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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:

  • Compass Group looks to get over the final hurdle for sales recovery
  • Balfour Beatty looks to take advantage of increased government spending
  • We’ll see whether Disney's overcome the post-pandemic subscriber lull that’s plagued peers.

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Among those currently scheduled to release results next week:

09-May
HG Capital Trust First Quarter Results
Victrex Half Year Results
10-May
3i Infrastructure Full Year Results
11-May
Airtel Africa Full Year Results
Brewin Dolphin Half Year Results
Compass Group* Half Year Results
Disney* Second Quarter Results
Harbour Energy First Quarter Trading Statement
ITV* First Quarter Trading Statement
Spirax-Sarco Engineering First Quarter Trading Statement
TUI Full Year Results
12-May
3i Group Full Year Results
Balfour Beatty* AGM Trading Statement
BT Group* Full Year Results
Coca-Cola HBC First Quarter Trading Statement
Convatec Trading Statement
Grainger Half Year Results
Hargreaves Lansdown Trading Statement
RHI Magnesita First Quarter Trading Statement
Rolls Royce* Trading Statement
13-May
Contour Global AGM and First Quarter Trading Statement
Deutsche Telekom* First Quarter Results
Sage Group Half Year Results

*Events on which we will be updating investors.

Compass Group – Matt Britzman, Equity Analyst

Contract caterer Compass finds itself taking the final few steps to a full revenue recovery following Covid disruption over the past couple of years. Market analysts are expecting next week’s half-year results to show revenue just north of £11bn, following a first quarter where revenue was 97% of pre-covid levels. Positive new business helped the revenue recovery which means there’s still room for underlying revenue to push higher if pre-covid demand returns in full. Though, whether that level of demand still exists given the new working from home world we live in remains.

Aside from recovering sales, the group’s targeting 6% underlying operating margin by the end of the year, with recovery weighted to the second half. Commentary hasn’t been quite as punchy in recent updates, so we’ll be interested to see if that recovery is still on track and how the group’s managing in the current inflationary environment.

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Balfour Beatty – Matt Britzman, Equity Analyst

Having surpassed pre-pandemic operating profit levels at the end of the last financial year, focus at Balfour Beatty is firmly on the future. The broader environment should be supportive of growth, with governments in key areas of the UK, US and Hong Kong all committing billions to infrastructure spending.

Construction markets have seen disruption more recently from longer lead times and price inflation. Balfour can mitigate inflation to some extent, the value of both its UK and US portfolios are correlated with inflation and work to improve the order book means most contracts now see inflation borne by the client. Even so, we’ll be interested to hear commentary on how the wider market’s reacting to pressures.

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Disney – Laura Hoy, Equity Analyst

While the bulk of Disney’s profits come from its massive parks and experiences division, all eyes will be on streaming when the group reports first quarter results. That’s because earnings in the sector have been far from a fairy tale with both Netflix and Amazon disappointing investors.

So far, Disney’s streaming service has been growing at pace with subscribers to its namesake service up 37% in the last quarter. The big question is whether that growth continued in the second quarter. Rival Netflix has seen subscriber growth start to dwindle in a post-pandemic lull. If Disney’s growth continued despite a return to normalcy, it could suggest the Mouse is winning the streaming battle. Costs are another factor to consider—that segment was in the red at last check as the group spent heavily to build out its streaming plays.

Parks, Experiences and Products can’t be forgotten though, given it accounts for the bulk of revenue. We’re expecting continued growth here as capacity restrictions continue to ease, though the lockdowns in China may have thrown a spanner in the works at Disneyland Shanghai.

See the Disney share price, charts and our latest view

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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.

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.

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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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