Next week on the stock market

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

• Will Arexvy prove a shot in the arm for GSK?
• British Gas Energy set to fuel Centrica's first-half performance
• Can Unilever cling on to volumes?

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

24-July
Cranswick	Q1 Trading Statement
DiscoverIE Group	Q1 Trading Statement
Games Workshop	Full Year Results
Moneysupermarket	Half Year Results
Vodafone*	Q1 Trading Statement

25-July
Alphabet*	Q2 Results
Bridgepoint Group	Half Year Results
Compass Group*	Q3 Trading Statement
Croda International	Half Year Results
JTC	Q1 Trading Statement
LVMH*	Half Year Results
Microsoft*	Q4 Results
Mitie Group	Q1 Trading Statement
SThree	Half Year Results
Tyman	Half Year Results
Unilever*	Half Year Results
Unite Group	Half Year Results
Verizon*	Q2 Results
Visa*	Q3 Results

26-July
British American Tobacco*	Half Year Results
Centamin	Half Year Results
Coca-Cola*	Q2 Results
Elementis	Half Year Results
FDM Group	Half Year Results
Fresnillo	Q2 Production Report
GSK*	Q2 Results
Lloyds Banking Group*	Half Year Results
Meta Platforms*	Q2 Results
Primary Health Properties*	Half Year Results
Rathbones	Q2 Results
Reckitt Benckiser Group*	Half Year Results
RHI Magnesita	Half Year Results
Rio Tinto*	Half Year Results

27-July
Airtel Africa	Q1 Results
Anglo American*	Half Year Results
Barclays*	Half Year Results
Beazley	Q2 Trading Statement
Britvic	Q3 Trading Statement
BT Group*	Q1 Trading Statement
Centrica*	Half Year Results
CMC Markets	Q1 Trading Statement
Drax Group	Half Year Results
Greencoat UK Wind	Half Year Results
Frasers*	Full Year Results
Hammerson	Half Year Results
Inchcape	Half Year Results
Indivior	Half Year Results
Informa	Half Year Results
ITV*	Half Year Results
Jupiter Fund Management	Half Year Results
McDonald's*	Q2 Results
Mobico Group	Half Year Results
Nestle*	Half Year Results
Relx*	Half Year Results
Rentokil Initial	Half Year Results
RS Group	Q1 Trading Statement
Sage Group	Q3 Trading Statement
Schroders	Half Year Results
SEGRO	Half Year Results
Shell*	Q2 Results
St James's Place	Half Year Results
Vesuvius	Half Year Results

28-July
AstraZeneca*	Q2 Results
Chevron*	Q2 Results
IMI	Half Year Results
International Consolidated Airlines*	Half Year Results
Intertek Group	Half Year Results
Morgan Advanced Materials	Half Year Results
NatWest Group*	Half Year Results
Paragon Banking Group	Q3 Trading Statement
Rightmove	Half Year Results
Standard Chartered*	Half Year Results
Vanquis Banking Group	Half Year Results

*Events on which we will be updating investors.

GSK – Derren Nathan, Head of Equity Research

At GSK’s half-year health check, we’ll be watching out for any changes to 2023 sales growth guidance which currently stands between 6% to 8% for non-COVID 19 medicines. This underpins targeted dividend pay-outs of 56.5p per share in the current financial year, a yield of about 4%. That’s an extra demand on the Company’s cash resources, so we’ll also be looking to see if the group can return to generating free cash flow following an outflow in the first quarter.

Recent months have seen some important milestones in the group’s vaccine portfolio, notably European and US approval for Arexvy, a first-in-class vaccine for respiratory syncytial virus (RSV). The market will be keen to receive a steer on the patient uptake so far. Investor sentiment has responded favourably to GSK’s first legal settlement safety concerns for heartburn medication Zantac, and next week provides a further opportunity to quantify the scale of any further liability.

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Centrica – Aarin Chiekrie, Equity Analyst

Back in June, we got a positive update from British Gas owner, Centrica, covering the first five months of the year. Thanks to increased allowances in the UK domestic tariff cap, the British Gas Energy division is expected to report significantly higher operating profits than in previous years. The majority of these tailwinds should be felt in the first half of the year, so we’re keen to see just how far the dial’s been moved in next week’s results.

The Energy Marketing & Trading division was a star money-maker for the group last year. This is the trading arm of Centrica, which benefits from energy price volatility. But the forces driving the recent outperformance of this division are cyclical and can’t be relied upon forever. Given the pullback in commodity prices this year, we’re keen to see how well trading’s holding up here. A poor performance here could put full-year earnings per share guidance, expected to be towards the top end of the 16.5p-24.7p range, under pressure.

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Unilever – Matt Britzman, Equity Analyst

Unilever reports half-year earnings next week and markets are expecting a slight softening to what was a strong start to the year. Double-digit underlying sales growth over the first quarter beat expectations, driven by higher prices and resilient volumes. The consensus among analysts is for a larger decline in volumes over the second quarter, with underlying sales growth over the half expected to come in at 8.3%.

We’ll be particularly interested to see any progress on margins. Management was keen to point out the potential for easing cost pressures as we move through the year. Underlying operating margin in the first half is expected to be at least 16%, with analysts expecting 16.2% - that’s a key figure to watch for.

In other news, noise around Unilever’s operations in Russia has grown louder recently with Ukraine adding the group to its list of war sponsors. Unilever has defended its motivations for continuing to operate in Russia, pointing to ongoing challenges involved with leaving the region. For now, this doesn’t look to be impacting operating performance.

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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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