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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:

    • Dixons Carphone will let us know if the online business has lost any momentum.
    • We get our first glimpse at what Associated British Foods looks like now it’s back firing on all cylinders.
    • Micro Focus will fill in the half year details after a recent trading update.

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

    No FTSE 350 reporters
    No FTSE 350 reporters
    Civitas Social Housing Full Year Results
    Dixons Carphone* Full Year Results
    Serco Group Pre-Close Trading Statement
    AO World Preliminary Q4 Results
    Associated British Foods* Q3 Trading Statement
    Micro Focus International Half Year Results
    No FTSE 350 reporters

    *Companies on which we will be writing research.

    Dixons Carphone – Sophie Lund-Yates, Equity Analyst

    Covid meant the electrical equipment specialist had to speed up its pivot to digital. We already know these efforts were remarkably successful, with online Electricals sales more than doubling to £4.5bn in the year. The group has doubled-down on its online service proposition, launching its ShopLive function, which connects customers to a real-life store assistant for help and product demonstrations. We wonder if this has helped keep online momentum moving in the right direction, even as restrictions ease.

    One of the biggest things to watch is operating margins. At the last count, these were just under 2%, which means there’s little room for error. The group’s expecting full year pre-tax profit of £151m, plus net cash of £150m. Provided these goal posts haven’t moved, it will make the outlook statement very important.

    Within that, any commentary on how the restructuring programme’s going would be very well received. The plan includes closing all standalone Carphone Warehouse stores and integrating them into Dixons and Currys PC World shops. This is the right move in our view, but as with any big changes, it comes with the risk of things going wrong – or over budget.

    See the latest Dixons Carphone share price, charts and how to deal

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    Associated British Foods – Nicholas Hyett, Equity Analyst

    Primark parent Associated British Foods is on track for a year-over-year profit decline, but all things considered, the retailer is in pretty good shape. Lockdowns hit revenue hard as Primark’s lack of online presence hurt sales. But the upcoming quarterly results could hopefully show the start of a recovery for ABF.

    One of Primark’s biggest strengths throughout the crisis has been inventory management, which has kept the chain from heavy discounting like many of its peers. Instead, the group has mixed last year’s inventory with new lines to clear out unsold items. Demand was strong initially as its stores reopened, and we’ll be looking for evidence that the group has been able to offload last year’s spring and summer lines as shoppers return. If pent-up demand was as strong as management was expecting, we could see strong margins.

    In contrast, sales in the group’s Grocery division will be up against tough comparisons after the boom last year. Together with rising US vegetable oil costs, profits in the division are unlikely to grow.

    See the latest Associated British Foods share price, charts and how to deal

    Sign up to receive Associated British Foods research direct to your inbox

    Micro Focus – William Ryder, Equity Analyst

    Micro Focus has already told us it expects to report $1.4bn in revenue for the six months ending 30 April, representing a decline of about 5% when compared with 2020. That reflects declines across all business segments except Licencing, where sales are expected to be up 10% helped by some deals closing early and the impact of Covid last year. For the full year, Micro focus is targeting a “meaningful improvement in the rate of constant currency revenue decline”.

    The group expects to report an underlying cash profit (EBITDA) margin of around 36%, which was ahead of market expectations when announced and is the result of the strong Licencing performance and cost saving measures.

    Micro Focus has also announced a new Chief Financial Officer. Matt Ashley will join the business on 28 June.

    See the latest Micro Focus share price, charts and how to deal

    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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