Premarket London: DS Smith Posts Strong H1; IG Revenue Flat

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Premarket London: DS Smith Posts Strong H1; IG Revenue Flat
Credit: © Reuters. -- Here is a summary of the most important regulatory news releases from the London Stock Exchange on Thursday, 5th December. Please refresh for updates.

  • Packaging group DS Smith (LON: SMDS ) said its profit before tax rose 31% to 213 million pounds in the first half of the year ending in April, driven by the rise of online shopping and market share gains in fast-moving consumer goods.
  • Spread-better IG Group (LON: IGG ) said it expects net revenue in the first half of its fiscal year to have been flat at 250 million pounds ($328 million), which translates into a modest underlying gain given that the comparable period included a period of two months before new European regulations hit its core spread=betting business.

    Revenue from core markets fell an estimated 6% due to the same factors.

    On a brighter note, IG said it served 4% more clients on average. IT also said revenue from “businesses identified as significant opportunities” rose 43% to 40 million pounds, helped by “promising” uptake for its new turbo24 service in Europe, which has attracted 700 clients in less than two months since launching.

  • Revenue rose 4% to 3.19 billion pounds and CEO Miles Roberts said he expects volume growth to accelerate in the second half of the year, given that its greenfield box plant in Indiana is now operational.
  • Return on sales rose 110 basis points to 11%, its highest ever. The group raised its interim dividend 4% to 5.4p, on adjusted earnings per share of 17.4p
  • DS Smith also said it expects the disposal of its plastics business to complete around the year-end, generating net proceeds of 400 million pounds.
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