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Three Quick Facts: Ibstock, Marston’s and British American Tobacco

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Three things you need to know in the financial markets today from investment writer, Tony Cross.

#1. Brickmaker Ibstock sees modest improvement in full year earnings

Brick makers Ibstock LON:IBST have published results for the six months to 30th June this morning. Revenues are up by 28%, pre-tax profits by 32% and shareholders are to be rewarded with a 32% uptick in interim dividends. There’s strong momentum behind the company as it moves into the second half of the year and despite the risk posed by macroeconomic headwinds, management expect to post EBITDA for the full year modestly ahead of levels forecast in April.

#2. Next gen products now accounting for 10% of British American Tobacco revenue

British American Tobacco LON:BATS has published its half year report today. Revenues are up 5.7% with overweight growth in so-called new categories of product (vaping, e-cigarettes etc). This sector now accounts for around 10% of revenues and continues to operate at a significant loss, although the situation is improving. Results were also hit by a close on £1 billion impairment charge incurred as the company exited Russia, but the company adds that these numbers provide confidence that full year guidance will be met.

#3. Glass half empty at Marston’s

Pub co Marston’s LON:MARS has numbers out today, covering the 42 weeks to 23rd July. Sales were 2% down on the pre-pandemic comparative, with drinks sales outperforming food. Consumer demand is said to be encouraging, although these numbers need to take into account the impact of inflation. Energy prices are also flagged in the note, with costs expected to be £2m higher in H2 and an incremental cost increase of £3m in FY23. All told, there seems to be little to cheer.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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