Tui, Trading Statement, Tuesday 22 September Aarin Chiekrie, equity analyst, Hargreaves Lansdown: “TUI's trading statement next week should offer a clearer picture of how the group navigated a challenging year of geopolitical uncertainty. While its Hotels, Cruises and Experiences businesses have proved relatively resilient so far, the lower-margin Markets + Airline (M+A) division has faced a tougher backdrop. Higher fuel costs and weaker bookings have weighed on performance, causing M+A to swing from an underlying operating profit of €50mn to a loss of €17mn in the third quarter.
Looking ahead, holidaymakers are leaving it later to book their getaways, making demand harder to predict. Even so, bookings have ticked higher over the early weeks of the fourth quarter, giving management the confidence to maintain its full-year underlying operating profit guidance of €1.1-€1.4bn. That looks within reach, but more important for sentiment will be management's outlook for next year. Even if demand continues to improve, further cost savings may be needed to help offset higher fuel costs.”
JD Sports, Half Year Results, Wednesday 23 September Aarin Chiekrie, equity analyst, Hargreaves Lansdown: "JD Sports will be looking to lift sentiment when it releases half-year results next week. Recent trading pointed to a difficult first half with weak consumer demand and softer footwear sales, particularly in North America, contributing to a 0.7% decline in organic sales. Alongside heightened promotional activity weighing on margins, management lowered full-year adjusted pre-tax profit guidance by £50mn to £700-800mn.
With the demand boost from the World Cup now past, and its core 16-24-year-old customers remaining squeezed by cost-of-living challenges, sales are likely to remain under pressure in the second half. Management’s focus has shifted from expansion to improving efficiencies across its existing store estate. Progress here has been encouraging, and full-year free cash flow guidance remains on track at £460-520mn. But with promotional activity expected to remain elevated and consumer confidence fragile, investors are likely to remain cautious until clearer signs of improving demand emerge.”
Vistry, Half Year Results, Thursday 24 September Aarin Chiekrie, equity analyst, Hargreaves Lansdown: “Vistry reports half-year results next week, against a backdrop of weak market demand. Completions are expected to fall 11% to around 6,100 new homes, reflecting subdued partner-funded activity. Combined with higher financing costs and greater use of buyer incentives to support sales, profitability has come under pressure. First-half pre-tax losses are expected to be in the region of £30mn, excluding the impact of the CEO’s business review, which will be announced alongside results and could bring further charges.
Management expects trading to improve in the second half, helped by the usual seasonal uplift and improved partner activity following Vistry’s recent £350mn grant from Homes England. That underpins guidance for a return to profitability in the second half and full-year pre-tax profit of around £200mn. But against a backdrop of soft demand, rising build-cost inflation and weak house prices, there’s potential for that target to get revised lower in the months ahead.”
Among those currently scheduled to release results next week:
21 September |
|---|
No FTSE 350 reporters |
22 September | |
|---|---|
Kingfisher | Half Year Results |
Oxford Biomedica | Half Year Results |
Smiths Group | Full Year Results |
TUI* | Trading Statement |
23 September | |
|---|---|
Ceres Power Holdings | Half Year Results |
JD Sports* | Half Year Results |
Renishaw | Full Year Results |
24 September | |
|---|---|
BioPharma Credit | Half Year Results |
CVS Group* | Full Year Results |
Halma | Half Year Trading Statement |
Raspberry Pi Holdings | Half Year Results |
Cistry* | Half Year Results |
25 September |
|---|
No FTSE reporters |
* Events on which we will be updating investors
Notes to Editors
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