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The FTSE 350 next week

12 April 2019

No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.

This week’s look ahead is slightly different.

As part of our expanded share research offering, we now offer research on a selection of the most popular overseas shares. And with the UK reporting calendar entering a quiet period, it felt like a good time to broaden our horizons and include an international stock in our preview.

We take a look ahead as;

  • Unilever seeks to deliver more progress towards its 2020 goals
  • Netflix will be looking to add more subscribers
  • Acquisitions remain under the spotlight at JD Sports

Here’s our list of FTSE 350 and selected other stocks reporting next week.

Rio Tinto Q1 Production Results
Ashmore Q3 AUM Statement
BHP Q3 Production Results
Card Factory Full Year Results
Hays Q3 Trading Statement
JD Sports Full Year Results
Netflix* Q1 Trading Statement
Bunzl Q1 Trading Statement
Countryside Properties Half Year Results
Mediclinic International Full Year Results
PepsiCo* Q1 Trading Statement
Segro Q1 Trading Statement
18-Apr Q1 Trading Statement
Nestle* Q1 Trading Statement
Polymetal Q1 Production Report
PZ Cussons Trading Statement
Rentokil Initial Q1 Trading Statement
Unilever* Q1 Trading Statement
No FTSE 350 Reporters

*Companies on which we will be writing research


A first quarter trading statement from Unilever will give more indications as to how it’s progressing with its 2020 plans. Front and centre is a drive to get operating margins up to 20%.

In 2016, the last full year before the target was announced, profitability stood at just 16.4%. Delivering almost one percentage point of improvements a year is a tough ask, but progress has been reasonable so far. Underlying margins rose to 17.5% in 2017, then to 18.4% last year.

Still, there’s some way to go. On the cost side, raw material and distribution expenses are ticking up, while top line growth is under pressure in a few geographies. Latin America, particularly Argentina, is proving volatile, while France is also facing challenges. Hopefully these results can reassure the market.

See our Unilever factsheet for the latest charts and prices

Register for updates on Unilever


Netflix shares were hit by the wider US tech sell off at the back end of 2018, but a market bounce, and recent strong results have helped lift the gloom. Founder and CEO Reed Hastings will be hoping that upward trend can continue with next week’s numbers.

Cash flow remains negative as Netflix ramps up content spending, but longer-term the group is hopeful the benefits of scale can tip the balance back in its favour.

That means the rate of subscriber growth will again be one of the most keenly watched figures – especially given these results are the first since the group started increasing the price of its most popular US package by $2 a month. If new customers haven’t been put off by the increase, there’s clear potential to close the cash flow gap quicker than had been expected.

See our Netflix factsheet for the latest charts and prices

Register for updates on Netflix

JD Sports

It’s been an absorbing year for JD Sports, with lots of moving parts. That should mean there’s plenty to talk about at full years.

First up, there’s the group’s acquisitions. There’s an offer on the table for Footasylum, and the deal for US retailer Finish Line completed in June 2018. Trading there has been good so far, with sales and margins both rising. We’ll be looking for more updates, including around the strategy of converting existing Finish Line stores into the JD brand.

While the US growth potential is exciting, investors shouldn’t forget the UK and European businesses still make up the majority of group sales. Momentum has been strong, despite uncertainty around the UK economy.

JD’s hopeful the trainers boom has further to run, and is spending heavily on its stores. That should ensure they stay looking fresh, but could mean free cash flow growth lags profits. Still, analysts expect the dividend to rise by about 8% - although remember there are no guarantees.

See our JD Sports factsheet for the latest charts and prices

The author holds shares in Unilever.

Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Thomson Reuters. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. 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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Investment notes
No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.

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