Among those currently scheduled to release results next week:
11-May | |
|---|---|
Compass Group | Half Year Results |
Victrex | Half Year Results |
12-May | |
|---|---|
Bytes Technology | Full Year Results |
Derwent London | Q1 Trading Statement |
Greggs* | Trading Statement |
IMI | Q1 Trading Statement |
Imperial Brands* | Half Year Results |
Vodafone* | Full Year Results |
Wickes | Trading Statement |
13-May | |
|---|---|
Alibaba* | Full Year Results |
Avon Technologies | Half Year Results |
Spirax | Q1 Trading Statement |
TP ICAP | Q1 Trading Statement |
TUI* | Q2 Results |
14-May | |
|---|---|
3i Group | Full Year Results |
Burberry | Full Year Results |
Grainger | Half Year Results |
ITV* | Q1 Trading Statement |
Land Securities | Full Year Results |
National Grid* | Full Year Results |
Premier Foods | Q4 Results |
Princes Group | Q1 Trading Statement |
Shawbrook | Q1 Trading Statement |
Vesuvius | Q1 Trading Statement |
Watches Of Switzerland | Q4 Trading Statement |
15-May | |
|---|---|
Grafton Group | Q1 Trading Statement |
Cost pressures expected to heat up for Greggs
Greggs looks set to continue rolling out new stores this year, targeting 120 net new openings as it aims to become more accessible to customers. Shops are also staying open for longer to help the group attract more evening customers, and lately it’s been the group’s fastest-growing daypart. That helped sales rise 6.3% over the first nine weeks of the year.
However, the wider UK environment was already tough when we heard from Greggs last at the start of March. The conflict in the Middle East hasn’t helped matters and is likely to have made consumers tighten their purse strings. We’re also eager to hear how much the recent rise in energy prices is expected to impact the group’s costs this year. Current full-year guidance points to profits being at a similar level to last year. But with challenges mounting in recent months, we wouldn’t be surprised if that outlook became more cautious when the group releases its trading statement next week.
National Grid is charging ahead with at least £70bn of investment
National Grid’s looking to plant itself at the heart of the electric revolution. The group recently announced upgraded plans to invest at least £70bn in expanding its infrastructure over five years to 2031 – a 70% uplift on the prior five-year period. This comes as the group’s looking to support the electrification of industrial demand as well as accelerating demand growth from data centres amid the rise of AI. With National Grid’s revenues linked to the value of its asset base, this step up in investment should help support high single-digit annual earnings growth over the period.
Turning to next week’s results, the group’s full-year performance has been in line with management’s expectations. Markets are currently forecasting revenue to remain broadly flat at £18.3bn. Meanwhile, operating profits are expected to grow at a faster pace of nearly 8% to £5.8bn, helped by improvements in its UK transmission business.
Middle East conflict weighs on the outlook for TUI’s holidays
TUI comes into its second-quarter results next week on the back of a difficult trading period for the travel industry. The Middle East crisis has led to demand for holidays in many of its travel hotspots drying up, with total bookings for the key summer season running 7% below last year’s level. As a result, last month TUI suspended its full-year revenue guidance, and there’s also been a sharp cut to underlying operating profit guidance, down from expectations for 7-10% growth to a decline of up to 22%.
The important cruise segment had been performing well in the early months of the year, driven by strong customer demand. However, after the conflict broke out, some of its ships were left stranded in Middle Eastern ports until mid-April. We’re keen to get an update on when these ships are likely to be fully operational again and how demand is tracking for cruises in other regions.
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