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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:

  • British American Tabacco will reveal whether it’s been able to shrug off rising input costs
  • We’ll see whether Zara shoppers are cutting back amid inflation when Inditex reports
  • Hopes are high as Tate & Lyle unveil their new structure

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

06-Jun
No FTSE 350 Reporters
07-Jun
LXi REIT Full Year Results
08-Jun
AVEVA Full Year Results
Inditex* First Quarter Results
Workspace Group Full Year Results
09-Jun
Assura Full Year Results
British American Tobacco* First Quarter Trading Statement
CMC Markets Full Year Results
Mitie Group Full Year Results
Tate & Lyle* Full Year Results
10-Jun
No FTSE 350 Reporters

*Events on which we will be updating investors.

British American Tobacco – Laura Hoy, Equity Analyst

Tobacco is a shrinking industry so the most important thing for British American Tobacco is that the group’s squeezing every last pound out of its dwindling customer base. This is nothing new for BATs investors, though. Inflation could exacerbate this. To that end margins will be the figure to watch as we look for evidence of whether rising commodity costs are starting to eat into profits. Cigarettes prices are mostly made up of taxes, though, so rising input costs may not make them all that more expensive for consumers.

In any case, we’d expect some colour from management on how the rest of the year is expected to shake out given the mounting cost of living squeeze.

New Categories, which offers smokeless options, is the future so it’ll be worth watching as well. The division’s targetting £5bn in revenue by 2025 so we’d like to see that it’s on track to achieving that goal. This part of the business is still just a small part of the whole, and with people growing more health-conscious it’s important the group cement its place in the market for alternative tobacco products.

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Inditex – Laura Hoy, Equity Analyst

Inditex is in a tricky position as the cost of living squeeze makes for pickier consumers. The group managed to improve revenue by 3% compared to pre-covid last year and we wonder if that momentum could continue. Inditex’s pricing puts it on the higher-end of mid-range, so price increases may not be well received. The group said it’s going to pass rising costs on to customers and that shouldn’t impact volumes. However with energy and food costs soaring, this may have been a bit optimistic.

The work the group’s done to create more efficient stores will help with this somewhat, but ultimately we could see profits suffer if the group’s unable to continue ratcheting the cost of its clothes up. Management will likely offer some guidance on this front to give investors a better idea of what to expect for the remainder of the year.

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Tate & Lyle – Sophie Lund-Yates, Equity Analyst

It’s an exciting time for Tate & Lyle next week. It’s the first set of full year results with the new company structure in place. This involves focussing on food and beverage solutions (FBS)– with an emphasis on things like sugar replacements and the clever ingredients that help low-fat options taste good.

We’re supportive of the strategy shift, largely because this area of the business is higher margin. It also has impressive growth prospects in our opinion, as the world becomes more health focussed, working to take sugar and fat out of food is a good position to be in.

All-in-all we’re expecting to see positive momentum in FBS next week. However, we have a lingering concern in the form of inflation. Tate & Lyle relies on a number of raw materials, including corn, and the Ukraine crisis has caused a lot of volatility in commodity prices. We’re not expecting a crisis moment for Tate & Lyle next week, but we’ll be very interested to hear how successfully it’s managed to hedge its exposure to the volatile price environment.

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A connected party of the author holds shares in British American Tobacco plc.

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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