What to expect from a selection of FTSE 100, FTSE 250 and selected other companies reporting next week:
- Demand outlook will be crucial to a positive market reaction for Currys
- Volumes and prices in focus for DS Smith
- Can Vistry keep guidance intact, despite a challenging backdrop?
Among those currently scheduled to release results next week:
*Events on which we will be updating investors.
04-Sept | |
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No FTSE 350 Reporters |
05-Sept | |
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Ashtead Group* | Q1 Results |
DS Smith* | Q1 Trading Statement |
06-Sept | |
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Apax Global Alpha | Half Year Results |
Ashmore Group | Full Year Results |
Bakkavor | Half Year Results |
Barratt Developments* | Full Year Results |
Darktrace | Full Year Results |
Halfords | Trading Statement |
WH Smith | Trading Statement |
07-Sept | |
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Beazley | Half Year Results |
Currys* | Trading Statement |
Direct Line Insurance Group* | Half Year Results |
Energean | Half Year Results |
Genus | Full Year Results |
International Public Partnerships | Half Year Results |
Melrose* | Half Year Results |
Playtech | Half Year Results |
Safestore Holdings | Q3 Trading Statement |
Synthomer | Half Year Results |
WAG Payment Solutions | Half Year Results |
08-Sep | |
---|---|
Berkeley Group* | Trading Statement |
Computacenter | Half Year Results |
Petershill Partners | Half Year Results |
Spire Healthcare | Half Year Results |
Currys - Sophie Lund-Yates, Lead Equity Analyst
Currys has had a tough year so far, with the valuation shedding 13% since January. The group specialises in selling electrical and home goods, and times are tough. The cost-of-living crisis and slowdown compared to the frenzied buying of chest freezers during the pandemic have seen performance slow. But it’s margins in particular we’ll be watching next week. Operating margins are languishing in the region of 2%, which leaves very little room for error.
Because it’s a trading statement rather than a full set of results, we might not get explicit margin information, but we should get an idea of what the future holds.
Getting margins out the basement partly rests on the shoulders of prices. Online competition means Currys is often forced to “invest in pricing”, which is a fancy way of saying it gets the sale stickers out. We’d like to know more about the group’s demand expectations as we head into the winter quarter. It might not feel like it, but the all-important Christmas trading season is only around the corner and it’s about now that retailers will be trying to map exactly what the season will mean for revenue and profit.See the Currys share price, charts and our latest view
DS Smith – Matt Britzman, Equity Analyst
For cardboard box provider DS Smith, it’s volumes and pricing updates that we’ll be looking out for in next week’s trading statement. Volumes took a larger hit than expected last year as economic conditions were a challenge and end-consumer demand dropped. We heard from management that trends were improving, next week will shed light on whether that has continued over the quarter or not.
Valuations across the packaging sector have been under pressure recently, as markets weigh up the extent of the volume issues and the balancing act at play with prices. Hikes and cost cuts are the main reason DS Smith was able to post strong profit growth last year. Since then, we’ve seen paper prices come down and are expecting to hear box pricing following suit. The scale of any declines will likely be key, as will any impact on the prices it’s able to charge customers.
See the DS Smith share price, charts and our latest view
Vistry – Aarin Chiekrie, Equity Analyst
Despite the challenging environment for UK housebuilders, we’ve heard that Vistry’s average weekly sales rates held broadly flat in the first half. And the group’s Partnerships division, which includes a contribution from recently acquired Countryside, for the first time, saw completions nearly treble to 3,203. That’s the driving force behind Vistry guiding for underlying revenue to jump from £426m to £930m in next week’s first-half results.
But with recent increases in interest rates and mortgage costs, challenges look set to mount for buyers. We’ll be keeping an eye out for updates to the full-year outlook, which had been expecting underlying pre-tax profits to land in above £450m.
The balance sheet’s also a key area of interest. Last we heard, Vistry had swung from a £115m net cash position to a £330m net debt position, as it looks to drive growth in its Partnerships business. But as cash resources get stretched, the group’s 6.2% prospective dividend yield could get pulled back as spending priorities change. As always yields are variable and not a reliable indicator of future income.
See the Vistry share price, charts and our latest view
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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