Next week on the stock market

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

• Can the AI boom help NVIDIA buck the chip slowdown?
• SSE set to hit recently raised guidance
• Tate & Lyle looks to keep up the strong momentum

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

22-May
Big Yellow Group	Full Year Results
Kainos Group	Full Year Results

23-May
Assura	Full Year Results
Bytes Technology Group	Q4 Results
Caledonia Investments	Full Year Results
Cranswick	Full Year Results
Dowlais*	Trading Statement
Great Portland Estates	Full Year Results
RS Group	Full Year Results
SSP Group	Half Year Results

24-May
Aviva*	Q1 Trading Statement
C&C Group	Full Year Results
Close Brothers	Trading Statement
HICL Infrastructure	Full Year Results
Intertek Group	AGM Trading Statement
Kingfisher	Q1 Trading Statement
Londonmetric Property	Full Year Results
Marks & Spencer*	Full Year Results
NVIDIA*	Q1 Results
Pershing Square Holdings	Q1 Results
Petershill Partners	Q1 Trading Statement
Severn Trent	Full Year Results
SSE*	Full Year Results
Tullow Oil	Q1 Trading Statement

25-May
AJ Bell	Half Year Results
Hill & Smith	Q1 Trading Statement
Intermediate Capital Group	Full Year Results
Johnson Matthey	Full Year Results
Pets at Home*	Q4 Results
QinetiQ	Q4 Results
Tate & Lyle*	Full Year Results
United Utilities*	Full Year Results
Vanquis Banking Group	Interim Management Statement
Workspace Group	Full Year Results

26-May
No FTSE 350 Reporters

*Events on which we will be updating investors.

NVIDIA - Derren Nathan, Head of Equity Research

NVIDIA is looking to the future as its chips claim the high ground in the rush to monetise the frenzy surrounding generative AI models such as Chat GPT. That’s seen its valuation practically double so far this year. But next week’s attention will focus on the drier topic of revenues and earnings. Both the company and analysts are expecting first quarter revenue of about $6.5bn, or 21.4% less than the same period last year, and market forecasts suggest that operating profit has fallen by 35.6%.

That leaves a lot of work to do if NVIDIA’s to meet current full-year estimates of double-digit revenue growth. We’ll be interested to hear if this remains achievable, particularly against the backdrop of challenging conditions across the semiconductor market.

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SSE – Aarin Chiekrie, Equity Analyst

The performance of SSE’s renewables division hasn’t quite been up to scratch so far, with outputs from these assets coming in lower than planned due to unseasonably calm and dry weather last year. But the group’s gas-fired plants have ramped up activity to plug the shortfall, leading to some good news on the bottom line. Full-year underlying earnings per share (EPS) guidance has been upgraded twice this calendar year, from at least 120p per share to at least 160p per share.

We’re keen to get an update on the group’s renewables plans in next week’s results. The dividend’s set to get cut back from more than 87.5p to 60p this year, in a bid to fund investment in renewables and networks. But the transition will be costly, and it’ll likely be a long road until renewables can generate cash more reliably.

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Tate & Lyle – Matt Britzman, Equity Analyst

Recent performance has been strong from Tate & Lyle, taking higher input costs in its stride to deliver double-digit revenue growth. Analyst consensus is for revenue to come in at nearly £1.8bn for the full year with underlying pre-tax profit of £251m, a jump of over 70%. The more streamlined operation and a focus on the more profitable business areas look to be yielding positive results.

Costs are worth keeping an eye on. Higher prices have helped keep inflation at bay, but a heavy reliance on corn exposes the group to pricing development in that particular commodity. We expect to see a further £15m in cost savings delivered over the final quarter, with the Group already well ahead of its original efficiency programme schedule.

At first glance, the new strategy looks to be progressing well. If management can navigate the increasingly challenging environment, Tate looks to be in a strong position.

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Unless otherwise stated estimates are a consensus of analyst forecasts provided by Refinitiv. These 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.

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