The day started with some solid gains for the financial investment and trading company after publishing some upbeat interim results. The £2m loss of a year ago has been transformed into a £51m profit, thanks to factors including diversification, cost control and the success of the company’s B2B operations. The CMC Markets share price is around 6% higher in early trade.
A move higher for the packaging company Mondi after they announced plans this morning to acquire the Western European packaging assets of Schumacher Packaging. This strengthens the company’s footprint in the region and some EUR22m worth of cost synergies have already been identified over the first three years of the deal, although one off costs of EUR18m have also been identified. The deal has an enterprise value of EUR634m and Schumacher Packaging's Western European Packaging Assets delivered an adjusted EBITDA of €66 million in 2023. Mondi’s share price is up almost 4% in the first hour of the day.
The pub operator Marston's issued a full year trading update this morning, noting market outperformance and reassuring investors that profit targets remained on track. However whilst the initial share price reaction may have been positive, some of the gains proved difficult to sustain. Debt has been reduced meaningfully as a result of the CMBC disposal but the slowing performance over the summer – seen as the result of wet weather – may be spooking investors. The Marston's share price was around 5% higher shortly after the open but had given back around half of that before 9am.
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