Next week on the stock market

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

• Markets are looking for double-digit top-line growth from Entain
• Can Novo Nordisk keep up with the demand?
• Persimmon looking to maintain first-quarter sales momentum

Among those currently scheduled to release results next week:

*Events on which we will be updating investors.

07-Aug
Clarkson	Half Year Results
PageGroup	Half Year Results

08-Aug
Abrdn	Half Year Results
Barrick Gold Corps*	Q2 Results
Glencore*	Half Year Results
InterContinental Hotels Group	Half Year Results
IWG	Half Year Results
Quilter	Half Year Results
Rotork	Half Year Results
TI Fluid Systems	Half Year Results

09-Aug
4imprint Group	Half Year Results
Bellway	Trading Statement
Coca Cola HBC	Half Year Results
Flutter Entertainment	Half Year Results
Hill & Smith	Half Year Results
Hiscox	Half Year Results
TP ICAP Group	Half Year Results
TUI*	Q3 Results
Walt Disney*	Q3 Results

10-Aug
Alibaba*	Q1 Results
Allianz	Half Year Results
Antofagasta	Half Year Results
Derwent London	Half Year Results
Entain*	Half Year Results
Lancashire Holdings	Half Year Results
Network International Holdings	Half Year Results
Novo Nordisk*	Q2 Results
OSB Group	Half Year Results
Persimmon*	Half Year Results
Petrofac*	Half Year Results
Spirax-Sarco Engineering	Half Year Results
TBC Bank Group	Q2 Results
The Watches of Switzerland Group	Q1 Trading Statement

11-Aug
No FTSE 350 Reporters

Entain

Matt Britzman, Equity Analyst

Entain had a great start to the year with double-digit revenue growth and record levels of active customers over the first quarter. Markets were a little jumpy when the group announced a quick-fire equity raise to cover acquisition costs back in June, but the valuation has bounced back since. Not least because BetMGM, Entain’s joint US venture, delivered a good set of results at the end of July and told markets it’s on track to achieve the upper end of its full-year guidance.

In next week's half-year results, the market’s looking for revenue growth of 10.7%, with operating profit growth not far behind. Expect to see retail growth cool, as comparable periods get tougher. But it’s growth in the higher-margin online business we’ll be watching out for, as well as any signs that the consumer’s starting to feel the mounting pressures on disposable income.

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Novo Nordisk

Derren Nathan, Head of Equity Research

At the first-quarter checkpoint, Novo Nordisk was on course to meet its full-year underlying growth targets of 24-30% for sales and 28-34% for operating profit. Demand appears healthy for its diabetes and weight loss treatments but that brings its own challenges. So we’ll be looking to see what action’s been taken to clear manufacturing bottlenecks.

This quarter’s seen positive data read-outs for the late-stage clinical trial of Novo’s once-weekly insulin treatment icodec, so keep an eye out for any updates on the timeline for potential marketing approvals.

Novo’s weight-loss products are not without controversy. But with its first major EU market launch now under the belt for anti-obesity injection Wegovy, we’ll also be focussing the outlook for a wider roll-out.

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Persimmon

Aarin Chiekrie, Equity Analyst

Given the difficult trading backdrop, Persimmon’s had a slow start to the year with first-quarter sales rates dropping 37% to 0.62 year-on-year. Despite this, sales rates have picked up since the tail end of 2022, and if this momentum continues throughout 2023, the group expects full-year completions to land toward the top end of its 8,000 to 9,000 guidance.

Due to the lower sales rates in the first quarter, Persimmon’s pulled back on investing in new land – with holdings down 6% as the group looks to preserve cash. We expect to see this trend continue when Persimmon releases its half-year results next week.

Build cost inflation remains at 8-9% too, with little sign of easing in the short term. This is squeezing margins and consequently, the market’s expecting operating profit to fall by more than 60% to around £366m this year.

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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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