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The FTSE 350 next week

| Equity Analyst | 28 September 2017 | A A A
The FTSE 350 next week

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With only two sets of results, two trading updates and a production report due, investors can expect a quiet week before things start hotting up again later next month. However, that doesn’t mean City writers will be out of a story. For better or for worse, Tesco’s results are sure to grab the headlines. We take a look ahead as;

  • Tesco’s investors look out for signs of continued momentum in both sales and margin growth in the half year results.
  • Ferguson, formerly known as Wolseley, is set to release its first set of results under the new name.
  • Greggs will be looking to continue its recent momentum with a strong third quarter update.

FTSE 350 stocks reporting next week

No FTSE 350 companies reporting
Electrocomponents Q2 Trading Statement
Ferguson Full Year Earnings Release
Greggs Trading Update
Tesco* Half Year Earnings Release
Ferrexpo Q3 Production report
No FTSE 350 companies reporting

*Hargreaves Lansdown provides research updates on these stocks

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As ever, margins and like-for-like (LFL) sales will be under the microscope in Tesco’s half year results. Earlier this month, Morrisons continued its recovery by delivering another 6 months of positive LFLs, but it was notable that momentum slowed through the half. We’ll be interested to see if Tesco reports a similar trend.

We can also expect an update on Tesco’s pension deficit position following the recent triennial review. The deficit was logged as £5.5bn at the half year stage, giving rise to the possibility of material increases to the current £270m per annum top ups the group is currently paying in.

View the Tesco factsheet

Register for Tesco updates


This is the first time the newly rebadged group releases results under its new name.

The change away from Wolseley didn’t come about as the result of some form of identity crisis, rather an attempt to more accurately align the group to its most significant brand in its largest market.

With 84% of trading profit coming from the US ‘Ferguson’ branded commercial and residential plumbing supplies business, all eyes will again be on this division. In particular, it will be interesting to see if the recent bout of hurricanes have any bearing on business activity.

Looking further afield, the group may announce what it intends to do with the cash generated by the sale of its Nordic business.

View the Ferguson factsheet


Trading has been strong at Greggs recently, with LFL sales in company managed shops growing 3.4% at the half year stage. Indeed, with 61 new shops opening too, investors will be wondering if there’s room to step up the expansion plans.

Any expansion might well look slightly different to the group’s traditional high street offering. Greggs is considering home delivery and hospital shops as possible source of growth, as well as opening more drive-throughs.

It’s not just the point of service that’s changing either. Greggs is increasingly offering a more ‘balanced choice’. New salads and drinks have been selling like hot cakes, while the coffee and breakfast options are also proving increasingly popular.

View the Greggs factsheet

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