What to expect from a selection of FTSE 100, FTSE 250 and selected other companies reporting next week:
- Ashtead looks to brush aside tightening lending in the US
- Can Halfords return to profit growth this year?
- Tesco sheds light on a grocery sector seeing record levels of price inflation
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FTSE 100, FTSE 250 and selected other stocks scheduled to report next week:
| 12-Jun | |
|---|---|
| No FTSE 350 Reporters | |
| 13-Jun | |
|---|---|
| Ashtead Group* | Q4 Results |
| Bellway | Trading Statement |
| CMC Markets | Full Year Results |
| Oxford Instruments | Full Year Results |
| 14-Jun | |
|---|---|
| Safestore Holdings | Half Year Results |
| 15-Jun | |
|---|---|
| Bunzl* | Trading Statement |
| Halfords Group* | Full Year Results |
| Halma* | Full Year Results |
| JLEN Environmental Assets Group | Full Year Results |
| Molten Ventures | Full Year Results |
| Syncona | Full Year Results |
| 16-Jun | |
|---|---|
| Tesco* | Q1 Trading Statement |
*Events on which we will be updating investors.
Ashtead – Matt Britzman, Equity Analyst
Ashtead’s, which rents out construction and industrial equipment, is expected to put out a strong set of fourth-quarter results next week. Analysts are looking for top-line growth of a touch under 22% for the full year.
It’s been a bit of a choppy year for the shares, as fears around tightening lending in the US with the troubles facing regional banks weighed on sentiment. Available funding for construction projects is key and recent news from the Fed loan survey has been more positive, pointing to easing lending conditions. But demand for construction loans is also a factor, and that looks to be deteriorating.
More broadly though, there are a range of government initiatives helping on the demand side – particularly in the US. US rental growth is expected to continue in the “mid-teens” next year, we’ll be looking for more fleshed-out guidance next week.
See the Ashtead share price, charts and our latest view
Halfords – Derren Nathan, Head of Equity Research
Halfords’ management has set it on a journey to become a services-led business, with some 50% of sales already coming from its Autocentres business. But it’s not been proving to be an entirely smooth road. A profit warning in January saw the outlook for full-year pre-tax profits, to be reported in next week’s results, come down to £50-60m compared with prior guidance that it would be at the lower end of the £65-75m range. The driving force behind the slowdown has been a challenging labour market, with Halfords struggling to recruit enough skilled technicians to meet demand.
The company’s recent update focussed on the medium-term outlook over which the Board expects to grow pre-tax profits towards £100m. Forecasts don’t suggest any progress towards this target in the current financial year. So, we’ll be zoning in on the shorter-term outlook, particularly for wages and other cost inflation, as well as how demand is holding up.
See the Halfords share price, charts and our latest view
Tesco – Matt Britzman, Equity Analyst
Next week’s trading statement should shed further light on how consumers are dealing with mounting cost pressures. Industry data points to a sliver of hope that UK grocery inflation may be showing signs of easing, but it remains near record highs at 17.2% for the four weeks to 14 May. We’ve seen the owners of big brands put through huge price hikes this year, so it’ll be interesting to hear how that’s impacting shopping patterns - a shift toward own-brand products is already underway.
Tesco’s focus on prices, with key promotions like Low Everyday Prices and Aldi Price Match, have helped it retain market share over the past few years. That comes at a cost, and we expect the accelerated cost-saving programme to move at some pace to help offset higher marketing spend and cost inflation. The latter we hope to get an update on next week.
See the Tesco share price, charts and our latest view
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