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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:

  • Tesco should shed some light on how consumer spending’s holding up
  • Whitbread looks to capitalise on returning hotel demand
  • We’ll see whether Ashtead's had the bumper year they expected

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

13-Jun
Molten Ventures Full Year Results
Sirius Real Estate Full Year Results
14-Jun
Ashtead Group* Q4 Results
Bellway Trading Statement
Crest Nicholson Holdings Half Year Results
DiscoverIE Group Q4 Results
FirstGroup Full Year Results
Oxford Instruments Full Year Results
Paragon Banking Group Half Year Results
15-Jun
JPMorgan European Discovery Trust Full Year Results
Whitbread* Q1 Trading Statement
WH Smith Q3 Trading Statement
16-Jun
Biffa Full Year Results
Boohoo* Trading Statement
Halfords* Full Year Results
Halma Full Year Results
Informa Q2 Trading Statement
Syncona Full Year Results
17-Jun
Tesco* Q1 Trading Statement

*Events on which we will be updating investors.

Tesco – Matt Britzman, Equity Analyst

Next week's trading statement should shed some light on whether the cost-of-living crisis is impacting consumer spending. Shopper confidence fell sharply through the start of April and the energy price cap hike suggests wallets have felt the pinch since then. Commentary on the outlook from management will be a key indicator to how this is playing out.

Tesco’s commitment to focusing on pricing should hold it in good stead if consumers shift down the value chain but that comes at a cost. Inflation was called out as a challenge in the full-year results just gone, albeit one that was being mitigated with improved efficiencies. We’ll be looking out for any commentary on whether the group can keep prices low, mitigate inflation and keep margins intact.

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Whitbread – Matt Britzman, Equity Analyst

Premier Inn owner, Whitbread, saw profits return back in April, and the outlook started to look brighter. In the UK we’ll be hoping trends seen in the second half of the prior year continue, where total sales exceeded pre-pandemic levels. Occupancy in the first portion of Q1 was seen at 81%, which would be a positive step following a tough period last Christmas when Omicron hit. We’ll be hoping that number remains flat or higher.

Inflation and supply chain disruption are industry wide challenges and we’ll be keeping a close eye out for commentary on their impact. Cost inflation’s expected at around 8-9%, which puts pressure on the group to deliver more of the £140m in cost saving planned by FY25. With £40m saved last year, we’ll be hoping to hear another chunk is coming sooner rather than later.

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Ashtead – Laura Hoy, Equity Analyst

When we last heard from Ashtead, management had increased guidance to reflect what’s been a bumper year. Revenue growth‘s expected to be upwards of 20% as the group’s benefitted from a post pandemic surge in construction. More importantly in our view will be cash flow. The group guided for free cash flow of around $1.0bn, which would be a testament to the group’s efforts to improve margins with improved efficiency.

Moving into the new financial year, we’d expect some of that efficiency to fall away as higher activity levels mean the group has to spend more on new equipment—so we’ll have an eye on management’s forward looking statements for an idea of just how much is on the table. Capital expenditure’s been ticking upward, a necessary lever to drive growth, but there’ll be a balance to strike.

The other story to watch is demand expectations for the upcoming year. Rising inflation has benefitted the group up to this point, but with a potential recession on the cards, we could see construction spend start to taper. We’d like management’s take on how the current environment is affecting forecasts to know whether persistent inflation is still a tailwind.

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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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