Next week on the stock market

What to expect from a selection of FTSE 100, FTSE 250 and selected other companies reporting next week:

• easyJet will be hoping to follow in the footsteps of IAG with better-than-expected results
• Vodafone faces an uphill battle to restore service revenue growth
• Will the Nordic regions continue to weigh Currys down

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FTSE 100, FTSE 250 and selected other stocks scheduled to report next week:

15-May
Currys*	Full Year Pre-Close Trading Statement
Diploma	Q2 Results

16-May
Britvic	Half Year Results
DCC	Full Year Results
Essentra	Q1 Trading Statement
Greggs*	Q1 Trading Statement
Imperial Brands*	Half Year Results
Land Securities	Full Year Results
Vodafone*	Full Year Results

17-May
Auction Technology Group	Half Year Results
Bank of Georgia	Q1 Results
British Land*	Full Year Results
Experian*	Preliminary Q4 Results
JD Sports Fashion	Full Year Results
Keller Group	Trading Statement
Ninety One	Full Year Results
Sage Group	Half Year Results
Watches of Switzerland	Q4 Trading Statement

18-May
Alibaba*	Full Year Results
BT Group*	Full Year Results
Burberry*	Full Year Results
ConvaTec	Q4 Trading Statement
easyJet*	Half Year Results
Helios Towers	Q1 Results
International Distributions Services*	Full Year Results
Investec	Full Year Results
National Grid*	Full Year Results
Premier Foods	Preliminary Q4 Results

19-May
Smiths Group	Q3 Trading Statement

*Events on which we will be updating investors.

easyJet – Sophie Lund-Yates, Lead Equity Analyst

easyJet is following hot on the heels of results from British Airways owner, IAG, which has upgraded full-year expectations thanks to buoyant demand. easyJet is more short-haul focussed, which we think is more resilient in the current climate. After all, a quick skip to Spain is more attainable than a stint in New York while incomes are under pressure.

The important figure will be forward bookings. IAG said about 80% of its available summer capacity had been sold and we’re cautiously optimistic that easyJet will at least match this.

The other number to watch for is the so-called load-factor. This essentially tells you how full planes are, on average. A higher load factor has enormous benefits for profits. It also plays into an area of strength for easyJet, which is the group’s very strong ancillary revenues. These are the extras like legroom, extra luggage and food. This area has long been a cornerstone of what sets easyJet apart, and we’d like to see continued progress.

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An independent Non-Executive director of Hargreaves Lansdown plc is also an Independent Non-Executive Director of easyJet plc.

Vodafone – Matt Britzman, Equity Analyst

One comment from new CEO, Margherita Della Valle, stood out from third-quarter results - "we can do better". Whether next week's full year results will deliver anything better than what we saw over the first three quarters, only time will tell, but we wouldn’t be too hopeful. There’s an uphill battle underway to try and restore service revenue growth, with Germany, Italy, and Spain key to turnarounds.

We’ll be interested to hear the new CEO's vision for the business. Rolling out broadband, fixed line and TV services across its European markets has been the aim recently since customer retention is significantly better among those taking multiple products. Price hikes throughout Europe are already underway, which should help limit some of the impacts of higher costs.

We’ll also be on the lookout for any mergers and acquisitions news. There could be portfolio changes on the horizon, not least of which may centre around the ongoing talks to merge Vodafone’s UK business with Three UK.

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Currys – Derren Nathan, Head of Equity Research

Better than forecasted peak trading in the UK & Ireland for the electrical giant Currys, hasn’t been enough to offset problems in its Nordics operations. At the last check, that meant that management now expects underlying pre-tax profit for the year ending March 2023 to be around £104m, towards the lower end of previously stated range. Net debt is also likely to come in worse than previously thought, somewhere between £100m and £150m. This news was delivered two weeks before the year end in an announcement about a management reshuffle and recovery plan in the Nordics.

We’re not expecting much divergence in the recently updated guidance. We’ll be keen to hear what progress has been made in the Nordics, and also how trading closer to home has started in the new year. Despite an ongoing cost-of-living crisis, UK consumer confidence has been showing some signs of green shoots. Whether this is enough to shore up demand for the likes of TVs, laptops, and fridges remains to be seen.

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Estimates are not a reliable indicator of future performance. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.

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