Fevertree Share News (FEVR)

(Alliance News) - Stocks in London are set to open higher on Tuesday, building on the previous session's modest gains as the pound continued to slip ahead of the outcome of the Conservative leadership election.In UK company news, PZ Cussons revealed a new strategy as annual profit fell, Beazley said it now anticipates double-digit premium growth in 2019, and IG Group reiterated its expectation that revenue growth should resume in the 2020 financial year as annual profit slipped.IG says futures indicate the FTSE 100 index of large-caps to open 26.97 points higher at 7,541.90 on Tuesday. The FTSE 100 index closed up 6.23 points, or 0.1%, at 7,514.93 on Monday."In what was a fairly lacklustre session yesterday European markets finished the day modestly higher, with little in the way of significant drivers ahead of this week's European Central Bank rate meeting, where it is expected ECB officials will deliver at the very least a dovish update, in order to mitigate a trifecta of risks from Brexit, US tariffs and a China slowdown," said Michael Hewson at CMC Markets.In the US on Monday, Wall Street ended in the green, with the Dow Jones Industrial Average closing up 0.1%, the S&P 500 up 0.3% and Nasdaq Composite finishing 0.7% higher."Asia markets have followed on from the positive leads from Europe and the US, also pushing higher this morning and with a Bank of Japan meeting also due next week it is becoming apparent that investors are pricing in the prospect of a fair bit of easing as well as dovish rhetoric over the course of the next week or so," said Hewson.In Asia on Tuesday, the Japanese Nikkei 225 index closed up 1.0%. In China, the Shanghai Composite is up 0.3%, while the Hang Seng index in Hong Kong is up 0.3%.In early UK company news, IG Group Holdings reported a fall in annual profit amid European regulation and less favourable market conditions.Net trading revenue fell to GBP476.9 million for the year to May 31 from GBP569.0 million the year before, leading pretax profit to slip to GBP194.3 million from GBP280.8 million. The fall in revenue reflected European regulation and less favourable market conditions, the online trading platform said.As previously guided, IG recommended a final dividend of 30.24p per share, taking its total payout for the year to 43.2p. This was unchanged from that paid the financial year before.The company reiterated its expectation that it will maintain the 43.2p dividend until earnings allow IG to resume progressive dividends."As previously disclosed, the company expects to return to revenue growth in FY20. The revenue growth is expected to be delivered in the second half of the year as the first quarter of FY19 was only partly impacted by the implementation of the ESMA product intervention measures," the company said.Consumer goods firm PZ Cussons unveiled plans for a new strategy as annual profit fell sharply.Revenue in the year to May 31 fell 6.8% to GBP689.4 million as pretax profit dropped 38% to GBP37.0 million. The company maintained its dividend at 8.28p.On a like-for-like basis, revenue fell 2.6%, which the company put down to weak economic conditions in Africa that were unable to be fully offset by solid performances in Asia Pacific and Europe & the Americas.Profit was further knocked by a non-cash impairment, totalling GBP26.2 million, in respect of five:am in Australia and Nutricima in Nigeria."We cannot rely upon short term economic conditions improving markedly in our key markets and are therefore taking action to reposition the group to return to profitable growth. We have today announced a new strategy, built around Focus, Scale and Accelerate," said Chair Caroline Silver.This new strategy will centre around focus investment on core Personal Care and Beauty brands in geographies that can "scale growth", the simplification of Nigerian operations, and the disposal of non-core brands."The results from this will not be immediate, but we expect 2019/20 to be an important transitional year," said Silver.Insurer Beazley said premiums grew well in the first half of the year amid an improved rating environment.Gross premiums written in the first half of 2019 rose 12% year-on-year to USD1.48 billion, with net premiums written up 11% to USD1.23 billion. Pretax profit shot up, meanwhile, to USD166.4 million from USD57.2 million.The FTSE 250 constituent lifted its dividend to 4.1p from 3.9p."The past nine months have seen a material change in sentiment in our market as heavy claims in numerous lines of business have driven prices higher," Beazley commented. "In September last year, our 2019 business plan envisaged rate rises well below what we have actually seen in the first half of the year."Beazley said the improving rating environment means double-digit premium growth "should be attainable" this year. Previously, the company had anticipated premium growth in the "high single digits" in 2019. Packaging firm Mondi guided to higher interim earnings. The dual-listed firm said it expects basic earnings per share between 93 euro cents to 99 cents, which would mark an increase of 28% to 37% on last year's 72.5 cents. Mondi expects underlying earnings before interest, tax, depreciation and amortisation for the half year ended June 30 to be above that of the comparable prior year period's EUR852 million.Fevertree Drinks was pleased with its performance in the first half of 2019 despite poor weather in the UK.First-half revenue was up 13% to GBP117.3 million, while pretax profit improved to GBP35.0 million from GBP32.7 million. In the UK, revenue was up 51% and in the US, sales grew 17%, which the firm deemed "very encouraging"."While we have not been immune to the impact of the unseasonably poor weather in the UK, we have further strengthened our market leadership position within the UK and have seen positive momentum in Europe and the rest of the world reflecting our increasingly global footprint," said Chief Executive Tim Warrillow."Whilst we remain mindful of the tough comparators over the remainder of the summer in the UK, the board anticipates that the outcome for the full year will be in line with its expectations," he added.Fevertree lifted its interim dividend 23% to 5.20p.In the economic calendar on Tuesday, the Confederation of British Industry's Industrial Trends Survey is at 1100 BST and the Redbook index in the US at 1355 BST, followed by eurozone consumer confidence at 1500 BST.At 0800 BST, Kantar's UK grocery share figures for the 12 weeks to July 14 will be released.Focus in the UK on Tuesday, however, lies on the outcome of the Conservative leadership race.Boris Johnson is clear favourite to take the crown over his run-off rival, Foreign Secretary Jeremy Hunt. However, a Johnson victory could spark more government resignations.Ministers opposed to his "do or die" pledge to pull the UK out of the EU on October 31, even if there is no deal in place, could exit before Theresa May formally gives up the premiership on Wednesday afternoon.Alan Duncan quit as Foreign Office minister on Monday in protest at Johnson's expected victory, predicting a "crisis of government" if he becomes PM. Chancellor Philip Hammond and Justice Secretary David Gauke have already given notice they will resign rather than serve Johnson.Sterling was quoted at USD1.2453 early Tuesday ahead of the result, down from USD1.2486 at the London equities close Monday."From a pricing perspective, the markets have already factored in the possibility of a no-deal Brexit at length, therefore we could see a limited kneejerk reaction to an eventual Johnson victory," said Ipek Ozkardeskaya at London Capital Group.