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Next week on the stock market

What to expect from a selection of FTSE 100, FTSE 250 and selected overseas shares 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.

It’s a busy week next week, with a fair few full year numbers from quite a wide range of companies. As with many recent announcements these results won’t cover the crucial April period where lockdowns really got started in Western Europe and North America, but we should nonetheless get a flavour of how the current crisis is affecting companies.

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

  • Marks & Spencer should let us know what the disruption means for its turnaround
  • Intertek will give us an idea of how global supply chains are faring
  • We may get more clues on house prices from Vistry

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

No FTSE 100 or FTSE 250 reporters
DCC Full Year Results
Greencore Group Half Year Results
HomeServe Full Year Results
Imperial Brands* Half Year Results
Intermediate Capital Full Year Results
UDG Healthcare Full Year Results
Britvic Half Year Results
Coats Group Trading Statement
Compass Group* Half Year Results
Experian* Full Year Results
Great Portland Estates Full Year Results
Marks & Spencer* Full Year Results
Severn Trent* Full Year Results
Vistry* AGM Statement
AJ Bell Interim Results
Assura Full Year Results
Essentra Trading Statement
Hilton Food Group Trading Update
Inchcape Q1 Results
IntegraFin Half Year Results
Intertek* Trading Statement
Investec Full Year Results
Mediclinic International Full Year Results
NewRiver Reit Full Year Results
Pets at Home* Preliminary Q4 Results
Qinetiq Full Year Results
Royal Mail* Full Year Results
Tate & Lyle Full Year Results
Burberry* Preliminary Q4 Results
Close Brothers Q3 Trading Update
Future Half Year Results
Spectris Q1 Trading Statement
SSE* Full Year Results
United Utilities* Full Year Results

*Companies on which we will be writing research.

Marks & Spencer – Sophie Lund-Yates, Equity Analyst

M&S already warned the current crisis will have a severe impact on its Clothing & Home business. An 80%+ fall in high street footfall in April means the numbers could be stark. It will be important to pay attention to inventory levels – a significant increase in unsold supply will almost definitely mean bad news for gross margins as it all gets lumped onto the sale racks.

While the food business at least remains open, it hasn’t seen the same uplifts as other grocers thanks to its city centre and travel locations. But investors should remember these are full year results, so it’s important to pay attention to underlying trends before coronavirus too. Food had made some good headway, and we’ll find out if this was still the case before the lockdown disruption hit.

Finally we should get an idea of what the situation means for M&S’ transformation plans. Lacklustre sales and an expensive store estate had been hurting profits since long before the pandemic. We’re due to hear what “very significant” measures are being taken to reduce costs, and we expect this will mean pausing at least some rejuvenation efforts. For now M&S’ focus will be on survival, rather than improvement.

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Intertek – Emilie Stevens, Equity Analyst

You can’t get much closer to global supply chains than Intertek, last year they helped over 300,000 clients manage theirs, so we’re keen to hear what they have to say next week. The last time we heard from the group the only lockdowns were in China and the oil price had not yet crashed. We expect it’s been a busy few months.

Intertek makes most of its money testing and certifying the quality of products and components, everything from children’s toys to the wool in ‘100% wool’ jumpers. It’s a global and labour intensive operation, neither of which are ideal in the current environment.

While we expect disruption in the Product business, we think Intertek’s other two divisions, which accounted for around 20% of profits last year, might have had a more turbulent time.

The Trade division inspects international cargo for companies and governments while the Resources division supports energy companies and miners. Slowing global trade and an oil price crash are unlikely to have been helpful.

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Vistry – Nicholas Hyett, Equity Analyst

Vistry’s AGM statements have usually been quite short, but we may get more than usual given the pace of recent developments. Nuggets worth looking out for include information on house prices and sales volumes.

So far we’ve been pleasantly surprised major housebuilders haven’t been reporting weaker prices for new homes. However sales volumes have fallen, not surprisingly, and it’s not clear yet whether volumes will recover or house prices will fall in the coming months.

Vistry’s been reopening its construction sites over the past few weeks, and we expect an update on how the new safety measures are impacting operations. While it’s unlikely to be good news for margins in the short term, and we’d expect productivity to be significantly lower, a steady flow of cash through the door in the current conditions would still be welcome.

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Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Thomson Reuters. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. 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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