion loss in the first nine months of 2020 due to the coronavirus causing demand for flights to plummet. The London hub has also been overtaken by Paris Charles de Gaulle as the busiest in Europe.

Next has raised its full-year profit guidance again after strong sales online and in home and children’s clothes enabled full-price sales in its third quarter to exceed its expectations. Digital sales increased 23.1 per cent in the quarter to 24 October.

Heineken performed better than expected in the last quarter with a surprising increase in beer sales in the Americas, though like-for-like beer volumes declined by 1.9 per cent. The brewer also said it would cut personnel costs by a fifth in 2021.