Among those currently scheduled to release results next week:
08-Sep |
|---|
No FTSE 350 Reporters |
09-Sep | |
|---|---|
Computacenter | Half Year Results |
Dunelm | Full Year Results |
Gamma Communications | Half Year Results |
10-Sep | |
|---|---|
Associated British Foods* | Trading Statement |
Taiwan Semiconductor Manufacturing | Corporate Sales Release |
Vistry Group* | Half Year Results |
Wickes | Half Year Results |
11-Sep | |
|---|---|
Energean | Half Year Results |
Playtech | Half Year Results |
Trainline | Half Year Trading Statement |
12-Sep |
|---|
No FTSE 350 Reporters |
Associated British Foods banks on Primark momentum
Associated British Foods (ABF) has had a tough start to the year. First-half revenues remained flat, but some troubles in its Sugar divisions saw group operating profits fall faster than expected, down 10% to £835mn. With expectations now rebased lower, we’re cautiously optimistic that there won’t be any more disappointments when the group releases its second-half trading update next week.
Performance at the all-important Primark business is set to improve as a record-breaking warm summer is likely to have boosted footfall and encouraged UK consumers to spend more. This positive momentum looks set to spill over to the group’s ingredients and grocery businesses, and help sales trends pick up here too. But with the sugar market across Europe remaining weak, it looks likely to offset progress elsewhere in the business. As a result, markets are forecasting another half of double-digit operating profit declines to around £876mn.
Visty hopes to see profitability improve in the second half
Vistry’s first-half results shouldn’t bring too many surprises next week. The housebuilder’s already confirmed that revenue is set to fall from £2.0bn to around £1.8bn due to a pullback in partner-funded activity. Sales prices are holding firm for now, but that still means first-half underlying profits are expected to fall from £162mn to around £125mn.
Much more important than any first-half numbers will be the outlook for the second half. The UK government has pledged to invest an unprecedented £39bn in affordable housing over the next decade, marking a significant step up in funding. This money is set to start flowing later this year, and Vistry looks better positioned to benefit than many of its peers.
We’re keen to hear just how much of a positive impact the group’s expecting, given that Vistry’s expecting second-half activity to rebound and deliver a full-year increase in profits. But with affordability issues continuing for buyers, nothing is guaranteed.
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