EasyJet, the low-cost carrier based at Luton, provided a blockbuster trading update today, which saw its shares soar 15% in a volatile London trade. The increase of the largest one-day rise in more than three years comes after the airline reported record half-year profits driven by a travel boom in the post-pandemic period, and well-timed hedging against fuel prices added PS800 million to its market value.

The FTSE 100 member posted adjusted pre-tax earnings of PS450 million in the half-year up to September 2025, crushing forecasts by 20% and 50% higher than in the year-on-year.

The major factors were an increase of 12% in the number of passengers to 50 million due to high demand for the European leisure routes, and ancillary passenger seats and baggage growth of 15%. The management attributed their ability to deal with the summer calamities caused by air traffic strikes to agile capacity management and dynamic pricing.

This outstanding performance is a stark contrast to the plight of the rivals; parent company IAG of British Airways issued a warning over cost pressures last month, and easyJet shares, which started at 520 pence, soared to 598 pence, which is 0.5% above the FTSE 100. Ratings were also upgraded, and one company raised its target to 700 pence, citing it as structural tailwinds due to the hybrid work that allows more short-haul journeys.

The turnaround story of easyJet is the cause of investor euphoria. The carrier has been beaten up by Covid lockdowns, has divested non-core assets, refinanced debt, and increased hubs in major hubs such as Gatwick and Manchester. A new fuel-saving fleet of A321neos will cut emissions by 20% by 2030, which is in line with the EU requirements of sustainability, and it will attract ESG funds.

FTSE Travel Sector Takes Off as easyJet Leads in the Aftermath of Post-Budget Optimism Wave

Ryanair and Wizz Air gained by 7-10% and the FTSE 350 travel and leisure index rose by 4% as the uplift spread through the aviation sector. London benchmark rose, with the help of consumer cyclicals, as the declining inflation statistics indicated CPI at 2.1.

The UK tourism resurgence extends to wider UK levels: inbound tourists shatter pre-2019 records, according to VisitBritain, due to a weaker pound and visa waivers. The freeze of the aviation duty and regional connectivity grants in the Budget of Chancellor Reeves is buzzing with airlines about the growth opportunities. However, one of the headwinds is still there; jet fuel prices are increasing by 10% due to OPEC reductions and labour unrest at ground handlers that jeopardise winter schedules.

In the case of easyJet, this milestone confirms the no-frills model of the company that was started in 1995 by Stelios Haji-Ioannou. In an optimistic call, the board announced a dividend resumption of 20 pence a share – the first time since 2019 – and allocated PS300 million to share buybacks. The CEO boasted of 100 million passengers a year in 2027, saying we are in a position to achieve sustained profitability.

The effects were a trading frenzy: volumes were up fivefold, retail punters and institutions were buying stock. The forward P/E of 12 times underestimates the peers, according to consensus, particularly when the net debt will decrease to PS500 million.

Aviation Horizon: Are Green Fuels and AI Propelling easyJet into the New Heights?

When glancing at the sky, the plan of EasyJet is based on innovation. In tie-ups with BP and Neste, pilots of sustainable aviation fuel (SAF) blends seek to go 10% by 2030 to avoid carbon taxation. AI-based route optimisation has already reduced the costs by 5%, and the improvement of the app increases direct bookings to 80% of the revenues.

Sceptics note weaknesses: a possible recession would likely trim leisure spending, and the threat of the high-speed rail taking over domestic routes stares back. The continued passport snarls on the EU borders caused by Brexit create tension, as calls to make things digital mount.

With the current bonanza, shareholders are enjoying blue skies. Festive bookings are remarkably strong with winter sun seekers thronging the Canary Islands and Egypt. With oil stabilisation and borders relaxing, easyJet might surpass its 2019 heights.

Overall, the rise of easyJet reflects the strength of UK plc, which turned the winds of travel against it to its advantage. Back of the globe, and in comes this orange-livered disturber, and rewards the adventurous ones in the turbulent revival of air travel.

The legendary British high-street retailer WH Smith dropped its shares by 12% in heavy trading today following a formal probe of a significant accounting anomaly by the Financial Conduct Authority.

Focusing on misreported assets and possible violations of disclosure regulations, the probe has eliminated close to PS600 million of the market capitalisation of the company, heightening the questioning of the governance in the FTSE 250 staple.

The disclosure, which was reported in a morning regulatory filing, is due to an internal audit that found some anomalies in the valuation of its inventory over the next two financial years.

The management cited this mistake to be due to systemic weaknesses within old accounting software, although investors were dismayed, and by midday, the shares had fallen as far as 1,100 pence. This is the largest one-day decline of WH Smith since the lockdowns of 2020 that occurred during the pandemic, highlighting the vulnerability of the retail business to digital shocks.

The misfortunes of WH Smith add to a difficult situation of bricks-and-mortar chains in the UK, where footfall has not been recovering even after inflation. With its travel hubs and airports, and stations, the company announced that its like-for-like sales had not grown in its last interim report due to the sluggish consumer expenditure on luxury goods. Price target reductions were made by analysts, one brokerage said that regulatory risks were high and could result in fines of over PS50 million in case of infractions.

It was met with a rapid and ruthless reaction in the city. It is not merely a glitch but a red flag on financial controls, and this is what one senior fund manager said. The trading volumes increased four times, and short sellers accumulated with the hedge funds betting on further losses. The forward price-earnings ratio of the stock fell to 10 times, indicating reduced trust in the earnings trend.

FTSE 250 Retail Rout Continues With WH Smith Scandal Waving Through Sector

It was not just a blow to WH Smith, with the collapse of its peers such as Card Factory and Pets at Home dropping 4-6% as the FTSE 250 retail sub-index tumbled by 2.5% before midday.

The wider FTSE 100 in London fell 0.3per cent, gaining less each week in the wake of the Budget than had been the case in the wider economic anxiety. The actions of Chancellor Reeves, such as VAT adjustments on luxury goods, have not yet sparked the revival of the high streets, leaving the retailers vulnerable.

Economists attribute the malaise of the sector to the structural changes: e-commerce penetration to 35% of the non-food sales, according to the ONS statistics. Experiential travel retail, which is what WH Smith has been shifting to (coffee bars and technology devices), has worked both ways, as global growth in the US and Australia has been used to counter sluggishness in the home market. However, the accounting snag is set to derail such initiatives and even require the company to write down and restate assets.

In the case of WH Smith, which was founded in 1792 to sell newspapers, this crisis is a test of resilience that was developed during wars and recessions. Defensively, the board said that it would fully collaborate with the FCA and employed external auditors to conduct a thorough audit. The interim CEO reassured the company that it was dedicated to transparency and rapid correction as speculations seemed to point to leadership changes.

Increased Regulatory Focus: Can FCA Crackdown Revamp UK Corporate Reporting?

This probe highlights wider FCA examination of accounting, after equivalent investigations at companies such as Superdry. Professionals expect stricter implementation of the new Economic Crime Act, which will require more internal controls. There is a risk of shareholder class-action suits against failure to comply, since they already have paper losses.

Eyes of the management control: a PS100 million efficiency program, store rationalisation and digitisation of the supply chain, would put margins back to 8 per cent. Amazon click-and-collect partnerships would help boost revenues, but the implementation amid probe distractions will be a big one.

Investor mood becomes even more unpleasant on dividend clouds; the 25 pence annual dividend, at 2 per cent, is under suspension should cash savings take the day. Contrarians, though, spy value: with the current valuation, the stock is trading below book value, and buyout talk is being spied by the private equity.

WH Smith continues to be the story of a thin thread that the FCA is walking through in a digitalised world. Christmas trading is critical with predictions putting festive sales at PS400 million, and any additional revelations will set in stone a poor year-end. It is a warning to the City: despite the age of transparency, even brands as old as the hills are not going to avoid the accounting traps.

The UK-based defence contractor BAE Systems, the leading defence contractor, took a huge leap as it surged its stocks by 5 per cent in heavy trading today following the finalisation of a PS2 billion extension of its support contract with the Ministry of Defence.

It comes as the deal with a focus on the maintenance of Typhoon fighters and the modernisation of the submarines adds to the backlog of the FTSE 100 heavyweights and emphasises the fact that military equipment and weaponry manufactured in Britain are in high demand due to the increase in the level of geopolitical risk.

The five-year agreement, announced through the London Stock Exchange, is an agreement on the sustainment of the Royal Air Force’s fleet and upgrades to the Astute-class submarines, which is in line with the PS75 billion annual government commitment on defence spending.

The order book of BAE is currently so huge, PS55 billion, and it gives the company a multi-year revenue base in an industry that is also immune to economic downturns. The shares soared by close, 1,450 pence to 1,522 pence, equivalent to PS1.5 billion to its valuation, and by comparison, the FTSE 100 made a small gain of 0.2%.

This windfall comes as allies of NATO increase expenditure to levels of 2% of the GDP targets due to Ukraine support and Middle East flare-ups. The chief executive of BAE praised the deal as a demonstration of its world-class competencies and indicated the possibility of more Tempest jet programme extensions. The increase in earnings by 10% by the year 2026 is projected by analysts who are upgrading en masse as a result of exports to Saudi Arabia and Australia.

The movement of the stock indicates the defensive positioning of the stock as a safe-haven trade. The declining inflation and the prospect of a rate reduction make investors rush to dividend aristocrats such as BAE, which comes at a 2.8% yield and offers special payouts on past acquisitions. The volume of trading increased twice and was dominated by the inflow of sovereign wealth and pension.

FTSE Defence Rally Ignites as BAE Leads Charge on Geopolitical Tailwinds

The gains by BAE triggered a sector fire, and the stock went up by 3 to 4% boosting Rolls-Royce Holdings and QinetiQ to two-year highs in the FTSE 100 aerospace and defence index. The London benchmark indicator played to its advantage, up 0.4% as the miners were dragged behind by China slowdown fears.

Greater context depicts a rosy picture. The Strategic Defence Review, which is about to happen, looks at PS10bn of new equipment acquisition, including domestic champions. The US division of BAE, through Boeing alliances, draws on the United States budget amounting to 886 billion dollars to lessen UK fiscal strains before the Budget.

Things get tougher, the supply chain is stretched by shortages of chips, and the morality of selling arms is a questionable business decision. However, the PS3 billion cash hoard allows BAE to invest in hypersonics and cyber, making it dominant in sixth-gen fighters.

BAE was formed in 1999 through mergers of British Aerospace and currently has 90,000 employees spread across the world, with the UK business forming 40% of the revenues. With a 40% YTD gain, shares, which are at an 18 times forward earnings price, reflect a premium that is supported by a 12% ROE and a 12% burn rate in the backlog.

Budget Spotlight: Is Fiscal Firepower the Answer to Supercharging the Defence Export Machine of the UK?

With Chancellor Reeves preparing her fiscal statement on November 25, BAE is a case study of the potential of export-led recovery. The Defence shipments reached PS10bn last year, with a target of PS15bn by 2030 through AUKUS and a GCAP agreement.

M&A is looked at by the management in the electronic warfare; there are rumours of Chemring bids. Shareholder payoffs shoot up: PS1.5 billion buyback approvals, over rising dividend payouts.

Execution risks on complex projects are flagged by sceptics, but consensus is biased toward optimism. BAE is the impregnable stock of the UK, jibed a City elder.

To investors, pop today makes BAE more appealing even in grim times. With wars blazing and alliances getting tough, this Farnborough fortress is high, and it is strengthening portfolios against volatility.

Onlayer, a technology-led provider serving the financial services sector, has secured $8.2 million in Series A investment. The company plans to use the new funding to speed up its commercial expansion throughout the Middle East, Africa and Asia-Pacific, while continuing to advance its AI-powered platform.

The Türkiye-based regtech and end-to-end merchant management specialist, which supports banks, payment service providers and large enterprises, confirmed the successful close of its funding round this week. The fresh capital will enable Onlayer to strengthen its international presence and further develop its AI-driven solutions designed to enhance risk monitoring, compliance processes and overall merchant performance.

New and existing investors

The round was led by Oleka Capital, with participation from Deniz Ventures, the venture capital arm of DenizBank established under Emirates NBD Group’s corporate venture capital umbrella, Revo Capital, Türkiye Development Fund through INVEST101, and Sandeep Gomes as new investors. Future Impact Fund, managed in partnership with existing investors Vestel Ventures and Tacirler Portfolio Management, also participated in the round.

The Series A follows a $1 million pre-Series A round completed earlier this year, bringing Onlayer’s total funding to $9.2 million.

“Redefining global standards in merchant risk”

“In Onlayer’s sixth year, we are proud to have evolved into a global player that helps redefine industry standards in merchant risk and compliance. This is the result of the hard work of our team, the trust of our customers and investors,” said Kıvanç Harputlu, Co-Founder and CEO of Onlayer. “With this investment, we will continue to work at full speed toward our goal of becoming the leading technology provider in our vertical worldwide.”

“Onlayer is fundamentally changing how financial institutions work with their corporate and merchant customers. The company’s track record in Türkiye shows that both the product and the team are ready for new markets,” told İlker Sözdinler, Managing Partner at Oleka Capital.

“Onlayer will move even faster toward its global ambitions”

“Onlayer stands out as one of the strongest examples of the TechFin vision, turning compliance from a pure obligation into a value layer that accelerates financial growth,” commented Cenk Bayrakdar, Founding Partner and Managing Director at Revo Capital.

“Onlayer is an excellent example of how locally developed technology can create regional and global impact, particularly in financial infrastructure and risk management,” stated Elif Emirli Altuğ, General Manager and Board Member at Türkiye Development Fund.

“As Onlayer’s first institutional investor, we believe it will move even faster and more confidently toward its global ambitions,” said Selami Düz, Coordinator at Maxis Ventures.

Merchant onboarding, risk and compliance in one platform

Founded in 2019, Onlayer provides a unified merchant management platform that helps banks and PSPs automate merchant onboarding, continuously monitor merchant portfolios, manage PCI-DSS compliance and unlock data-driven insights to mitigate risk and support growth. Operating from offices in London, Dubai and Saudi Arabia, the company today serves financial institutions and service providers across 12 countries in MENA and APAC.

Onlayer’s platform brings together merchant acquisition, real-time monitoring, AML and fraud controls, PCI-DSS compliance workflows and ongoing merchant analytics in a single environment, enabling financial institutions to identify and manage merchant-related risks while scaling their portfolios more efficiently.

Recently, Onlayer became one of the few companies globally to be designated as a Mastercard-approved Merchant Monitoring Service Provider (MMSP) and, with this accreditation, the first licensed MMSP in Türkiye and Europe. This status signals compliance with global card scheme standards and provides Onlayer with direct access to a broad network of acquiring banks and PSPs.

New and existing investors

The round was led by Oleka Capital, with participation from Deniz Ventures, the venture capital arm of DenizBank established under Emirates NBD Group’s corporate venture capital umbrella, Revo Capital, Türkiye Development Fund through INVEST101, and Sandeep Gomes as new investors. Future Impact Fund, managed in partnership with existing investors Vestel Ventures and Tacirler Portfolio Management, also participated in the round.

The Series A follows a $1 million pre-Series A round completed earlier this year, bringing Onlayer’s total funding to $9.2 million.

“Redefining global standards in merchant risk”

“In Onlayer’s sixth year, we are proud to have evolved into a global player that helps redefine industry standards in merchant risk and compliance. This is the result of the hard work of our team, the trust of our customers and investors,” said Kıvanç Harputlu, Co-Founder and CEO of Onlayer. “With this investment, we will continue to work at full speed toward our goal of becoming the leading technology provider in our vertical worldwide.”

“Onlayer is fundamentally changing how financial institutions work with their corporate and merchant customers. The company’s track record in Türkiye shows that both the product and the team are ready for new markets,” told İlker Sözdinler, Managing Partner at Oleka Capital.

“Onlayer will move even faster toward its global ambitions”

“Onlayer stands out as one of the strongest examples of the TechFin vision, turning compliance from a pure obligation into a value layer that accelerates financial growth,” commented Cenk Bayrakdar, Founding Partner and Managing Director at Revo Capital.

“Onlayer is an excellent example of how locally developed technology can create regional and global impact, particularly in financial infrastructure and risk management,” stated Elif Emirli Altuğ, General Manager and Board Member at Türkiye Development Fund.

“As Onlayer’s first institutional investor, we believe it will move even faster and more confidently toward its global ambitions,” said Selami Düz, Coordinator at Maxis Ventures.

Merchant onboarding, risk and compliance in one platform

Founded in 2019, Onlayer provides a unified merchant management platform that helps banks and PSPs automate merchant onboarding, continuously monitor merchant portfolios, manage PCI-DSS compliance and unlock data-driven insights to mitigate risk and support growth. Operating from offices in London, Dubai and Saudi Arabia, the company today serves financial institutions and service providers across 12 countries in MENA and APAC.

Onlayer’s platform brings together merchant acquisition, real-time monitoring, AML and fraud controls, PCI-DSS compliance workflows and ongoing merchant analytics in a single environment, enabling financial institutions to identify and manage merchant-related risks while scaling their portfolios more efficiently.

Recently, Onlayer became one of the few companies globally to be designated as a Mastercard-approved Merchant Monitoring Service Provider (MMSP) and, with this accreditation, the first licensed MMSP in Türkiye and Europe. This status signals compliance with global card scheme standards and provides Onlayer with direct access to a broad network of acquiring banks and PSPs.