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The FTSE 350 next week

12 October 2018

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.

Strictly Come Dancing’s been lighting up our newsfeeds this week.

We can’t promise any glitter in next week’s company results, but scorecards will be out for the UK economy. Unemployment, inflation and retail sales figures are all due to be released.

Among the companies hoping to post straight tens:

  • Can ASOS deliver impressive growth plans without splashing too much cash?
  • A trading statement from Barratt Developments provides an insight into the temperature of the housing market.
  • Fresh from its embarrassing U-Turn, Unilever will want to show it’s still on the right track.

FTSE 350 stocks reporting next week

Schroders Q3 Management Statement
Rio Tinto Q3 Production Results
Bellway Full Year Results
BHP Q1 Operational Review
Merlin Entertainments* Q3 Trading Statement
Polymetal Q3 Production Results
ASOS Full Year Results
Barratt Developments* Trading Statement
Hochschild Mining Q3 Production Results
Mediclinic International Half Year Trading Statement
Pearson* Trading Statement
Rathbone Brothers Q3 Interim Management Statement
Segro Q3 Trading Statement
Softcat Full Year Results
Domino's Pizza Group Q3 Trading Statement
International Personal Finance Q3 Trading Statement
National Express Q3 Trading Statement
Rank Group Trading Statement
Renishaw Trading Statement
Rentokil Initial Q3 Trading Statement
Unilever* Q3 Results
Dechra Pharmaceuticals Trading Statement
Essentra Q3 Trading Statement
InterContinental Hotels* Q3 Trading Statement
London Stock Exchange Q3 Management Statement
Provident Financial Q3 Trading Statement

*Companies on which we will be writing research

†Covered by Hargreaves Lansdown but not a member of the FTSE 350


ASOS has achieved a lot since it launched in 2000.

It’s bagged over £1bn of sales a year since 2015, and as a company it’s worth more than many high street rivals.

The last time we heard from the group it warned full year sales are likely to be at the lower end of expectations. That was disappointing, but with revenues still set to be the region of 25 – 30%, and profit before tax up 26.1% ASOS is still a force to be reckoned with.

Investors shouldn’t lose sight of the costs associated with that growth though especially as costs have had a tendency to exceed expectations. While it’s good to see ASOS investing in the future, we’ll be looking out for any further unscheduled upticks here.

ASOS factsheet, including share prices, charts & research

Register for ASOS updates

Barratt Developments

The UK’s second largest housebuilder levelled its foundations lately. A combination of rising revenues and expanding margins means profit before tax has improved. That’s helped the group strengthen its balance sheet, ending last year with a strong net cash position (before accounting for land creditors). Given the hammering Barratt received in the last downturn, these efforts aren’t to be sniffed at.

That said, recent successes have been buoyed by helpful government schemes and low interest rates. These conditions can’t last forever- Barratt needs to continue improving its underlying business to satisfy investors it can hold its own.

All in, Barratt’s in a much sturdier position than it was a few years ago. But we’ll be hoping for more signs of well-controlled expansion before memories of more challenging times can be totally forgotten.

Barratt Developments factsheet, including share prices, charts & research

Register for Barratt Developments updates


U is for U-Turn, oh and also for Unilever. The newspapers have been dominated by Unilever’s plans to scrap its dual listing structure and base itself in Rotterdam, only for the plans to be scuppered by UK shareholders.

Putting that drama to one side though, Unilever’s fundamental strengths are unchanged. With brands from Persil to Pot Noodle, a lot of us have Unilever products in our cupboards. The group reaches a huge 2.5bn customers every day.

Progress in emerging markets has been a bit sluggish of late, but overall sales growth for the full year is still expected to come in between 3% - 5%. Improvements to operating margins are also due. Next week’s statement will hopefully show Unilever’s on the right track to hit those targets.

Unilever factsheet, including share prices and charts & research

Register for Unilever updates

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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