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Next week on the stock market

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

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Among those currently scheduled to release results next week:

  • Rolls Royce will reveal whether the tepid long-haul recovery will be enough to push free cash flow into the black
  • Ibstock navigates a tumultuous quarter for building supplies
  • Taylor Wimpey’s sales rate will set the stage for the second half

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

02-Aug
Heineken* Half Year Results
HSBC Holdings* Half Year Results
XP Power Half Year Results
03-Aug
Activision Blizzard* Q2 Results
BP* Q2 Trading Statement
Coats Group Half Year Results
Direct Line Insurance Group* Half Year Results
Domino's Pizza Half Year Results
Fresnillo Half Year Results
Greggs Half Year Results
Hiscox Half Year Results
Keller Half Year Results
Rotork Half Year Results
Standard Chartered* Half Year Results
TP ICAP Half Year Results
Travis Perkins Half Year Results
04-Aug
Ferrexpo Half Year Results
Ibstock* Half Year Results
Legal & General Group* Half Year Results
Morgan Sindall Group Half Year Results
Taylor Wimpey* Half Year Results
UDG Healthcare Q3 Trading Statement
05-Aug
Centamin Half Year Results
Deutsche Post* Half Year Results
EVRAZ Half Year Results
Frasers Group Full Year Results
Glencore* Half Year Results
Hammerson Half Year Results
IP Group Half Year Results
Meggitt Half Year Results
Mondi Half Year Results
NCC Group Full Year Results
Novo Nordisk* Q2 Results
Pantheon International Full Year Results
Rolls-Royce* Half Year Results
Savills Half Year Results
Serco Group Half Year Results
Spirent Communications Half Year Results
Synthomer Group Half Year Results
Tritax Big Box* Half Year Results
WPP* Half Year Results
06-Aug
ContourGlobal Half Year Results
Hikma Pharmaceuticals Half Year Results
London Stock Exchange Group Half Year Results
Renewables Infrastructure Grp (The) Half Year Results

*Companies on which we will be writing research.

Rolls Royce – William Ryder, Equity Analyst

Our biggest question for Rolls Royce is whether or not the recovery in air traffic has been enough to meaningfully move the needle for the group’s Civil Aerospace arm, where it makes the bulk of its money. We suspect the division is still under strain as its bread and butter is producing and servicing widebody aircraft engines – those that primarily power long-haul planes. International travel is still hampered by various Covid restrictions, so engine flying hours likely remain depressed. At last check they were 40% of 2019 levels.

To temper the impact of a slowdown in Civil Aerospace, the group’s leaned heavily on a cost savings programme. We’re expecting an update on Rolls’ progress on the disposal of ITP Aero and whether or not it’s on track to deliver on its target of £1.3bn savings per year. If things are going to plan, we’d expect Rolls Royce to confirm its intention to become free cash positive at some point in the second half of the year although there are no guarantees.

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Ibstock – Nicholas Hyett, Equity Analyst

First quarter trading was modestly ahead of expectations, and the group confirmed investment in projects expected to deliver capacity for 75m extra bricks a year by 2024. Both are good news after a difficult 2020.

However, disruption to supply chains in the construction industry, and an accompanying spike in the cost of construction materials, make the outlook for these results uncertain. Shortages have led to higher prices. That's good news for margins but may also have disrupted construction activity and hit sales volumes. Exactly where the balance between prices and volumes ends up settling is unclear.

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Taylor Wimpey – William Ryder, Equity Analyst

Taylor Wimpey’s half year results could look really good when compared with 2020 because house buying slowed significantly during the first round of lockdowns. The weak comparison period in 2020 means 2019 is probably a more appropriate benchmark, though it’s doubtful the group will be quite at this level just yet. When we last heard from Taylor it was on track to meet its full year guidance.

Management’s comments on demand will set the stage for the second half, and we’d like to see a strong sales rate and a healthy forward order book to support this. We’ll also have half an eye on house prices. Halifax reported a small month-on-month fall in June despite a large rise year-on-year, and we’ll be interested to see whether this matches Taylor’s experience.

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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.

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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    Important notes

    This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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