Wednesday preview: DS Smith, KESA Electricals

Wednesday will see the release of the first half results from FTSE 250 peers DS Smith, KESA Electricals, Stagecoach and Micro Focus International. Industrial and manufacturing production data are also due out at 09:30.

Packaging and office products group DS Smith announced in late October that trading in the first six months of the year had been encouraging and in-line with previous set targets "reflecting our resilient fast-moving consumer goods customer base." Strong cash-flow and improving margins, along with a strong contribution from its French arm Otor, mean that earnings per share should show "significant" growth.

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KESA Electricals will also present its first half numbers on Wednesday, a statement which will be closely watched following the group's decision last month to sell its Comet chain to a private equity firm for just £2. Anglo-French firm Kesa sold it to a group of companies under the name "Hailey" who are advised by retailer turnaround specialists OpCapita. Kesa said it would put £50m into the new holding company, and will retain liability for the Comet employees' final salary pension scheme.

Numis Securities expects the firm to report a loss before tax of €31m in the first half. "Whilst the sale of Comet is positive for the group in that it stops the losses, it does leave a question as to the skills within the group as regards retailing in tough times," said analyst Rod Salmon. KESA also revealed in its trading statement in November that total revenue fell by 7.6% in the six months ended 31 October.

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