Equity Briefing: DS Smith, Novacyt and Plug Power

In London, packaging company DS Smith and testing and diagnostics firm Novacyt are both due to release full-year results this morning, while over in the US hydrogen fuel cell firm Plug Power will publish first-quarter results later today.

Stocks (2)

DS Smith

DS Smith will release full-year results this morning covering the 12 months to the end of April.

The company has already revealed that momentum continued to build in the second half, driven by higher sales, a recovery in prices and a better-than-expected performance from the US business, which has seen profitability significantly improve.

Analysts are expecting annual revenue to decline to around £5.87 billion from £6.04 billion and for earnings to also fall. Adjusted EPS is forecast to decrease to 23.64p from 33.0p, while reported EPS is expected to drop to 16.77p from 38.2p.

On a more positive note, cashflow is expected to improve and cash conversion was over 100% during the year, allowing it to continue to cut its debt.


Novacyt will also be releasing full-year results for 2020 this morning.

Back in January, Novacyt said annual revenue would rise to around £277 million from just £11.5 million the year before, with Ebitda above £187 million.

However, the diagnostics and testing company saw its shares slide heavily in April when it warned that it was in dispute about a contract involving coronavirus tests with the UK government, which placed half of its revenue in the final quarter of 2020 and the first quarter of 2021 at risk. That has placed huge questions over short-term income as investors wait to find out how it will be resolved, overshadowing the potential of its wider product portfolio and other contracts.

Plug Power

Later today over the pond, Plug Power, a leading provider of hydrogen fuel cells and stations, will release first-quarter results before markets open.

Analysts are expecting first-quarter gross billings to jump to $76.9 million from $43.0 million the year before. It is expected to sink deeper into the red, with the consensus forecasting an operating loss of $31.0 million compared to a $25.9 million loss the year before, while its pretax loss is anticipated widening to $44.9 million from $37.5 million.

Notably, Plug Power said it was aiming to deliver gross billings of over $105 million in the second quarter and $470 million during 2021 as a whole, so watch for any tweaks made to its guidance.

How to trade top stocks

You can trade a variety of stocks with City Index by following these four steps:

  1. Open a City Index account, or log-in if you’re already a customer.
  2. Search for the company you want to trade in our award-winning platform
  3. Choose your position and size, and your stop and limit levels
  4. Place the trade 

More from Equities


This report is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs.

StoneX Financial Pte. Ltd., may distribute reports produced by its respective foreign entities or affiliates within the StoneX group of companies or third parties pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the report is distributed to a person in Singapore who is not an accredited investor, expert investor or an institutional investor (as defined in the Securities Futures Act), StoneX Financial Pte. Ltd. accepts legal responsibility to such persons for the contents of the report only to the extent required by law. Singapore recipients should contact StoneX Financial Pte. Ltd. at 6826 9988 for matters arising from, or in connection with the report.

In the case of all other recipients of this report, to the extent permitted by applicable laws and regulations neither StoneX Financial Pte. Ltd. nor its associated companies will be responsible or liable for any loss or damage incurred arising out of, or in connection with, any use of the information contained in this report and all such liability is hereby expressly disclaimed. No representation or warranty is made, express or implied, that the content of this report is complete or accurate.

StoneX Financial Pte. Ltd. is not under any obligation to update this report.

Trading CFDs and FX on margin carries a high level of risk that may not be suitable for some investors. Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits. If in doubt, please seek independent expert advice. Visit cityindex.com.sg for the complete Risk Disclosure Statement.