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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 the companies reporting next week:

  • Booking data will prove whether slow vaccine rollouts is keeping Wizz from a summer recovery.
  • Workspace will let shed some light on what flexible working means for profit recovery.
  • Pennon updates us on potential acquisition plans.

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

31-May
Bank Holiday
01-Jun
No FTSE 350 reporters
02-Jun
Wizz Air Full Year Results
03-Jun
Chemring Half Year Results
Workspace Full Year Results
Pennon Group* Full Year Results
04-Jun
No FTSE 350 reporters

*Companies on which we will be writing research.

Wizz Air – Nicholas Hyett, Equity Analyst

Hungarian low-cost airline Wizz Air is, like its peers, at the mercy of the vaccine roll-out across Europe. Wizz’s position serving mostly Eastern European countries could put it at a disadvantage, though. Poland and Romania make up the bulk of its routes, and neither is a leader when it comes to the vaccine rollout. However, travel restrictions in and out of these countries are relaxed compared to those in the UK. With that in mind, Wizz’s advanced booking numbers will be a key metric to watch as it will indicate whether or not passengers are willing to travel despite the slow vaccine rollouts and quarantine requirements.

Wizz management appears confident that its business will return in force—the group is pushing ahead with expansion plans that added 8 aircraft to the fleet and added over 50 routes to the schedule. Key among them was the addition of Wizz Air Abu Dhabi, which had its first flight in January this year. This expansion into the UAE is a key long-term growth driver, so passenger interest in this additional network is a figure to keep an eye on.

See the Wizz Air share price, charts and how to deal

Workspace - Sophie Lund-Yates, Equity Analyst

The pandemic was painful for Workspace. It owns and rents out office space in London, making lockdown a perfect storm. The value of the group’s properties fell 4.9% to £2.5bn at the half year, and rent discounts were offered to customers. The result was a pre-tax loss of £110.4m, compared to £99.1m a year earlier.

But we know trends are improving. The big question next week will be – how much? Property lettings were 95% of pre-pandemic levels in the final quarter, and 84% of rent for the first quarter of the new financial year has been collected. The full year picture’s still bleak though – the market expects pre-tax profit of around £9m, and as it stands this isn’t expected to reach pre-crisis levels of around £80m until 2025. An unpleasant set of numbers would push this goal post further out.

As the world starts to reopen and flexible working becomes the new normal, we think Workspace could surprise us in a good way. This is far from guaranteed though, and it makes the outlook statement a very important read next week.

See the Workspace share price, charts and how to deal

Pennon – William Ryder, Equity Analyst

Pennon confirmed it was on track to meet full year expectations back in March. Both sales and costs increased in the second half of the year on the back of strong household demand. Cash collection has remained “robust” and bad debts are in line with the expectations laid out when the pandemic began.

More recently, Pennon has been given the green light to invest an additional £81m in environmental initiatives as part of the government’s commitment to build back better and greener. More investment increases regulatory asset values, and thus allowable financial returns.

After selling Viridor for £3.7bn last year, Pennon is enjoying the flexibility that comes with a strong balance sheet. Management wants to pursue an acquisition in the UK water sector, or failing that make a “substantial” payment to shareholders. The right investment at a sensible price would be welcome, and we were promised an update in next week’s results.

See the Pennon 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 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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