Stocks closed lower on Wednesday, following some key data from the UK. Furthermore, investors are remaining cautious ahead of Chancellor Jeremy Hunt’s Autumn Statement, which is expected to see hikes to taxes and spending cuts.

Elsewhere, The Morning Roundup sees earnings from Burberry, International Distribution Services and Halma.

Burberry (BRBY)

• Burberry announced its interim results on Wednesday, with revenue up 11% to £1.35 billion.
• Adjusted operating profit increased 21% YoY to £238 million and the company increased its interim dividend to 16.5p per share.
• The company maintained its guidance to FY24 while remaining mindful of the difficult macro environment.
• The fashion brand has established a new medium-term target to grow sales to £4bn.

International Distribution Services (IDS)

• IDS reported its half-year report, which saw the company report an operating loss of £163 million.
• Meanwhile, revenue fell 3.9% to £5.84 billion, driven by weakness in Royal Mail and the courier firm saw a loss before tax of £127 million, down 140.3% from the prior year.
• The group said its losses were down to weaker parcel volumes, inability to deliver productivity improvements and impacts from industrial action.

Halma (HLMA)

• Halma’s half-year results included record revenue and pre-tax profit.
• Revenue increased 19% to £875.5 million, adjusted profit before tax rose 11% to £171.7 million and its adjusted earnings per share came in 12% higher to 35.65p against the prior year.
• The group saw growth in all sectors and regions and increased its dividend by 7%.
• Halma remains on track to make “further progress in the second half of the year, and deliver another good full year performance.”