Among those currently scheduled to release results next week:
08-Dec |
|---|
No FTSE 350 reporters |
09-Dec | |
|---|---|
Ashtead* | Q2 Results |
British American Tobacco* | Full Year Trading Statement |
Chemring Group | Full Year Results |
Moonpig Group | Half Year Results |
10-Dec | |
|---|---|
Berkeley Group | Half Year Results |
Taiwan Semiconductor Manufacturing Company | Corporate Sales Release |
TUI* | Full Year Results |
11-Dec | |
|---|---|
NCC Group | Full Year Results |
12-Dec |
|---|
No FTSE 350 reporters |
Markets hopeful of further upgrade from British American Tobacco
British American Tobacco (BATS) will release its full-year trading update next week. At the last check, it was heading to the top of its 1-2% revenue growth guidance range, helped by an improving performance in its US business. Consensus forecasts are expecting a slightly better growth outcome at 2.1% before currency movements.
There’s still some way to go for BATS to return to its medium-term target of 3-5%. Tobacco volumes remain in decline, and next-generation products such as vapes are not proving to be the saviour the industry was looking for. Investors will be hoping for an improvement from the low-single-digit growth uplift seen by the New Categories division in the first half.
The balance sheet has also been under some pressure. It’s important that net debt is brought down to fit more comfortably into the group’s 2.0-2.5x underlying cash profit (EBITDA) target range. Especially if regular share buybacks are to be supported.
Ashtead continues to battle a soft market
Ashtead’s return to top line growth back in September could be short-lived, with next week’s second quarter revenue expected to fall 1.6%. Local construction markets in the US are still stuck in a holding pattern, with high interest rates leading to a ‘wait and see’ approach. If US interest rates stay on their downward trend, and large scale ‘mega projects’ continue to show strong growth, the story for 2026 starts to look more appealing.
Cash flows have been the one shining light during the recent soft patch, benefitting from lower investment as Ashtead takes a moment to assess the backdrop. Investment plans are worth watching, as a key indicator of when the market is expected to pick back up.
Sunny skies ahead for TUI in 2026?
TUI's already managed to paint a bright picture ahead of next week’s full-year results, thanks to last month's upbeat trading statement. The group managed to beat full-year profit expectations, despite some weakness on the top line. Record performances across Hotels & Resorts and Cruise businesses pushed underlying operating profit up 12.6% to €1.5bn, beating its 9–11% guidance.
Investors will be closely watching the new shareholder return strategy, with markets anticipating the return of dividend payments in the new year. There'll also be plenty of attention on how 2026 is shaping up, especially given the growing economic headwinds in TUI's main markets, with sustained progress in Germany particularly important for sentiment.
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