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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:

  • Cost inflation remains in focus for Berkeley Group
  • We’ll see if the slowdown in online shopping is being felt for packaging giant DS Smith
  • Associated British Foods will reveal how resilient Primark shoppers are with prices set to rise

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

20-Jun
Associated British Foods* Q3 Trading Statement
21-Jun
DS Smith* Full Year Results
Safestore Holdings Full Year Results
Telecom Plus Full Year Results
22-Jun
Berkeley Group Holdings* Full Year Results
Liontrust Asset Management PLC Full Year Results
Micro Focus International Half Year Results
23-Jun
Serco Group Trading Statement
24-Jun
No FTSE 350 reporters

*Events on which we will be updating investors.

Berkeley Group – Matt Britzman, Equity Analyst

Berkeley’s seen sales recover to pre-pandemic levels, with analysts expecting growth on the group’s own £518m pre-tax profit guidance. Stable footing supported the recent £400m cash purchase of the remaining 50% stake in St William Homes, which was a joint venture with National Grid. That’s expected to help push forward sales, which is an important metric to measure future demand, up to the £2bn mark.

Having recently signed the government fire safety pledge, Berkeley has essentially agreed to fix all cladding issues on buildings over 11 metres, which largely put the issue to bed. The group hasn’t given any specifics as to how much that could cost, so an estimate could be on the cards.

The other key item to watch for relates to increasing build costs. Berkeley’s London focus and high average selling price means margins have been strong in the past. Last we heard, normal levels of cancellations and healthy house prices have been offsetting rising costs. So, commentary on operating margins and expected build cost inflation will be watched closely.

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DS Smith – Sophie Lund-Yates, Lead Equity Analyst

Cardboard box maker DS Smith has been handling soaring inflation well. As an essential part of supply chains, it’s been able to pass on higher costs to its customers. Specifically, DS Smith has been partly buoyed by its exposure to e-commerce. Recent figures show the pandemic-induced boom in online shopping is slowing down, so we wonder if this has been felt in DS Smith’s results.

We’ll also keep an eye out for news of volumes. There does come a point, even for the most resilient businesses, where price increases can start to eat into demand. We don’t think DS Smith is quite in this danger zone, but it’s something to monitor.

The classic metrics are still on our radar too. The group’s expecting underlying operating profit of £605m - £615m. As things stand, we expect DS Smith to meet this - although of course nothing’s guaranteed.

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Associated British Foods – Laura Hoy, Equity Analyst

Inflation will be the word of the day when Primark owner Associated British Foods reports. The group’s buoyant half-year sales were back to pre-pandemic levels as stores reopened and shoppers headed out to refresh their wardrobes. The surge in demand fed through to a 92% increase in operating profits - but the good times might not continue if rising costs continue to eat into margins.

Management warned that the group’s cost saving efforts haven’t been able to keep pace with inflation. The result will be margin pressure and price increases across the autumn and winter stock. We still have a few months to see whether Primark’s price-sensitive customers will be receptive to larger price tags. Demand so far this year in the face of the current cost of living crisis will give us an idea of how resilient customers are. At last check, underlying operating margins stretched above 11%, but the big question will be whether that continued to expand in the third quarter.

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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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