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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:

  • boohoo will let us know if the easing of restrictions has dampened online demand.
  • Ashtead's full year results should include an upbeat outlook statement even if a tough start to the current year holds back profits.
  • Whitbread will reveal whether occupancy reached its 55% breakeven target.

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

14-Jun
No FTSE 350 reporters
15-Jun
Ashtead* Full Year Results
Bellway Trading Statement
boohoo* Q1 Trading Statement
Telecom Plus Full Year Results
16-Jun
Tullow Oil* Q1 Trading Statement
17-Jun
Halfords* Full Year Results
Safestore Half Year Results
Syncona Full Year Results
Whitbread* Q1 Trading Statement
18-Jun
Tesco* Q1 Trading Statement

*Companies on which we will be writing research.

boohoo – Sophie Lund-Yates, Equity analyst

boohoo did very well in peak lockdown, as physical shops closed and customers clamoured for loungewear and activewear from the online shop. With restrictions slowly easing in some of its key markets during the first quarter, we wonder if revenue growth has slowed at all. We suspect high street footfall is still subdued, so all else being equal, boohoo may well surprise on the upside. Remember there are no guarantees.

It will be especially important to see how the US is faring. This region holds the key to future growth for boohoo and, at the full year, US sales rose 63%. boohoo’s spending heavily on expansion at home too, with full year capital expenditure expected to come in between £125m and £175m, as new UK warehouses and expanding existing facilities have been added to the shopping list. It would be good to know if that budget has remained static.

Away from the headline numbers we’ll be reading any commentary surrounding the supply chain review very carefully. The group expects to publish its full list of global manufacturers in around three months’ time, and we’d like to see that this timeline remains intact.

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Ashtead – Nicholas Hyett, Equity Analyst

Equipment rental group Ashtead’s third quarter numbers showed a 3% fall in rental revenues and 15% fall in earnings per share across the current financial year. That’s far better than we had expected, given construction activity ground to a halt at one point and is highly cyclical in any case. But it probably doesn’t justify an 89.4% increase in the share price from pre-pandemic highs. So what is going on?

Ashtead has shown itself to be incredibly flexible during the crisis. In the first nine months of the current financial year the group spent £518m on replacing new equipment, less than half of the £1.3bn spent in the same period a year earlier. The ability to trim capital expenditure quickly like this kept cash in the business and resulted in record free cash flow (up 192% to £1.1bn) cutting over a billion pounds from net debt.

Construction activity is expected to soar as governments spend big on infrastructure projects over the next few years to get the economy back on track. In that event, Ashtead would enter a period of increased demand for its equipment with a balance sheet in far better condition than before the pandemic. If the outlook statement in next week’s full year results reflects those twin tailwinds, then perhaps the recent share price move will start to look a bit more rational.

See the latest Ashtead share price, charts and how to deal

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Whitbread – Nicholas Hyett, Equity Analyst

Summer bookings will be the highlight of Premier Inn owner Whitbread’s results, as the hotel chain prepares for what’s expected to be a staycation summer. Roughly 15% of the group’s hotels are dotted around the UK’s coastline and with travel restrictions causing chaos for holidays abroad those locations should benefit. 55% occupancy is the magic number at which Whitbread says it can break even, so we’ll be looking for overall bookings to exceed that figure.

The pandemic’s not been all doom and gloom though. It’s harder than even to be a hotelier and that’s opened the door for Whitbread to use its size and stability to grow its market share. Last year the group increased its hold on the UK market by 6.9 percentage points – only time will tell if that trend will continue as things loosen up.

We’re also keeping an eye on Germany, where the group is pressing forward with its expansion plans despite the pandemic. The German operations are expected to be loss making both this year and next, but we’re keen to hear whether the group’s new hotels are gaining traction.

See the latest Whitbread share price, charts and how to deal

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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 and income they produce can 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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