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UK pre-market stocks update – Barratt Developments, GSK, Dunelm, Smurfit Kappa

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By Samuel Indyk – At 07:31GMT, FTSE 100 futures are trading higher by 0.3% at 7,556.

In FX markets, GBP/USD is trading at 1.3550, EUR/GBP is trading at 0.8422. The US Dollar Index is flat.

Bitcoin is trading at $43,513.

Today’s calendar highlights include US MBA Mortgage Applications, US Wholesale Inventories, US Crude Oil Inventories.

Barratt Developments (LON:BDEV) – H1 total completions down 11.1% to 8,067. H1 revenue down 9.9% to £2.247 billion. Profit from operations up 2.6% to £434 million. Interim dividend increased 49.3% to 11.2 pence per share. On track to deliver total home completions of 18,000-18,250 in FY22. Net private reservations per active outlet per average week for January were 0.90, 16.9% above the 0.77 rate in the equivalent period in 2021.

GlaxoSmithKline (LON:GSK) – FY 21 reported sales of £34 billion. COVID-19 solutions sales of £1.4 billion. Vaccines sales of £6.8 billion -3% AER. On track to demerge a new world-leading Consumer Healthcare business mid-2022. New GSK, the biopharma business, expected to deliver growth in 2022 sales of between 5% to 7% at CER and growth in 2022 Adjusted operating profit of between 12% to 14% at CER, including benefit from Gilead (NASDAQ:GILD) settlement. 2022 guidance excludes any contribution from COVID-19 solutions. Declared dividend of 23 pence per share or Q4.

Smurfit Kappa (LON:SKG) – FY revenue up 18% to €10.107 billion, EBITDA up 13% to €1.702 billion. Final dividend increased by 10% to 96.1 cent per share. CEO said current trading is strong and integrated paper and packaging system remains effectively sold out.

Dunelm (LON:DNLM) – H1 total sales up 10.6% to £795.6 million. Profit before tax up 25.3% to £140.8 million. Interim dividend increased 16.7% to 14.0 pence per share and special dividend of 37.0 pence per share declared. Expects FY22 PBT will be in line with recently upgraded expectations.

Anglo American (LON:AAL) – New Aquila mine has achieved its first longwall shear of steelmaking metallurgical coal on schedule and on budget, marking the project’s final stages of construction and commissioning.

John Menzies (LON:MNZS) – Received a preliminary and unsolicited proposal from National Aviation Services Holding for Company’s Business Management, a subsidiary of Agility Public Warehousing Co. K.S.C., to acquire the entire and to be issued share capital of Menzies at a price of 510 pence per Menzies share in cash. The board has unanimously rejected the proposal.

DiscoverIE  (LON:DSCV) – Strong trading momentum seen in H1 continued during the four months to 31st January with a further strengthening of the Group’s order book, and revenue significantly ahead of the prior year period and two years ago. On track to deliver full year underlying earnings for continuing operations ahead of the Board’s previous expectations. Group sales in the Period were 34% ahead of the prior year at CER3, growing organically by 20% year-on-year.

Land Securities (LON:LAND) – Plans to invest circa £1.5 billion of capital expenditure on its mixed-use urban neighbourhoods pipeline over the next five years, delivering an expected circa 20% profit on total development cost, in addition to a planned investment of circa £1.3 billion in its London office pipeline.

Diversified Energy Company (LON:DEC) – Recorded full year production of 119 Mboepd, up 19% vs 2020. Diversified safely retired 136 wells in 2021, the highest single-year of retirements in Company history.

Tate & Lyle (LON:TATE) – Dawn Allen appointed Chief Financial Officer, effective 16th May 2022.

PZ Cussons (LON:PZC) – H1 revenue down 9.3% to £283.7 million. Adjusted operating profit from operations down 9.6% to £32.9 million. Interim dividend unchanged at 2.67 pence per share. Expect to deliver adjusted profit before tax from continuing operations for FY22 within the current range of consensus estimates.

Grainger (LON:GRI) – Private rented sector occupancy at 97%. Like-for-like rental growth up 3.2% in first four months to end of January. Rent collection at 98%. FY21 launches continue to lease up ahead of expectations and underwriting.

Photo-Me International (LON:PHTM) – Previously described recovery in its key markets has continued through the Q1, meaning the Group’s trading performance has exceeded the Board’s previous expectations for that period. Now considers it likely that the Group’s performance for the year ending 31 October 2022 will exceed its previous expectations, assuming COVID-19 related restrictions are not reimposed.

Galliford Try (LON:GFRD) – Company’s Building and Highways businesses have been appointed to a major new public sector framework in the North West of England.

UK pre-market stocks update – Barratt Developments, GSK, Dunelm, Smurfit Kappa

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