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.

In a preview of Wednesday's results, Investec analyst Wayne Gerry said: "We see forthcoming interim results and the pending completion of the sale of Spicers and receipt of the proceeds this month as likely catalysts to increase interest in the shares."

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The broker added that the recent share price performance does not truly reflect the group's success to date ("in reducing the cyclicality of the business and improving returns") and reiterated its buy recommendation on the stock.

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.

"We are well prepared for peak season and continue to lay the foundations to face continuing tough markets successfully, reducing our cost to serve and delivering best in class cross channel solutions to our customers, supported by the strength of our balance sheet," said chief executive Thierry Falque-Pierrotin.

BC

INTERIMS

DS Smith, Kesa Electricals, Micro Focus International Plc, Stagecoach Group

INTERIM DIVIDEND PAYMENT DATE

Aga Rangemaster Group

INTERIM EX-DIVIDEND DATE

3i Group, Big Yellow Group, Brown (N.) Group, Caledonia Investments, Castings, Cello Group, Chamberlin, City of London Group, Clean Energy Brazil, Creston, De La Rue, Dee Valley Group, Dee Valley Group (Non-Voting), Electrocomponents, European Residual Income Investments Cell, First Property Group, Fuller Smith & Turner, Hogg Robinson Group, Investec, London Stock Exchange Group, Majestic Wine, May Gurney Integrated Services, Montanaro European Smaller Companies Trust, Norcros, Northern 3 VCT, Northern Investors Co, Phoenix IT Group, Shanks Group, Tarsus Group, TR Property Inv Trust, TR Property Inv Trust Sigma Shares, Value and Income Trust, Ventus 2 VCT 'C' Shares, Ventus VCT, Ventus VCT 'C' Shares, VP

QUARTERLY EX-DIVIDEND DATE

British Assets Trust, Personal Assets Trust, Real Estate Credit Investments PCC Ltd, XP Power Ltd. (DI)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Consumer Credit (US) (20:00)

Crude Oil Inventories (US) (15:30)

Industrial Production (GER) (11:00)

MBA Mortgage Applications (US) (12:00)

FINALS

ATH Resources, Brewin Dolphin Holdings, Zytronic

SPECIAL EX-DIVIDEND PAYMENT DATE

British Empire Securities & General Trust, Latchways

AGMS

Downing Absolute Income VCT 1, Edinburgh Dragon Trust, International Biotech Trust, ZCCM Investments Holdings 'B' Shares

TRADING ANNOUNCEMENTS

Carillion

UK ECONOMIC ANNOUNCEMENTS

BRC Shop Price Index (00:01)

Industrial Production (09:30)

Manufacturing Production (09:30)

FINAL EX-DIVIDEND DATE

AI Claims Solutions, Associated British Foods, British Empire Securities & General Trust, Britvic, Cambria Automobiles, Conygar Investment Company, Debenhams, Diploma, Grainger, K3 Business Technology Group, Local Shopping REIT, Netcall, Noble Investments (UK), RSM Tenon Group, Town Centre Securities, Waterman Group