Among those currently scheduled to release results next week:
06-Oct |
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No FTSE 350 Reporters |
07-Oct | |
---|---|
Imperial Brands* | Full Year Trading Statement |
CVS Group* | Full Year Results |
08-Oct | |
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Unite Group | Q3 Trading Statement |
09-Oct | |
---|---|
Volution Group | Full Year Results |
Ashoka India Equity Investment | Full Year Results |
Taiwan Semiconductor Manufacturing Co | Corporate Sales Release |
10-Oct | |
---|---|
Hays | Q1 Trading Statement |
Imperial Brands’ profitability in focus as new CEO takes over
Next week's trading update will reveal whether the tobacco giant has done enough to meet its full-year guidance. Strong pricing in the first half more than offset the decline in tobacco volumes, allowing underlying revenue to grow 3.2% to £3.7bn. And despite charging smokers more to satisfy their cravings, the group’s been making solid market share gains. How long that continues remains to be seen, but we think there’s a strong foundation for achieving full-year growth in the low single-digit range.
However, underlying operating profit growth expectations in the mid-single digits are more demanding. First half growth of just 1.8% means there’s some heavy lifting to be done in the period about to end, and we’ll be keen to hear that Imperial is still on track as Chief Financial Officer Lukas Paravicini steps up to take the CEO seat.
CVS expects margin expansion; competition enquiry delayed again
CVS Group’s last trading update pointed to full-year revenue of £673mn to be reported in next week’s results. That reflects like-for-like growth of 0.2%, held back by softer market conditions in the UK. The mid-point of analyst forecasts implies underlying cash profit (EBITDA) growth of 4.8% to £133.4mn. We don’t think the final outcome will stray far from this.
Net debt is expected to have fallen by more than £50mn over the second half to £131.4mn. We’ll be watching to see if that’s prompted an acceleration in the group’s expansion in Australia.
The results are coming out a bit later than last year. That’s in the hope there will be more clarity around the delayed decision by the UK Competition and Market’s enquiry into the veterinary industry, but a further postponement by the regulator means we’re not expecting much news on that front.
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