Babcock - Trading statement, Wednesday 16 September
Aarin Chiekrie, equity analyst, Hargreaves Lansdown
“Babcock International’s trading statement next week should offer some key insight into its recent contract wins. While full-year guidance was characteristically light on detail, management pointed to good progress across the business and highlighted strong revenue visibility. The key question now is whether rising global tensions have driven customers to accelerate defence spending plans, potentially improving the near-to-medium-term outlook.
Margins remain a key watchpoint. Excluding a one-off charge related to its Type 31 shipbuilding programme, underlying operating margins improved to 8.2% last year. And with activity on key contracts ramping up, we expect the group to progress further towards its medium-term target of at least 9%. Strong cash generation and a modest debt burden also gives Babcock the financial flexibility to support growth through acquisitions, and management’s currently reviewing its options. In the meantime, excess cash is being returned to shareholders through a £200mn share buyback programme, with completion still expected by year-end.”
Barratt Redrow - Full year results, Wednesday 16 September
Aarin Chiekrie, equity analyst, Hargreaves Lansdown
“Barratt Redrow reports its full-year results next week, marking a busy start to life as CEO for Dean Banks, who only stepped into the role at the beginning of September. New home completions were already reported toward the top end of guidance, up 5% to 17,667, driven by higher volumes of affordable housing. As a result, adjusted operating profits are expected to land in line with market expectations of around £560mn.
Much more important though will be the outlook for the new year. New home completions had been expected to rise slightly, but with market conditions deteriorating in recent months, there may be scope for building activity to be reined back a touch. Alongside elevated buyer incentives and rising building costs, there will be interest in how much pressure that’s expected to put on profitability. A strong balance sheet should help Barratt to navigate a challenging market, with restrained land spending expected to help protect that position until conditions improve.”
Next - Half year results, Thursday 17 September
Aarin Chiekrie, equity analyst, Hargreaves Lansdown
“There shouldn’t be too many surprises in Next’s half-year results. Full-price sales growth has already accelerated over the period, with second-quarter growth of 9.2% landing well ahead of market expectations. International markets did a lot of the heavy lifting, benefitting from pent-up demand in the Middle East and Northern Europe. Despite a tough consumer backdrop in the UK, hotter-than-expected weather and more effective marketing saw many customers refresh their summer wardrobes.
The strong start to the year led to a modest upgrade to full-year guidance, with pre-tax profits now expected to grow by 7.3% to £1.2bn. That implies a slowdown in full-price sales over the second half as it laps a tougher comparable period. However, that outlook may prove overly cautious, given Next’s core middle-aged and middle-income customers are proving relatively resilient in the current economic climate. As a result, further small guidance upgrades over the second half can’t be ruled out.”
Among those currently scheduled to release results next week:
14 September | |
|---|---|
HGCapital Trust | Half Year Results |
RTW Biotech Opportunities | Half Year Results |
15 September | |
|---|---|
Harworth Group | Half Year Results |
Kier Group | Full Year Results |
Princes Group | Half Year Results |
Trustpilot | Half Year Results |
Wickes | Half Year Results |
16 September | |
|---|---|
Babcock* | Trading Statement |
Barratt Redrow* | Full Year Results |
Moonpig | Trading Statement |
Supermarket Income REIT | Full Year Results |
17 September | |
|---|---|
Next* | Half Year Results |
18 September | |
|---|---|
Investec | Trading Statement |
* Events on which we will be updating investors
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