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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:

  • Any comments on recovery will be on our minds at easyJet
  • Future looks to sell a compelling long-term story amid the disruption of major acquisitions
  • Pennon looks to deliver an uneventful set of numbers despite some structural disruption

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

29-Nov
Draper Esprit Half Year Results
30-Nov
Countryside Properties Full Year Results
Discoverie Half Year Results
easyJet* Full Year Results
Future* Full Year Results
Greencore Full Year Results
Pennon* Half Year Results
Shaftesbury Full Year Results
01-Dec
Liontrust Asset Management Half Year Results
Redde Northgate Half Year Results
02-Dec
AJ Bell Full Year Results
Auction Technology Full Year Results
03-Dec
No FTSE 350 Reporters

*Events on which we will be updating investors.

easyJet – Sophie Lund-Yates, Equity Analyst

We know a lot of the headline numbers for easyJet’s full year results. Management expect to report losses no greater than £1,175m, which is slightly better than the market was expecting. That comes as the group’s performance perked up in the fourth quarter. That’s a case of rising tides lift all ships though, as short haul carriers are faring better than long-haul, business-focussed peers.

There are some easyJet specific things we’ll be looking out for.

Most of these centre around the outlook statement – which is something we’ll be reading with great interest. The fourth quarter saw easyJet fly 58% of its total capacity, and we’d like some detailed ideas of when it could climb back to normal levels. With new COVID variants on the rise, that might not be as soon as we’d hoped.

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Future – Nicholas Hyett, Equity Analyst

Future’s been busy in the last 12 months. February saw the GoCompare acquisition complete while the group has subsequently bought Money Week and The Week owner Dennis for £300m.

The work to integrate all these new businesses could make full year results a bit messy. Not only will there likely be restructuring costs, but sifting genuine year-on-year growth from acquired businesses will be key to understanding how the core business is performing.

Management have pointed to improving digital advertising momentum when guiding for ''adjusted operating profit to be at the top end of expectations.'' If that’s been sustained even as consumers return to a more normal pace of life that bodes well for the future.

See the Future share price, charts and our latest view

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Pennon – Nicholas Hyett, Equity Analyst

Pennon will probably show reasonable progress on outcome delivery incentives in the first half, essentially the markers of success for which water companies can earn bonuses. Otherwise the hope is that the water utility will carry on doing what water utilities do best, ticking along generating boring returns which are paid back to shareholders.

One potential fly in the ointment is the effect of rising inflation and changing interest rates on the balance sheet.

Because utilities earn inflation-linked revenues, they often also issue inflation-linked debt. That’s great when inflation’s low, keeping finance costs down, as it has been recently, but can cause an upset when inflation rises. Pennon’s exposure is relatively low, but not irrelevant. With inflation gathering pace that will complicate results – but in the long run we don’t think it will derail things. The group has relatively little debt maturing in the near future, and should be capable of weathering some disruption.

See the Pennon share price, charts and our latest view

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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 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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