Next week on the stock market

Among those currently scheduled to release results next week:

• Sales could show signs of recovery at Fevertree
• Keywords looks to build on recent progress with a return to dividend payment possible
• Tullow focuses on debt reduction

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

*Events on which we will be updating investors.

Fevertree Drinks – Nicholas Hyett, Equity Analyst

Fevertree’s pre-close trading update showed the group delivering very strong year-on-year revenue growth, driven by the re-opening of bars and restaurants around the world.

Strong growth in the US is particularly notable, given Fevertree has never had a strong position across the pond. The mix in on-and off-trade sales here will be worth noting. Recent growth has been driven by sales of at-home drinks, but on-trade sales were generally higher margin.

On the subject of margins, input costs are rising and disruption to supply chains is also causing a headache. Together with increased investment in growth, that might mean profits are a bit lacklustre at the half year. Some weakness is understandable given the events of the last year, but it would be good to see detail on hopes for better results next year.

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Keywords Studios – Nicholas Hyett, Equity Analyst

The lockdown boom has continued in the gaming industry, and Keywords is set to report correspondingly impressive revenue growth.

Strong results have left the group with a considerable cash pile despite spending €45m on acquisitions in the first six months of the year. The company has said it will resume a progressive dividend policy given the solid financial position, but given a sizeable chunk of the surplus is thanks to the sale of new shares last year, we don’t expect large one off payments and as with any dividend there are no guarantees.

The company is also on the lookout for a new CEO, after Andrew Day announced plans to retire earlier this year. So far the company has confirmed “a number of high calibre candidates” have been identified but no names have yet been confirmed.

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Tullow Oil – Nicholas Hyett, Equity Analyst

Debt reduction is the order of the day at Tullow, with the group expected to report net debt at the half year of $2.3bn.

To that end it’s completed the disposal of some small assets in Equatorial Guinea and Gabon, while operating cash flow in the first half is expected to be around $0.2bn.

The group has benefitted from a resurgent oil price and expects to generate reasonably healthy cash flows if prices remain elevated for the rest of the year. However, it will be a long time before any of that finds its way to shareholder wallets.

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