Here are three things you need to know in the financial markets today from investment writer, Tony Cross.
1. DS Smith pre-tax profits up 64%
Final results have been issued by DS Smith (LON:SMDS) this morning, covering the period to 30th April. Revenues are up 21%, pre-tax profits are up by 64% and investors are being rewarded with an inflation-busting 15% hike in the dividend. The company notes that the new financial year has started well and although there’s considerable uncertainty over the economic outlook, expectations remain unchanged, with volume growth of 2-4% expected.
2. Doorstep lender Morses Club cautions over FY23 performance
Doorstep lender Morses Club (LON:MCL) has provided an update to the market this morning. Last month they announced a delay to full year results following a surge in claims being made against the company. This activity has picked up once again, and if sustained, management note the costs incurred here could adversely impact trading performance in the first half of this year. Full year results to February 2022 are now expected to be released on 18th August.
3. Safestore: demand for storage remains strong
Half year numbers from storage operator Safestore (LON:SAFE) are out today, with a 14.6% growth in revenues. There’s an interesting note over margins here, with the report stating that its operation in Bow, London, achieved break even with just 27% occupancy. Inflation and cost of living pressures are noted as areas of concern, but the note adds that it has the yield management and cost discipline to mitigate impacts here.
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