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The FTSE 350 next week

21 September 2017

No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.

The transitionary weeks between Summer and Autumn isn’t usually the busiest time of year in the reporting calendar.

However, with a broad selection of companies reporting next week, including two of our five shares to watch in 2017, there will be plenty to keep UK investors interested. In this week’s look ahead, we preview updates from;

  • Pennon, who release a trading update ahead of half year results in November.
  • RPC Group, where progress on the Letica integration will take centre stage in the group’s half-year trading statement.
  • Imperial Brands, where we’ll be looking to see if the group reacts to the US regulator’s plans to limit the nicotine content of cigarettes.

FTSE 350 stocks reporting next week

Pennon* Trading Statement
3i Infrastructure Pre-close Update
AA Half Year Earnings
Barr (A.G.) Interim Results
Card Factory Half Year 2017 Earnings Release
Close Brothers Group Full Year Earnings Release
Thomas Cook Group Pre-close Trading Update
United Utilities Group* Pre-Close Trading Statement
Circassia Pharmaceuticals Half Year Earnings Release
Grainger Q3 Trading Statement
Halma Trading Update
PZ Cussons Trading Statement Release
SSE* Close Period Statement
CMC Markets Q2 Trading Update
Euromoney Institutional Investors Pre-Close Trading Statement
Imperial Brands Group* Trading Update
RPC* Half Year Trading Statement
TUI AG (LSE) Q4 Trading Statement
Carillion* Half Year Earnings Release

*Hargreaves Lansdown provides research updates on these stocks

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The main attraction of Pennon is, as one might expect for an unglamorous water utility, the dividend. While many others in the sector have similar inflation-linked policies, none are more generous than Pennon’s stated aim of increasing the dividend by the rate of RPI inflation plus 4%. We don’t expect the group to announce any changes here.

As far as the numbers go, we’re expecting another strong operational performance in the core water and wastewater division. After all, Pennon has recently been top of the class for efficiency, with outperformance in the areas of both cost and delivery.

However, following on from Kier describing conditions in its environmental division as ‘challenging’ earlier this week, investors might be more anxious about the waste management division.

View the Pennon factsheet

Register for Pennon updates


Along with Pennon, RPC figured as one of our five shares to watch in 2017.

So far, it’s been a pretty interesting year. A short attack from Northern Trust focused on the group’s strategy of acquisition-led growth, and placed its attribution of exceptional costs under the microscope. RPC’s response was to put further deals on the back burner, and instead knuckle down to prove it can deliver a seamless integration of the Letica business, its first foray into the US market.

The focus of the group’s half year update will therefore be on progress here, while we’ll also be hoping for further positive news on margin growth. In July, management confirmed first quarter profitability was ahead of prior expectations.

View the RPC factsheet

Register for RPC updates

Imperial Brands Group

This summer has seen Imperial shares fall as fears over increased US regulation take hold. The group, through bands such as Winston and Kool, has a sizeable presence across the pond so we’ll be looking to see what it says in response to the regulator’s plans to reduce the level of nicotine to ‘non-addictive levels’.

Earlier this month, Imperial announced plans to sell down a 10% stake in Spanish distributor Logista, with the proceeds set to be used to pay down debt and launch a share buyback of up to £160m.

Nonetheless, the main avenue of shareholder returns remains the dividend, which Imperial aims to increase by at least 10% per annum over the medium term.

View the Imperial Brands Group factsheet

Register for Imperial Brands Group updates

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Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Thomson Reuters. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information. George Salmon owns shares in Pennon and RPC.

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Investment notes
No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.

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