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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:

  • Barratt Developments’ outlook for cost inflation will be front and centre
  • We’ll get an idea of how the global semi-conductor shortage is affecting Melrose
  • The strength of the London market is the main focus in Berkeley results

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

30-Aug
No FTSE 350 Reporters
31-Aug
Bunzl Half Year Results
01-Sept
No FTSE 350 Reporters
02-Sept
Barratt Developments* Full Year Results
Coca-Cola European Pacific Partners Half Year Results
Melrose Industries* Half Year Results
03-Sept
Ashmore Group Full Year Results
Berkeley Group* Trading Update

*Events on which we will be updating investors.

Barratt Developments – Sophie Lund-Yates, Equity Analyst

Barratt has surprised us in a good way with its post-pandemic trading. Full year underlying pre-tax profit is expected to come in at around £899m – the high end of market expectations. That’s predicated on a strong recovery in completion volumes, which are meant to be just around 3.4% lower than before the crisis.

Seeing as we already have an idea of what Barratt expects for the full year, it’s the outlook statement that will be worth attention. There are a couple of reasons for this. The first is ongoing build cost inflation, which is running at a rather unhelpful 3-4%. We’d like to know if this trend is expected to continue, and what it might mean for margins.

The second is demand expectations. The stamp duty holiday and pandemic lifestyle changes lit a fire under the housing market. The government is still committed to supporting the housing market with things like 95% mortgages, which makes buying a house more accessible for those with only a small deposit. But demand is likely to dissipate as some of the headwinds of the last eighteen months ease.

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Melrose – Sophie Lund-Yates, Equity Analyst

Melrose’s biggest division, Automotive, is being weighed down by the issues caused by the global semi-conductor shortage. We expect this to have held the division back in the second half, although to what extent is unclear. The other issue is Melrose’s aviation businesses, which relies heavily on commercial air travel. You don’t need us to tell you this remains very disrupted.

One possible area of good news is margins. Despite the issues it’s faced, Melrose has managed keep margins healthier than we’d feared, thanks to very strong cost control. Analysts expect operating margins to be around 5.6% by the full year – up from 3.9% at the end of last year.

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

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Berkeley Homes – Nicholas Hyett, Equity Analyst

Berkeley’s greater exposure to London makes it a little different to rivals like Barratt Development. Not only are its houses higher priced, averaging £770,000, but its more exposed to the fortunes of the capital more generally.

Sales in the capital struggled during lockdown, but last we heard enquiries were running ahead of pre-pandemic levels. Given increased remote working we had worried that smaller, central London properties could lose some of their attractions – so it would be good to see those enquiries converting into sales.

Management are clearly confident – with a £141m capital return six months ahead of plans.

See the latest Berkeley Homes 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 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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