Among those currently scheduled to release results next week:
13-Jul | |
|---|---|
Grafton | Q2 Trading Statement |
ME Group International | Half Year Results |
Oxford Nanopore Technologies | Half Year Trading Statement |
Pagegroup | Q2 Trading Statement |
14-Jul | |
|---|---|
Ashmore Group | Q4 Assets Under Management Statement |
Atalaya Mining Copper | Q2 Operations Update |
Hunting | Q2 Trading Statement |
IntegraFin | Q3 Trading Statement |
Rio Tinto | Q2 Operations Update |
Watches of Switzerland Group | Full Year Results |
15-Jul | |
|---|---|
Antofagasta | Q2 Production Report |
ASML* | Q2 Results |
Barratt Redrow* | Full Year Trading Statement |
BHP | Q4 Operations Update |
Galliford Try | Trading Statement |
ICG | Q1 Trading Statement |
16-Jul | |
|---|---|
Diploma | Q3 Trading Statement |
Dunelm | Q4 Trading Statement |
Experian | Q1 Trading Statement |
Frasers | Full Year Results |
Funding Circle | Half Year Trading Statement |
Intuitive Surgical* | Q2 Results |
Netflix* | Q2 Results |
Ocado* | Half Year Results |
Premier Foods | Q1 Trading Statement |
QinetiQ | Q1 Trading Statement |
SSE* | Q1 Trading Statement |
TSMC* | Q2 Results |
Trustpilot | Half Year Trading Statement |
17-Jul | |
|---|---|
Bridgepoint | Half Year Results |
Burberry | Q1 Results |
Ninety One | Q1 Assets Under Management Statement |
United Utilities* | Q1 Trading Statement |
Will Intuitive Surgical put another guidance upgrade on the operating table?
Intuitive Surgical entered the second quarter carrying strong momentum, with a first-quarter beat and upgraded full-year guidance. Forecasts for the period to be reported haven’t moved much, and we think there’s scope for Intuitive to extend its beat streak. There can be no guarantee. Analysts are expecting revenue growth of 16% to $2.8bn in the second quarter, although operating profit is forecast to have risen at a slightly slower pace of 14% to $1.1bn.
Investor sentiment so far this year has been weak, likely weighed down by expected slowing of profit growth but also cautious full-year guidance. The first-quarter upgrade to full-year da Vinci procedure growth guidance, now 13.5%-15.5%, looked on the light side with total procedure growth 17% in the quarter, and another strong update could give management room to raise guidance again.
Barratt Redrow hoping demand holds up despite macroeconomic challenges
Barratt Redrow delivered a robust third-quarter update back in April. Reservation rates were trending higher, and the order book was being boosted by a growing number of completions and higher average selling prices. That gave the group confidence to reiterate its guidance, with new home completions set to land in the 17,200-17,800 range when it delivers its full-year trading update next week. As a result, markets are expecting underlying pre-tax profits to come in at around £541mn, up 11% on the prior year.
Much more important will be the outlook for the new year though. The US-Iran conflict has raised expectations that UK interest rates could trend higher over the coming year. That’s a negative for the industry as it weighs on buyer affordability, and Barratt’s valuation has come under pressure since the beginning of the conflict. We’ll be looking to see how well recent demand’s been holding up, and for any early signs that increased build-cost inflation is weighing on the group’s profit outlook.
SSE looking to charge ahead with its infrastructure build-out
SSE’s full-year results back in May were broadly in line with market expectations. Expanded renewable capacity and higher allowed revenues from the regulator were largely offset by declines in other business units. Meanwhile, underlying operating profits fell 8% to £2.2bn as the prior year’s figures benefitted from a one-off inflation adjustment.
Looking ahead to next week’s first-quarter update, we’re keen to hear whether the group's infrastructure investment is ramping up as expected. Total investment is set to rise by more than 38% to over £5.0bn this year, with most of this spending to be focused on its network business, where revenues are positively linked to the value of its asset base and inflation. As a result, full-year revenue is expected to grow by more than 11% to £11.3bn. Alongside tight cost controls, earnings per share are forecast to grow at a faster pace of 20% to around 184p.
This article is original Hargreaves Lansdown content, published by Hargreaves Lansdown. It was correct as at the date of publication, and our views may have changed since then. Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by LSEG. These estimates are not a reliable indicator of future performance. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss. Yields are variable and not guaranteed.
This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment.
