The Business Matrix: Saturday 3 August 2013

Ocado co-founder sells £3.3m shares

Ocado co-founder Jason Gissing has cashed in £3.3m of the online grocer’s shares – his first sale since the company floated at 180p a share three years ago. Mr Gissing, like his two co-founders ex-Goldman Sachs, sold just over one million shares at 310.6p each. He and his family still have nearly 18 million shares.

Inmarsat hit by US defence cuts

Inmarsat, the satellite telecoms group, felt the impact of US defence spending cuts as half yearly profits fell 17 per cent to $185.5m. But it saw growth in the take up of its FleetBroadband terminals, where soldiers in war zones and sailors on ships send emails and go online.

BA owner flying into the black

IAG, the owner of British Airways and Iberia, returned to the black after efforts of restructuing the Spanish carrier paid off. The airlines group swung to an operating profit of €245m in the three months to July.

Direct Line profits nearly double

Cost cuts and fewer weather-related claims from customers helped Direct Line all but double profits during the first half of the year. The company, spun out of RBS last year, posted profits of £209m,up for £107m.