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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.

Matt Britzman
Equity Analyst

Published on 6 April 2023

This article is more than 6 months old

It was correct at the time of publishing. Our views and any references to tax, investment and pension rules may have changed since then.

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

Will faster profit growth still be in sight for Imperial Brands?
Tesco will shed light on how customers are reacting to inflation

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

10-April
No FTSE 350 Reporters

11-April
JTC	Full Year Results

12-April
No FTSE 350 Reporters

13-April
discoverIE Group	Full Year Trading Statement
Imperial Brands*	Trading Statement
PZ Cussons	Q3 Trading Statement
Tesco*	Full Year Results

14-April
CMC Markets	Full Year Trading Statement
Hays	Q3 Trading Statement

*Events on which we will be updating investors.

Imperial Brands – Derren Nathan, Head of Equity Research

Imperial Brands managed to eek out low single-digit sales growth and underlying operating profits last year despite a fairly hefty fall in tobacco volumes. It’s expecting profit growth to accelerate this year but for the first half to be flat. That’s due to increased investment in new products and the impact of Imperial’s exit from the Russian market. If next week’s half-year trading update comes up short, it will make those full-year targets more challenging.

We’ll be paying particular attention to the group’s ability to put through further price rises, with competitors reporting signs that smokers were abandoning their favourite brands for cheaper alternatives. We’ve already seen Imperial launch the second half of a £1bn share buyback programme this month. We hope this has been matched by continued strong cash generation.

See the Imperial Brands share price, charts and our latest view

Tesco – Sophie Lund-Yates, Equity Analyst

Next week we’ll hear how the UK’s biggest retailer is getting on. Grocery inflation is well documented and is running at a huge 17.5%. That means customers are seriously feeling the pinch when it comes to their food shopping, and Tesco’s scale means it’s in the eye of that storm. Remaining competitive in this environment makes inflating margins difficult. Last we heard, Tesco expects to report underlying retail profit of £2.4 - £2.5bn for the full year, and we’ll find out if that’s been the case.

Another figure to watch out for is market share. As the market leader, the group has market share of over 27%, but because of tough conditions, supermarkets like Aldi are enticing new customers. We don’t expect the league tables to be upended. But it will be important to assess if Tesco’s share has been nibbled away at, which would suggest consumer pressure is higher than previously thought.

See the Tesco share price, charts and our latest view

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