Three things you need to know in the financial markets today from investment writer, Tony Cross.
#1. Ibstock revenues, profits shrink off slow house building market
Full year numbers are out from Ibstock LON:IBST this morning, the producer of bricks and other building materials. Revenues fell sharply, down 21% reflecting falling demand in the underlying market, although the company has managed to remain profitable albeit at a significantly reduced level.
Selling prices have remained stable and cost saving measures have been implemented but management note that the start of FY24 has remained subdued. Whilst an upturn is expected in the year ahead, there’s caution as to just how marked any recovery will be.
- UK Stock Market News: Foxtons, Ibstock, Games Workshop
- UK Stock Market News: Ibstock, Dunelm, Pearson
- Best-performing FTSE 100 stocks in 2024
#2. 888 eyes disposal of US operations
Gambling group 888 LON:888 has announced this morning that it is launching a strategic review of its B2C operations in the US. This comes off the back of it parting ways with the Sports Illustrated brand, resulting in severance payments being due, but management note that whilst the current approach has been successful, the limited scope won’t maximise returns in the North American market. Further updates are promised later this month.
#3. DS Smith Q3 results show improvement from H1
Q3 numbers from packaging specialists DS Smith LON:SMDS are out today with the company noting a continued resilient performance and box volumes improving from H1 metrics, with North American and Eastern European growth offsetting a weaker showing in Northern Europe. The focus is now on providing value add services and controlling costs.
