Next week on the stock market

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

• A strong start to the year means expectations are high for Greggs
• Will slowing US consumer spending put a hole in PayPal’s wallet?
• Scale of revenue declines and demand commentary will be front of mind at Apple

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

31-July
Heineken*	Half Year Results
Pearson*	Half Year Results
Senior	Half Year Results
Spectris	Half Year Results

01-Aug
BP*	Half Year Results
Caterpillar*	Q2 Results
Coats Group	Half Year Results
Diageo*	Full Year Results
Domino's Pizza Group	Half Year Results
Fresnillo	Half Year Results
Greggs*	Half Year Results
HSBC*	Half Year Results
Keller Group	Half Year Results
Man Group	Half Year Results
Pfizer*	Q2 Results
Travis Perkins	Half Year Results
Virgin Money UK	Q3 Results
Weir Group	Half Year Results

02-Aug
BAE Systems*	Half Year Results
ConvaTec Group	Half Year Results
Endeavour Mining	Q2 Results
Ferrexpo	Half Year Results
Haleon*	Half Year Results
Ibstock*	Half Year Results
IP Group	Half Year Results
PayPal*	Q2 Results
Smurfit Kappa Group	Half Year Results
Spirent Communications	Half Year Results
Taylor Wimpey*	Half Year Results

03-Aug
Amazon*	Q2 Results
Anheuser-Busch Inbev*	Q2 Results
Apple*	Q3 Results
Shaftesbury Capital	Half Year Results
Helios Towers	Half Year Results
Hikma Pharmaceuticals	Half Year Results
London Stock Exchange Group	Half Year Results
Mondi	Half Year Results
Morgan Sindall Group	Half Year Results
Next*	Q2 Trading Statement
Pantheon International	Full Year Results
Rolls-Royce*	Half Year Results
Serco Group	Half Year Results
Smith & Nephew*	Half Year Results
Syncona	Half Year Results
Tritax Big Box REIT*	Half Year Results
Wizz Air	Q1 Results

04-Aug
Capita	Half Year Results
Pets at Home Group*	Q1 Trading Statement
Renewables Infrastructure Group	Half Year Results
WPP*	Half Year Results

*Events on which we will be updating investors.

Greggs – Matt Britzman, Equity Analyst

Greggs started the year strong with double-digit growth in like-for-like sales as sausage rolls continue to hit the spot for consumers whose disposable incomes are under increasing pressure. Next week’s half-year results should show a similar story, albeit growth is expected to slow as we move through the year and comparable periods become tougher. Still, markets are looking for 15% revenue growth over the year, so we’ll get an idea next week as to whether that looks achievable or not.

Cost inflation is, as ever, something to watch. 9-10% inflation over the year is what management’s expecting, by no means an easy level to overcome and something worth keeping an eye out for any movement on. It’s being managed well so far, as the group focuses on locking in a range of costs, from electricity to packaging.

Adding to the company’s value proposition, new deals on hot food have been a driving factor of growth – as have extended opening hours and a growing estate. Things are progressing well, and that’s reflected in the valuation which doesn’t leave much room for error.

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PayPal – Derren Nathan, Head of Equity Research

PayPal’s latest guidance points to second-quarter revenue growth of between 7.5% to 8%, ignoring the effects of currency movements. PayPal expects underlying earnings per share (EPS) to land between $1.15 and $1.17, reflecting growth of 24% to 26%.

But with US consumer spending in something of a slump, all eyes will be on the full-year outlook when results are released next week. Underlying EPS in 2023 is expected to grow around 20% to $4.95, but so far, no outlook for revenues or payment volume has been provided.

PayPal has also given little detail on its plans to improve transaction margins in its unbranded business, so with volumes potentially under pressure, we’re hoping to hear that things are moving in the right direction. We’re also keen to see how the share repurchases program is progressing, with $4bn worth of repurchases expected for the full year.

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Apple – Sophie Lund-Yates, Lead Equity Analyst

Analysts are expecting Apple’s revenue to drop 1.7% to $81.6bn in the third quarter, compared to the previous period. Last quarter Apple beat expectations, but still marked a decline overall, as things like iPads, Macs and Wearables (think Apple Watch), fell. This is perhaps unsurprising given the substantial economic uncertainty swirling. It will be important to monitor the outlook statement for how well demand’s expected to hold up, especially for the most important product, iPhones, which have had a more resilient showing lately.

We could also get an update on how the production shifts away from China are faring. We’re not expecting the status quo to have been upended, but further details on how alternative production changes are being handled would be well received.

Finally, we’ll have an eye on costs. Operating profits shank 5.5% in the second quarter, partly because of a mushrooming research and development budget. Staying ahead of the curve in tech does take hefty spending, but we’d like reassurance the scales aren’t tipping too far.

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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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